AQR Capital Management's latest 13F filing for the second quarter of 2025 showcases a significant expansion of its US stock portfolio, which grew from approximately $97 billion to an impressive $121 billion. This quarter's activity reflects a strategic rebalancing with notable shifts in key holdings, particularly within the technology and healthcare sectors. The firm continues to lean into its quantitative investment strategies, emphasizing both momentum-driven growth and underlying value.
Nvidia remains the cornerstone of AQR's portfolio, solidifying its position as the largest holding. A minor increase in its stake this quarter underscores AQR's sustained confidence in Nvidia's future growth prospects and market leadership. This commitment aligns with broader market trends favoring companies at the forefront of artificial intelligence and high-performance computing. Beyond Nvidia, other tech behemoths such as Microsoft, Apple, Amazon, and Alphabet continue to feature prominently among the top five holdings, indicating a robust belief in the long-term value and innovation these companies offer.
The second quarter also witnessed substantial increases in AQR's positions in several other companies. Broadcom, a diversified semiconductor and infrastructure software company, saw a significant boost in its stake, reflecting perhaps a bullish outlook on its enterprise solutions. Similarly, Verisign, which manages critical internet infrastructure, and Arista Networks, a leader in cloud networking, experienced notable upticks in AQR's portfolio. In the healthcare and automotive industries, Merck and General Motors also received considerable investment increases, pointing to a diversified growth strategy that extends beyond pure technology plays.
Conversely, AQR made strategic trims in some of its other major holdings. Positions in Apple, Amazon, and Meta Platforms were reduced, suggesting a measured approach to risk management and profit-taking in these highly valued companies. These adjustments are typical of a quantitative strategy that continuously evaluates market conditions and rebalances allocations to optimize returns and manage exposure.
Overall, AQR Capital Management’s Q2 2025 portfolio adjustments illustrate a dynamic and data-driven investment philosophy. The firm's consistent focus on leading technology companies, coupled with strategic diversification into other strong sectors like healthcare and automotive, positions it to capitalize on evolving market opportunities. The meticulous rebalancing of stakes, with both increases and trims in major holdings, exemplifies a disciplined approach to portfolio management, aiming to harness both growth momentum and intrinsic value across its investments.