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Strategic Rebalancing: Navigating Market Dynamics with Conviction

Summary of Key Portfolio Moves

AQR Capital Management concluded the third quarter of 2025 with a substantial increase in its portfolio value, now standing at approximately $156 billion. A significant portion of this growth was driven by its concentrated investments in leading technology and consumer-oriented companies. Specifically, holdings in Nvidia, Microsoft, Apple, Alphabet, and Amazon collectively represented about 9% of the total portfolio, underscoring the firm's strategic focus on these market leaders.

Nvidia Remains a Core Holding

Nvidia maintained its position as the top holding within AQR's portfolio, reflecting a robust conviction in its long-term potential. During this quarter, AQR further amplified its stake in Nvidia by approximately 14%, with acquisitions occurring within a price range of $152 to $187 per share. This aggressive accumulation highlights the firm's strong belief in Nvidia's continued market leadership and growth trajectory.

Major Tech Stake Increases

Beyond Nvidia, AQR demonstrated broad confidence in other major technology players through significant stake increases. Microsoft saw an approximate 37% rise in AQR's holdings, while Alphabet's position grew by about 30%. Amazon also experienced a substantial increase of around 26%. These moves, alongside notable boosts in other large-cap tech and consumer names, illustrate a deliberate strategy to leverage the growth of established market giants.

Selective Portfolio Reductions

In contrast to its expansion in tech and consumer sectors, AQR undertook selective reductions in certain positions. These included trimming stakes in companies such as Arista Networks, GE Aerospace, Johnson & Johnson, and McKesson. Such actions suggest a disciplined approach to portfolio management, where capital is actively reallocated from less favored sectors or companies to bolster core convictions and optimize overall returns.