AQR Arbitrage LLC
AQR Arbitrage LLC is an investment firm headquartered in Greenwich, Connecticut, United States. The firm is a subsidiary or related entity of AQR Capital Management, a leading global investment management firm. Founded as a specialized vehicle, AQR Arbitrage LLC focuses on managing arbitrage-focused investment strategies, leveraging quantitative models. The firm appears to operate with a lean staff, with approximately 15 employees as of 2025, serving institutional and high-net-worth clients.
Investment Strategy
AQR Arbitrage LLC pursues a quantitative and systematic arbitrage investment strategy, focusing on identifying mispricings and market inefficiencies across various asset classes. Utilizing models developed by AQR Capital Management, the firm employs strategies such as merger arbitrage, convertible arbitrage, and other relative value techniques. The approach is research-driven, seeking to generate risk-adjusted returns with a controlled risk profile while maintaining low correlation to traditional equity and fixed income markets.
Latest 13F Filing Activity
AQR Arbitrage LLC filed their most recent 13F report on Jun 30, 2025 disclosing 200 equity positions and 1 options positions with a total 13F market value of $4B. The fund increased holdings in Springworks Therapeutics Inc., Hess Corp., Avidxchange Holdings Inc. among other positions. AQR Arbitrage LLC reduced exposure to Discover Finl SVCS, Berry Global Group Inc., Beacon Roofing Supply Inc. among others.
Top Holdings
Equity Positions (200)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
H HES | HESS CORP | 3.46% | $150.9M | 1,089,382 | $142.46 | $138.54 | +$51.5M |
A ALE | ALLETE INC | 2.24% | $97.7M | 1,527,923 | $63.78 | $64.07 | +$19.9M |
C CHX | CHAMPIONX CORPORATION | 2.06% | $89.7M | 3,611,153 | $30.13 | $24.84 | +$3.3M |
I IPG | INTERPUBLIC GROUP COS INC | 1.72% | $75.1M | 3,091,440 | $26.38 | $24.48 | +$22.6M |
K K | KELLANOVA | 1.66% | $72.2M | 911,710 | $80.70 | $79.53 | +$25.0M |
Options Positions (1)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
M MSTR | MICROSTRATEGY INC | Sold | Put | $88.3M | 2,256 | $404.23 | $227.53 | -452 | +$12.2M |