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AQR Arbitrage LLC

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1167456

Reported value
$5.9bn
35% in companies we cover
Positions we cover
55
Largest AES 3.4%
Copy, a year
+4.3%
S&P 500 +13.6%
Copy Sharpe ratio
0.20
S&P 500 0.71

How copying its 13F would have done

$10.0k$20.0k$40.0k 201520172019202120232025 $42.9k$16.2k
CopyS&P 500 $10,000 copying AQR Arbitrage LLC's filed holdings in companies we cover from May 22, 2015, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −44.2% (S&P 500 −31.8%); beta 0.85; alpha −6.2% a year (t = −1.60); last 12 months +9.1% against +12.1%.

Reported value by quarter

AQR Arbitrage LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1T $2T $3T $4T Reported value, 2015-03-31: $4.8B Reported value, 2015-06-30: $5.1B Reported value, 2015-09-30: $5.5B Reported value, 2015-12-31: $6B Reported value, 2016-03-31: $5.8B Reported value, 2016-06-30: $6.3B Reported value, 2016-09-30: $6.6B Reported value, 2016-12-31: $6.7B Reported value, 2017-03-31: $5.7B Reported value, 2017-06-30: $5.6B Reported value, 2017-09-30: $5.6B Reported value, 2017-12-31: $4.8B Reported value, 2018-03-31: $4.7B Reported value, 2018-06-30: $4.8B Reported value, 2018-09-30: $5B Reported value, 2018-12-31: $4.6B Reported value, 2019-03-31: $4.8B Reported value, 2019-06-30: $5.7B Reported value, 2019-09-30: $4B Reported value, 2019-12-31: $3.7B Reported value, 2020-03-31: $2.1B Reported value, 2020-06-30: $1.4B Reported value, 2020-09-30: $1.7B Reported value, 2020-12-31: $1.9B Reported value, 2021-03-31: $1.7B Reported value, 2021-06-30: $2B Reported value, 2021-09-30: $2B Reported value, 2021-12-31: $2.8B Reported value, 2022-03-31: $3B Reported value, 2022-06-30: $3.5B Reported value, 2022-09-30: $3.7B Reported value, 2022-12-31: $3.1T Reported value, 2023-03-31: $2.4B Reported value, 2023-06-30: $1.6B Reported value, 2023-09-30: $1.4B Reported value, 2023-12-31: $1.6B Reported value, 2024-03-31: $1.9B Reported value, 2024-06-30: $2.2B Reported value, 2024-09-30: $2.4B Reported value, 2024-12-31: $2.4B Reported value, 2025-03-31: $2.3B Reported value, 2025-06-30: $2.7B Reported value, 2025-09-30: $2.9B Reported value, 2025-12-31: $3.8B Reported value, 2026-03-31: $5.1B Reported value, 2026-06-30: $5.9B 2015-03-31 2017-06-30 2019-09-30 2021-12-31 2024-03-31 2026-06-30 $5.9B
View chart data
Period Reported value
2015-03-31 $4.8B
2015-06-30 $5.1B
2015-09-30 $5.5B
2015-12-31 $6B
2016-03-31 $5.8B
2016-06-30 $6.3B
2016-09-30 $6.6B
2016-12-31 $6.7B
2017-03-31 $5.7B
2017-06-30 $5.6B
2017-09-30 $5.6B
2017-12-31 $4.8B
2018-03-31 $4.7B
2018-06-30 $4.8B
2018-09-30 $5B
2018-12-31 $4.6B
2019-03-31 $4.8B
2019-06-30 $5.7B
2019-09-30 $4B
2019-12-31 $3.7B
2020-03-31 $2.1B
2020-06-30 $1.4B
2020-09-30 $1.7B
2020-12-31 $1.9B
2021-03-31 $1.7B
2021-06-30 $2B
2021-09-30 $2B
2021-12-31 $2.8B
2022-03-31 $3B
2022-06-30 $3.5B
2022-09-30 $3.7B
2022-12-31 $3.1T
2023-03-31 $2.4B
2023-06-30 $1.6B
2023-09-30 $1.4B
2023-12-31 $1.6B
2024-03-31 $1.9B
2024-06-30 $2.2B
2024-09-30 $2.4B
2024-12-31 $2.4B
2025-03-31 $2.3B
2025-06-30 $2.7B
2025-09-30 $2.9B
2025-12-31 $3.8B
2026-03-31 $5.1B
2026-06-30 $5.9B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
AESAES Corporation3.42%$200.3m13.69M+66.3% Added
NSCNorfolk Southern3.09%$180.9m578.2K+29.6% Added
PENPenumbra Inc3.04%$178.0m563.9K+33.3% Added
KVUEKenvue2.74%$160.7m8.44M+51.1% Added
WTRGEssential Utilities, Inc.2.52%$147.8m3.86M+23.0% Added
SLABSilicon Laboratories Inc.2.40%$140.5m643.0K+108.2% Added
ROKURoku, Inc1.94%$113.8m831.4KNew
TXNMTxnm Energy Inc1.76%$102.9m1.81M+2.6% Added
NWENorthwestern Energy Group, Inc.1.34%$78.4m1.09M+1.2% Added
VALValaris Ltd1.30%$76.2m1.05M+72.1% Added
BHFBrighthouse Financial, Inc.1.00%$58.7m927.3K+9.1% Added
TECHBio-Techne0.92%$53.8m761.9KNew
OGNOrganon & Co.0.90%$52.4m3.88MNew
RAMPLiveramp Holdings, Inc.0.85%$49.8m1.32MNew
NATLNCR Atleos Corp0.84%$49.2m1.15M+46.4% Added
DDominion Energy0.78%$45.9m671.9KNew
UNFUnifirst Corp0.66%$38.9m147.1K+27.0% Added
CZRCaesars Entertainment, Inc.0.54%$31.7m1.06MNew
AXTAAxalta Coating Systems Ltd.0.43%$25.2m743.8K+94.4% Added
BEAGBold Eagle Acquisition Corp.0.35%$20.3m1.90M0.0%
ZIMZIM Integrated Shipping Services Ltd.0.27%$16.0m614.0K−1.6% Reduced
GSATGlobalstar, Inc.0.25%$14.4m177.5KNew
LPBBLaunch Two Acquisition Corp.0.25%$14.4m1.35M−9.6% Reduced
PAYOPayoneer Global Inc.0.25%$14.4m2.03MNew
FACTFact II Acquisition Corp.0.23%$13.6m1.28M0.0%
IHSIHS Holding Ltd0.21%$12.3m1.49M+5.8% Added
LCIILCI Industries0.21%$12.2m115.1KNew
SVAQSilicon Valley Acquisition Corp.0.19%$11.3m1.12M+1.2% Added
IRHOIron Horse Acquisition II Corp.0.19%$11.2m1.12M+20.8% Added
NTWONewbury Street II Acquisition Corp0.18%$10.6m998.4K−2.3% Reduced
DAAQDigital Asset Acquisition Corp.0.17%$10.2m982.8K−4.3% Reduced
MKLYMckinley Acquisition Corp0.16%$9.3m921.2K+1.1% Added
SYNASynaptics Inc0.15%$8.7m71.3KNew
CRBGCorebridge Financial, Inc.0.15%$8.7m303.2K−51.6% Reduced
PLMKPlum Acquisition Corp. IV0.14%$7.9m741.2K−23.1% Reduced
BIIIBlack Spade Acquisition III Co0.13%$7.6m760.4K0.0%
IPXGInflection Point Acquisition Corp. VII0.13%$7.3m725.5K+2.4% Added
IRDMIridium Communications Inc.0.12%$7.2m132.6KNew
CCXIChurchill Capital Corp XI0.10%$5.8m330.6K+7.0% Added
OLNOlin Corp0.08%$4.5m228.7KNew
VMRKVivmark Residential0.06%$3.6m53.8KNew
ARCLARC Group Acquisition I Corp.0.06%$3.3m336.8KNew
ALISCalisa Acquisition Corp0.06%$3.3m321.1K+1.9% Added
MMTXMiluna Acquisition Corp0.05%$3.1m306.4K+2.0% Added
MCGAYorkville Acquisition Corp.0.05%$3.0m295.5K+0.9% Added
NBRGNewbridge Acquisition Ltd0.04%$2.4m237.0KNew
FVNFuture Vision II Acquisition Corp.0.04%$2.3m212.6K−31.3% Reduced
SSACSpacsphere Acquisition Corp.0.03%$1.7m173.0K+1.4% Added
BKHABlack Hawk Acquisition Corp0.03%$1.6m133.1K+0.7% Added
MACIMelar Acquisition Corp. I/cayman0.03%$1.5m135.1K−86.4% Reduced
GEFGreif, Inc0.02%$1.1m14.8K0.0%
NKLRTerra Innovatum Global N.V.0.02%$914,643185.9K0.0%
KYIVKyivstar Group Ltd.0.01%$881,00654.5K0.0%
WTGWintergreen Acquisition Corp.0.01%$830,83680.0K0.0%
UCFICN Healthy Food Tech Group Corp.0.01%$501,68691.0K0.0%
CompanyBought (value)Shares
ROKURoku, Inc$113.8m831.4K
AESAES Corporation$79.8m5.45M
SLABSilicon Laboratories Inc.$73.0m334.2K
KVUEKenvue$54.4m2.86M
TECHBio-Techne$53.8m761.9K
OGNOrganon & Co.$52.4m3.88M
RAMPLiveramp Holdings, Inc.$49.8m1.32M
DDominion Energy$45.9m671.9K
PENPenumbra Inc$44.5m140.8K
NSCNorfolk Southern$41.3m132.1K
VALValaris Ltd$31.9m439.9K
CZRCaesars Entertainment, Inc.$31.7m1.06M
WTRGEssential Utilities, Inc.$27.6m720.8K
NATLNCR Atleos Corp$15.6m363.9K
GSATGlobalstar, Inc.$14.4m177.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
MACIMelar Acquisition Corp. I/cayman−$9.4m−861.4K
CRBGCorebridge Financial, Inc.−$9.2m−322.8K
VECOVeeco Instruments Inc−$8.2m−243.5K
RNAAtrium Therapeutics, Inc.−$2.4m−179.7K
PLMKPlum Acquisition Corp. IV−$2.4m−222.3K
LPBBLaunch Two Acquisition Corp.−$1.5m−142.5K
BSAABest Spac I Acquisition Corp.−$1.1m−109.8K
FVNFuture Vision II Acquisition Corp.−$1.1m−97.0K
DAAQDigital Asset Acquisition Corp.−$459,014−44.2K
ZIMZIM Integrated Shipping Services Ltd.−$254,722−9.8K
NTWONewbury Street II Acquisition Corp−$248,742−23.4K
CYABCyabra, Inc.−$59,178−32.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
VECOVeeco Instruments Inc$8.2m243.5K
RNAAtrium Therapeutics, Inc.$2.4m179.7K
BSAABest Spac I Acquisition Corp.$1.1m109.8K
CYABCyabra, Inc.$59,17832.0K
  • Utilities28.5%
  • Technology15.2%
  • Industrials14.4%
  • Health Care14.0%
  • Consumer Staples7.9%
  • Communication Services7.0%
  • Financials4.8%
  • Energy3.7%
  • Consumer Discretionary2.1%
  • Materials1.5%
  • Real Estate0.8%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestMay 22, 2015 to November 2, 2026+4.3%+13.6%0.200.71−44.2%0.85
2018 onwardsJanuary 5, 2018 to November 2, 2026−0.3%+13.9%−0.050.66−44.2%0.85
Last three yearsNovember 3, 2023 to November 2, 2026+5.1%+21.8%0.091.16−14.4%0.45
Last yearNovember 7, 2025 to November 2, 2026+9.9%+14.2%0.810.84−5.7%0.13

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.