AQR CAPITAL MANAGEMENT LLC recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
AQR Capital Management LLC is an investment management firm that was founded in 1998 by Clifford S. Asness, David G. Kabiller, Robert J. Krail; and John M. Liew. The company’s first product was a hedge fund, but there was intention from the start to expand. AQR Capital Management would expand into traditional portfolio management in 2000 and then form a partnership with CNH in 2004 to add convertible arbitrage and merger strategies into its line of offerings, becoming one of the first investment managers to have alternative strategies offered in a mutual fund format in 2009. The company’s philosophy is to focus on delivering “superior, long-term results for our clients by seeking to filter out market noise to identify and isolate what matters most, and by developing ideas that stand up to rigorous testing.” AQR Capital Management utilizes a research driven approach to conduct its business, focusing on quantitative analysis to provide fundamental investment information and risks. Research is very important to the founders and company values and the company has endowed the AQR Capital Management Distinguished Service Professor of Finance chair at the University of Chicago: Booth School of Business and regularly publishes articles in leading financial journals that have won various awards and recognitions. Its line of products and services are offered to its broad client base including pension funds, insurance companies, endowments, foundations, sovereign wealth funds, and financial advisors. The company currently has over 500 employees and 24 principals with over a third of the employees holding advanced degrees. AQR Capital Management is currently based in Greenwich and has additional offices in Chicago, Los Angeles, London, and Sydney. As of 2015, the company has a total asset under management value of approximately $132 billion. Some of the company’s mutual funds include its Equity Market Neutral Fund, Risk-Balanced Commodities Strategy Fund, Risk Parity Fund, Large Cap Defensive Style Fund, and Large Cap Momentum Style Fund.
As of the latest 13F report, the guru’s equity portfolio contained 2174 stocks valued at a total of $41.02Bil. The top holdings were AAPL(3.36%), MSFT(2.70%), and GOOGL(1.26%).
According to GuruFocus data, these were AQR CAPITAL MANAGEMENT LLC’s top five trades of the quarter.
Tesla Inc
During the quarter, AQR CAPITAL MANAGEMENT LLC bought 426,918 shares of NAS:TSLA for a total holding of 1,439,766. The trade had a 0.28% impact on the equity portfolio. During the quarter, the stock traded for an average price of $279.27.
On 11/15/2022, Tesla Inc traded for a price of $199.11 per share and a market cap of $631.80Bil. The stock has returned -40.77% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, Tesla Inc has a price-earnings ratio of 61.83, a price-book ratio of 15.85, a EV-to-Ebitda ratio of 39.02 and a price-sales ratio of 9.21.
The price-to-GF Value ratio is 0.53, earning the stock a GF Value rank of 8.
Valero Energy Corp
During the quarter, AQR CAPITAL MANAGEMENT LLC bought 1,060,336 shares of NYSE:VLO for a total holding of 1,458,210. The trade had a 0.28% impact on the equity portfolio. During the quarter, the stock traded for an average price of $110.04.
On 11/15/2022, Valero Energy Corp traded for a price of $138 per share and a market cap of $53.95Bil. The stock has returned 85.97% over the past year.
GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Valero Energy Corp has a price-earnings ratio of 5.97, a price-book ratio of 2.46, a EV-to-Ebitda ratio of 4.01 and a price-sales ratio of 0.32.
The price-to-GF Value ratio is 0.94, earning the stock a GF Value rank of 6.
Allstate Corp
AQR CAPITAL MANAGEMENT LLC reduced their investment in NYSE:ALL by 878,298 shares. The trade had a 0.25% impact on the equity portfolio. During the quarter, the stock traded for an average price of $124.25.
On 11/15/2022, Allstate Corp traded for a price of $130.27 per share and a market cap of $34.47Bil. The stock has returned 16.13% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Allstate Corp has a price-book ratio of 1.96, a EV-to-Ebitda ratio of 34.59 and a price-sales ratio of 0.68.
The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 7.
Moderna Inc
AQR CAPITAL MANAGEMENT LLC reduced their investment in NAS:MRNA by 690,182 shares. The trade had a 0.21% impact on the equity portfolio. During the quarter, the stock traded for an average price of $151.74.
On 11/15/2022, Moderna Inc traded for a price of $185.9076 per share and a market cap of $69.66Bil. The stock has returned -22.87% over the past year.
GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, Moderna Inc has a price-earnings ratio of 6.56, a price-book ratio of 3.90, a EV-to-Ebitda ratio of 4.35 and a price-sales ratio of 3.71.
The price-to-GF Value ratio is 0.04, earning the stock a GF Value rank of 2.
Chevron Corp
During the quarter, AQR CAPITAL MANAGEMENT LLC bought 587,523 shares of NYSE:CVX for a total holding of 1,698,329. The trade had a 0.2% impact on the equity portfolio. During the quarter, the stock traded for an average price of $152.51.
On 11/15/2022, Chevron Corp traded for a price of $186.48 per share and a market cap of $362.89Bil. The stock has returned 65.44% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Chevron Corp has a price-earnings ratio of 10.68, a price-book ratio of 2.29, a price-earnings-to-growth (PEG) ratio of 2.27, a EV-to-Ebitda ratio of 5.79 and a price-sales ratio of 1.61.
The price-to-GF Value ratio is 0.97, earning the stock a GF Value rank of 6.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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