AQR Arbitrage LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 31 quarters, returned +1.9% per quarter — versus +2.6% per quarter from simply owning every 13F stock. It beat that baseline in only 48.4% of quarters (excess t = 0.40, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 556 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| EA | $147M | | ADD |
| PEN | $139M | | NEW |
| QRVO | $134M | | ADD |
| GTLS | $133M | | ADD |
| NSC | $127M | | ADD |
| TECK | $127M | | ADD |
| WTRG | $126M | | ADD |
| WBS | $124M | | NEW |
| AES | $116M | | NEW |
| AIRT | $109M | | ADD |
| WBD | $104M | | ADD |
| TXNM | $103M | | ADD |
| KVUE | $95M | | ADD |
| FOLD | $85M | | ADD |
| TCOM | $84M | | ADD |
| ON | $83M | | TRIM |
| OS | $81M | | NEW |
| HOL | $79M | | ADD |
| DKNG | $79M | | TRIM |
| CWAN | $78M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.