Aqr Capital Management2026-Q1
AQR trimmed TEAM by -$973.7M and added a new PNFP stake of $339.5M. COST saw an increase of +$739.8M, while ZM and RBLX were cut.
| Ticker | Action | Value ($) | % of Portfolio |
|---|---|---|---|
| PNFP | New Buy | $339.5M | 0.16% |
| PNW | Sold Out | $508.6M | 0.27% |
AQR initiated only one new position (PNFP) and fully exited one (PNW), keeping portfolio turnover moderate.
| Ticker | Action | Value Change | Weight Change (pts) |
|---|---|---|---|
| TEAM | trim | -$973.7M | -0.53pts |
| COST | add | +$739.8M | +0.32pts |
| MSFT | add | +$653.9M | +0.10pts |
| NVDA | add | +$569.6M | -0.07pts |
| GEV | add | +$544.5M | +0.20pts |
| FIX | add | +$538.2M | +0.18pts |
| FTI | add | +$479.6M | +0.17pts |
| MU | add | +$464.6M | +0.14pts |
| OXY | add | +$457.8M | +0.20pts |
| SPGI | add | +$454.2M | +0.20pts |
| EIX | add | +$408.0M | +0.11pts |
| BMY | add | +$405.6M | +0.09pts |
| DOW | add | +$403.2M | +0.19pts |
| WDC | add | +$400.9M | +0.15pts |
| ZM | trim | -$390.2M | -0.25pts |
| RBLX | trim | -$383.1M | -0.23pts |
| TER | add | +$381.2M | +0.16pts |
| LYFT | trim | -$373.2M | -0.20pts |
| BKNG | add | +$367.9M | +0.10pts |
| EXPE | trim | -$365.9M | -0.23pts |
| MRSH | add | +$363.1M | +0.15pts |
| VRT | add | +$362.1M | +0.15pts |
| META | trim | -$336.2M | -0.24pts |
| EXE | add | +$334.6M | +0.14pts |
| BURL | add | +$329.0M | +0.15pts |
| BLK | add | +$323.0M | +0.14pts |
| AVGO | add | +$313.7M | +0.05pts |
| TMUS | add | +$311.3M | +0.13pts |
| MOH | add | +$310.5M | +0.13pts |
| ITT | add | +$308.7M | +0.13pts |
| FTNT | add | +$301.6M | +0.12pts |
| PCG | add | +$298.2M | +0.06pts |
| LMT | add | +$285.5M | +0.09pts |
| PG | add | +$283.6M | +0.11pts |
| ACN | trim | -$278.9M | -0.16pts |
| GDDY | trim | -$278.6M | -0.15pts |
| PCOR | add | +$278.4M | +0.13pts |
| EME | add | +$272.9M | +0.10pts |
| IQV | trim | -$272.8M | -0.15pts |
| KKR | add | +$272.2M | +0.12pts |
| SF | add | +$259.7M | +0.09pts |
| PANW | trim | -$255.8M | -0.15pts |
| NYT | add | +$250.3M | +0.08pts |
| HON | add | +$249.7M | +0.11pts |
| GIS | add | +$245.1M | +0.10pts |
| EFX | add | +$242.1M | +0.10pts |
| LLY | add | +$241.0M | +0.07pts |
| DHR | add | +$238.0M | +0.08pts |
The largest active moves were the TEAM trim and the COST add, while many mid-cap names like PCOR and KKR saw substantial percentage increases. The fund trimmed several Communication Services holdings (ZM, RBLX, META) suggesting sector rotation.
| Metric | This Quarter | Prior Quarter |
|---|---|---|
| HHI | 0.003287 | 0.003475 |
| Energy | 4.59% | 3.24% |
| Materials | 3.59% | 3.15% |
| Utilities | 3.15% | 2.78% |
| Financials | 14.87% | 15.43% |
| Health Care | 11.46% | 12.68% |
| Industrials | 14.31% | 12.61% |
| Real Estate | 2.16% | 2.35% |
| Consumer Staples | 5.40% | 4.92% |
| Communication Services | 5.20% | 5.69% |
| Consumer Discretionary | 12.25% | 13.13% |
| Information Technology | 23.01% | 24.02% |
| Holding Count | 3739 | 3562 |
| Turnover Ratio | 0.343988 | 0.364109 |
| Mapped Value Ratio | 0.925986 | 0.926977 |
| Momentum Tilt (pct pts) | 0.024191 | 0.027323 |
| Coefficient of Variation | 3.360771 | 3.373692 |
Portfolio concentration decreased (HHI fell from 0.003475 to 0.003287), and the fund added 177 holdings. Sector allocation shifted notably: Energy gained 1.35pp, Industrials +1.70pp, while Health Care (-1.22pp) and Consumer Discretionary (-0.88pp) declined. Information Technology remains the largest sector at 23.01%.
Bottom Line: AQR's Q1 2026 filing reveals a clear reduction in several high-growth tech names (TEAM, ZM, RBLX, META) and a rotation into value-oriented industrials and energy stocks. The nearly $1 billion cut in TEAM and the $740 million addition to COST were the quarter's most impactful trades. The portfolio's momentum tilt decreased slightly, and the turnover ratio fell, suggesting a more deliberate positioning. With a new stake in PNFP and exits from PNW, AQR continues to adjust sector exposures, favoring industrials and energy while trimming consumer discretionary and communication services.