Cliff Asness’ Long Term Holdings

AQR Capital Management sold 995,563 shares of Pfizer Inc. (NYSE:PFE) during the first quarter, decreasing its holding to 12.94 million shares valued at $450.11 million. On Thursday Pfizer attained regulatory approval from the Food and Drug Administration to use the Rapamune drug as a treatment for the lung disorder lymphangioleiomyomatosis (LAM), which mostly affects women. This approval might unlock a niche revenue stream for the major biotech firm. Additionally, it’s been rumored that Pfizer intends to acquire the French cancer drug maker, Cellectis, which of course will spur further growth for the company. Ken Fisher’s Fisher Asset Management is one of the largest equity holders in Pfizer Inc. (NYSE:PFE) from our extensive database.

AQR Capital Management also increased its equity stake slightly in Johnson & Johnson (NYSE:JNJ), lifting the fund’s position to 4.47 million shares valued at $449.61 million as of March 31. Even though the stock has decreased by slightly more than 4% year-to-date, J&J’s shares, which are currently trading at just over $100, might represent a relatively good buying opportunity. Last July, when J&J’s shares were trading at around 105$, the company announced a $5 billion share repurchase program with no specific time limit. Indeed, this might have suggested that J&J’s management considered the company’s shares were relatively undervalued at that time, which would suggest that they are even more undervalued today. Moreover, Johnson & Johnson has recently accepted a $1.94 billion offer to sell its Cordis heart devices unit to Cardinal Health, which might suggest that the company is trying to divest its relatively underperforming units. Donald Yacktman’s Yacktman Asset Management is one of the other hedge funds from our database that owns a sizable stake in Johnson & Johnson (NYSE:JNJ), of 8.43 million shares.

Disclosure: None