AQR Capital Management Q4 2025: $190.63B After a 21.2% Jump and 69 New Positions

AQR CAPITAL MANAGEMENT LLC filed a 2025Q4 13F showing $190.63B in reported assets. The raw headline is the size, but the more useful read is how that capital is arranged: the quarter’s key signal is breadth. AQR grew fast, introduced 69 new positions, and still kept its top holding below 3.1% of the book.

TL;DR

• Portfolio size: $190.63B at 2025Q4.
• Quarter-over-quarter move: holdings value moved from $132.92B to $161.07B (+21.2%).
• Top position: NVDA at 3.04% of reported holdings.
• Concentration: top five holdings still account for roughly 9.3% of the visible book.
• New names: 69 new positions entered the filing versus 2025Q3.
• Exits: 69 positions disappeared from the filing.
• What stands out: the filing expanded quickly without becoming top-heavy, which is exactly what you would expect from a scaled factor engine.

Filing Snapshot

This filing covers 2025Q4 and carries a Whale Score of 70.25. The visible holdings value moved from $132.92B in 2025Q3 to $161.07B in 2025Q4, while the manager still reported exactly 500 top-line positions in the sampled holdings feed.

The page investors should compare against is AQR CAPITAL MANAGEMENT LLC's filer profile. The biggest liquid anchors in this book are NVDA, AAPL, MSFT, AMZN, AVGO, GOOG.

How The Top Of The Portfolio Works

Unlike the more concentrated filers in this batch, AQR’s top end is diffuse. Nvidia leads, but the top ten holdings only get you to the low teens as a share of the portfolio. That is the signature of a systematic book scaling many active bets at once.

What Changed From 2025Q3

The portfolio’s visible holdings value jumped 21.2% from 2025Q3, and 69 new positions entered the filing. That combination suggests expansion plus active re-ranking across the model, not just passive market drift.

Largest New Positions

• G93A5A101: $316.1M.
• CLS: $315.5M.
• D18190898: $309.5M.
• JLL: $302.7M.
• DECK: $273.0M.
• SU: $267.0M.

Largest Exits

• MOH: prior quarter value $561.5M.
• ARE: prior quarter value $211.7M.
• ZBRA: prior quarter value $169.1M.
• DD: prior quarter value $168.0M.
• ZION: prior quarter value $167.7M.
• WDAY: prior quarter value $159.9M.

Biggest Share Count Increases

• NOW: +953% shares to 3.93M shares.
• NFLX: +691% shares to 2.65M shares.
• CMG: +342% shares to 11.38M shares.
• TEAM: +291% shares to 7.75M shares.
• KDP: +285% shares to 11.64M shares.

Biggest Share Count Decreases

• PSA: -61% shares to 0.38M shares.
• DASH: -59% shares to 0.67M shares.
• H2906T109: -59% shares to 0.56M shares.
• INTU: -50% shares to 0.28M shares.
• BAH: -49% shares to 1.94M shares.

What Investors Might Misread

The mistake here is to hunt for a single flagship conviction. AQR’s signal comes from breadth, dispersion, and the willingness to size many mid-tier positions rather than over-rely on one dominant winner.

Bottom Line

AQR used Q4 2025 to scale the portfolio meaningfully while keeping concentration low. That is a strong clue that the manager saw a wide opportunity set rather than one narrow trade.

Questions Investors Are Really Asking

Is this a concentrated or diversified filing?

The answer depends on what you compare it against. Inside this article's peer set, the filing is broad and low-concentration, even by large-manager standards.

Did the manager add risk or just reshuffle exposures?

It added risk broadly. The size jump and number of new positions say expansion, but the low top-end concentration says it was spread across many factors and names.

Which stocks matter most going forward?

For monitoring purposes, start with NVDA, AAPL, and MSFT. Those positions shape most of the quarter's visible exposure.

What should investors watch next quarter?

Watch whether the manager extends the same pattern in the top five holdings, keeps scaling the biggest new entries, or reverses the quarter's sharp share-count changes.