In this article, we discuss billionaire Cliff Asness’ top 5 new stock picks. If you want to see more of billionaire Cliff Asness’ new stock picks, go directly to Billionaire Cliff Asness’ 10 New Stock Picks.
5. ASE Technology Holding Co., Ltd. (NYSE:ASX)
AQR Capital Management’s Stake Value as of 9/30: $3,313,000
Percentage of AQR Capital Management’s 13F Portfolio as of 9/30: <0.01%
ASE Technology Holding Co., Ltd. (NYSE:ASX) is a provider of semiconductor packaging and testing services based in Taiwan. Despite macroeconomic headwinds, the company is growing sales. For the month of October, ASE Technology Holding Co., Ltd. (NYSE:ASX) made $2.01 billion in sales, up from $1.9 billion last year. For Q3, the company reported sales of $6.26 billion, up from $5.42 billion in Q3 2021. In terms of earnings, analyst estimate ASE Technology Holding Co., Ltd. (NYSE:ASX) will earn $0.88 per share in 2022, $0.72 per share in 2023, and $0.80 per share in 2024. If geopolitical relations between China and the U.S. deteriorates, however, the company might not meet earnings estimates. AQR Capital Management established a new position of $3,313,000 in ASE Technology Holding Co., Ltd. (NYSE:ASX) in Q3.
4. Jazz Pharmaceuticals Plc (NASDAQ:JAZZ)
AQR Capital Management’s Stake Value as of 9/30: $4,293,000
Percentage of AQR Capital Management’s 13F Portfolio as of 9/30: 0.01%
Jazz Pharmaceuticals Plc (NASDAQ:JAZZ) is a biotech company with a portfolio of products and product candidates with a focus in areas of neuroscience and oncology. In Q3, Jazz Pharmaceuticals Plc (NASDAQ:JAZZ) reported adjusted EPS of $5.17 and revenue of $940.65 million vesus the consensus of $4.66 and $939.06 million. In the same quarter, AQR Capital Management established a new position of $4,293,000 in Jazz Pharmaceuticals Plc (NASDAQ:JAZZ).
3. Royal Caribbean Cruises Ltd. (NYSE:RCL)
AQR Capital Management’s Stake Value as of 9/30: $4,361,000
Percentage of AQR Capital Management’s 13F Portfolio as of 9/30: 0.01%
Royal Caribbean Cruises Ltd. (NYSE:RCL) is a leading cruise line that has been negatively affected by the pandemic in 2020 and 2021. With macroeconomic headwinds in 2022, shares are down around 25% year to date. If demand recovers like analysts expect, Royal Caribbean Cruises Ltd. (NYSE:RCL) could be profitable in 2023 and increase its profitability further in 2024. If demand doesn’t recover as expected, however, the stock could have more downside. AQR Capital Management established a new position of $4,361,000 in Royal Caribbean Cruises Ltd. (NYSE:RCL) in the third quarter.
2. EQT Corporation (NYSE:EQT)
AQR Capital Management’s Stake Value as of 9/30: $9,468,000
Percentage of AQR Capital Management’s 13F Portfolio as of 9/30: 0.02%
In Q3, AQR Capital Management bought a new stake worth $9,468,000 in EQT Corporation (NYSE:EQT) that accounted for around 0.02% of the fund’s total 13F portfolio. EQT Corporation (NYSE:EQT) is a leading natural gas production company in the United States. In Q3, EQT Corporation (NYSE:EQT) reported adjusted EPS of $1.04 on sales of $2.07 billion versus the estimate of $1.04 and $1.76 billion. Given natural gas prices have surged in 2022 due to the Russia-Ukraine war, shares of EQT Corporation (NYSE:EQT) have risen 91% year to date.
1. Principal Financial Group, Inc. (NYSE:PFG)
AQR Capital Management’s Stake Value as of 9/30: $11,543,000
Percentage of AQR Capital Management’s 13F Portfolio as of 9/30: 0.02%
Principal Financial Group, Inc. (NYSE:PFG) is a provider of retirement, asset management and insurance products to businesses, individuals and institutional clients. Given rising interest rates, Principal Financial Group, Inc. (NYSE:PFG) has had an easier time making money for its life insurance business this year and its Q3 adjusted EPS of $1.69 exceeded estimates of $1.45. CEO Dan Houston said,
“We continued to see momentum across our businesses in the third quarter and generated $2.4 billion of positive total company net cash flow, despite headwinds from equity and fixed income markets and foreign exchange rates. Our diversified business strategy remained resilient as we delivered $427 million of non-GAAP operating earnings, or $1.69 per diluted share, in the quarter. We remain in a strong financial position with the financial flexibility, discipline, and experience to manage through this time of macroeconomic uncertainty. Through the third quarter, we deployed $2.2 billion of capital, of which $1.9 billion was returned to shareholders through common stock dividends and share repurchases, including more than $600 million in the third quarter.”
In Q3, AQR Capital Management established a new position of $11,543,000 in Principal Financial Group, Inc. (NYSE:PFG), ranking the company #1 on our list of Billionaire Cliff Asness’ 10 New Stock Picks.
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