AQR Arbitrage LLC
SEC Form 13F institutional filer · CIK 0001167456
13F-HR · 8 reported holdings · 2026-03-31
Reported long-US-equity value
$0.46B
Top-10 concentration
100.0%
AQR Arbitrage LLC — $463M AUM allocation strategy
AQR Arbitrage LLC files SEC Form 13F and reports $463M of long US equity value across 8 reported holdings for 2026-03-31.
Its largest sector bet is Industrials 27.4%, followed by Utilities 25.0% and Communication Services 23.8%.
The top 10 holdings account for 100% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
AQR Arbitrage LLC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$463M
total across 8 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
100% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$WBD +2.11M sh · +$54.4M+$KVUE +2.08M sh · +$34.8M+$NSC +104K sh · +$27.7M
Exited to nil (held last quarter, gone now)
$T ($15.1M last qtr)$ADBE ($6.12M last qtr)$FOXA ($4.78M last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Rail Transportation27.4%—
- Independent Power Producers & Energy Traders25.0%—
- Broadcasting22.5%—
- Personal Care Products20.6%—
- Multi-line Insurance3.1%—
- Interactive Media & Services1.3%—
- Aerospace & Defense0.1%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
8 of 8 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $NSC | Norfolk Southern Corporation | 446K | $127M | +104K | 27.4% |
| $AES | The AES Corporation | 8.23M | $116M | — | 25.0% |
| $WBD | Warner Bros. Discovery Inc. Series A | 3.84M | $104M | +2.11M | 22.5% |
| $KVUE | Kenvue Inc | 5.59M | $95.2M | +2.08M | 20.6% |
| $AIG | American International Group Inc. New | 626K | $14.6M | — | 3.1% |
| $GOOGL | Alphabet Inc | 20.6K | $5.9M | — | 1.3% |
| $BA | Boeing Company | 4.5K | $292K | -750 | 0.1% |
| $ALB | Albemarle Corporation | 3.2K | $229K | — | 0.0% |
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
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How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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