How is hedge fund similarity measured?

Similarity is computed from each fund's top conviction holdings in their latest 13F filing. Funds are scored by the overlap of distinctive shared positions (the mega-caps that nearly every fund owns are excluded), so the ranking reflects genuinely shared strategy rather than common index exposure.

Hedge Funds Similar to AQR Arbitrage

13F Portfolio OverlapQ1 2026AQR Arbitrage portfolio →

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Most similar hedge funds by 13F overlap

AQR Arbitrage LLC is an institutional investor managing $6.1B across 556 U.S. equity positions as of Q1 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to AQR Arbitrage are ALPINE ASSOCIATES, GABELLI & INVESTMENT ADVISERS,, Kintayl, with shared positions in $EA, $PEN, $QRVO, $GTLS, $NSC, $AL. The full ranking of 25 similar funds is below.

#1ALPINE ASSOCIATES MANAGEMENT INC.Passive

Highly similar · 25 shared positions

$EA $PEN $QRVO $GTLS $NSC $AL

$1.7B

70 positions

#2GABELLI & Co INVESTMENT ADVISERS, INC.Passive

Substantial overlap · 22 shared positions

$EA $PEN $GTLS $NSC $AL $WBD

$674M

297 positions

#3Kintayl Capital LPPassive

Substantial overlap · 21 shared positions

$EA $QRVO $NSC $WTRG $WBS $AES

$192M

54 positions

#4TIG Advisors, LLCActive

Substantial overlap · 22 shared positions

$EA $NSC $WBS $WBD $QRVO $GTLS

$2.2B

107 positions

#5HBK INVESTMENTS L PActive

Substantial overlap · 19 shared positions

$EA $PEN $NSC $AL $WBD $TXNM

$9.9B

346 positions

#6WATER ISLAND CAPITAL LLCPassive

Substantial overlap · 20 shared positions

$EA $PEN $GTLS $NSC $WBS $WBD

$896M

98 positions

#7Kryger Capital LLCActive

Substantial overlap · 18 shared positions

$EA $PEN $GTLS $NSC $AES $AL

$1.4B

76 positions

#8NINE MASTS CAPITAL LtdActive

Substantial overlap · 19 shared positions

$EA $NSC $WBS $AES $WBD $KVUE

$693M

249 positions

#9Westchester Capital Management, LLCPassive

Substantial overlap · 16 shared positions

$EA $GTLS $NSC $WBS $WBD $HOLX

$2.2B

307 positions

#10CREDIT INDUSTRIEL ET COMMERCIALPassive

Substantial overlap · 19 shared positions

$AL $FOLD $KVUE $EA $HOLX $TXNM

$1.3B

349 positions

#11Pentwater Capital Management LPActive

Substantial overlap · 17 shared positions

$EA $NSC $TECK $WBD $KVUE $HOLX

$19.3B

92 positions

#12NEXPOINT ASSET MANAGEMENT, L.P.Active

Substantial overlap · 14 shared positions

$EA $GTLS $AL $TXNM $WBD $FOLD

$1.5B

83 positions

#13HARVEST MANAGEMENT LLCActive

Substantial overlap · 13 shared positions

$EA $PEN $NSC $WBD $WBS $FOLD

$206M

55 positions

#14Yakira Capital Management, Inc.Passive

Substantial overlap · 13 shared positions

$EA $GTLS $WBS $NSC $HOLX $CWAN

$342M

196 positions

#15Sand Grove Capital Management LLPActive

Substantial overlap · 11 shared positions

$EA $PEN $NSC $WBS $AES $WBD

$444M

19 positions

#16Melqart Asset Management (UK) LtdActive

Substantial overlap · 11 shared positions

$EA $PEN $GTLS $NSC $WBD $TXNM

$1.0B

41 positions

#17CIBRA Capital LtdActive

Substantial overlap · 13 shared positions

$PEN $WBD $TXNM $FOLD $EA $OS

$207M

25 positions

#18First Trust Capital Management L.P.Passive

Notable overlap · 12 shared positions

$EA $GTLS $AL $WBS $OS $HOLX

$1.9B

182 positions

#19Fort Baker Capital Management LPPassive

Notable overlap · 12 shared positions

$EA $NSC $AES $WBD $OS $CWAN

$1.3B

121 positions

#20Slotnik Capital, LLCActive

Notable overlap · 12 shared positions

$PEN $GTLS $WBS $WBD $KVUE $MASI

$342M

27 positions

#21CAXTON ASSOCIATES LLPActive

Notable overlap · 18 shared positions

$NSC $WBD $TECK $EA $PEN $KVUE

$4.4B

755 positions

#22P SCHOENFELD ASSET MANAGEMENT LPPassive

Notable overlap · 12 shared positions

$EA $NSC $WBD $KVUE $PEN $FOLD

$184M

35 positions

#23KRYGER CAPITAL Ltd

Notable overlap · 11 shared positions

$EA $GTLS $NSC $AL $WBD $FOLD

$1.3B

50 positions

#24Governors Lane LPPassive

Notable overlap · 10 shared positions

$EA $QRVO $NSC $AES $WBD $TXNM

$1.6B

190 positions

#25Kapitalo Investimentos LtdaActive

Notable overlap · 13 shared positions

$EA $GTLS $TECK $AES $WBD $HOLX

$531M

57 positions

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Similarity is derived from each fund’s latest 13F-HR filing with the SEC. Funds are ranked by the overlap of distinctive conviction holdings; near-universal mega-cap positions are excluded so the ranking reflects shared strategy, not common index exposure. Data is informational only and not investment advice.