Cliff Asness's PANW Position Overview
Cliff Asness (via Aqr Capital Management LLC) currently holds 2.57 M shares of Palo Alto Networks, Inc. (PANW) worth $474.27 M, representing 0.25% of the portfolio. First purchased in 2013-Q4, this long-term strategic position has been held for 49 quarters.
Based on 13F filings since 2013, Cliff Asness has maintained a long-term strategic position in PANW, representing a significant commitment to this investment thesis. Largest addition occurred in Q2 2018, adding 1.42 M shares. Largest reduction occurred in Q4 2018, reducing 578,100 shares.
Analysis based on 13F filings available since 2013 Q2
Cliff Asness's Palo Alto Networks (PANW) Holding Value Over Time
Track share changes against reported price movement
Quarterly Palo Alto Networks (PANW) Trades by Cliff Asness
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | +478,209 | Add 22.81% | 2.57 M | $184.20 |
| Q3 2025 | +143,893 | Add 7.37% | 2.1 M | $203.62 |
| Q2 2025 | +279,257 | Add 16.69% | 1.95 M | $202.61 |
| Q1 2025 | +668,320 | Add 66.49% | 1.67 M | $167.41 |
| Q4 2024 | +524,762 | Add 109.25% | 1.01 M | $181.96 |
| Q3 2024 | +349,132 | Add 266.15% | 480,310 | $169.83 |
| Q2 2024 | -102,416 | Reduce 43.84% | 131,178 | $169.51 |
| Q1 2024 | -110,002 | Reduce 32.01% | 233,594 | $142.06 |
| Q4 2023 | +224,870 | Add 189.40% | 343,596 | $147.44 |
| Q3 2023 | +79,634 | Add 203.71% | 118,726 | $117.22 |
| Q2 2023 | +27,356 | Add 233.09% | 39,092 | $127.07 |
| Q1 2023 | -11,348 | Reduce 49.16% | 11,736 | $98.46 |
| Q4 2022 | +1,142 | Add 5.20% | 23,084 | $69.36 |
| Q3 2022 | +4,998 | Add 29.50% | 21,942 | $81.90 |
| Q2 2022 | +6,114 | Add 56.45% | 16,944 | $80.68 |
| Q1 2022 | -15,720 | Reduce 59.21% | 10,830 | $103.79 |
| Q4 2021 | -5,880 | Reduce 18.13% | 26,550 | $92.81 |
| Q3 2021 | -73,734 | Reduce 69.45% | 32,430 | $79.34 |
| Q2 2021 | +37,926 | Add 55.58% | 106,164 | $61.84 |
| Q1 2021 | -2,658 | Reduce 3.75% | 68,238 | $53.62 |
| Q4 2020 | +16,542 | Add 30.43% | 70,896 | $59.23 |
| Q3 2020 | -85,518 | Reduce 61.14% | 54,354 | $40.79 |
| Q2 2020 | +38,046 | Add 37.36% | 139,872 | $38.09 |
| Q1 2020 | -144,798 | Reduce 58.71% | 101,826 | $27.33 |
| Q4 2019 | +87,900 | Add 55.38% | 246,624 | $38.54 |
| Q3 2019 | -527,814 | Reduce 76.88% | 158,724 | $33.97 |
| Q2 2019 | -316,596 | Reduce 31.56% | 686,538 | $33.96 |
| Q1 2019 | +333,720 | Add 49.85% | 1 M | $40.48 |
| Q4 2018 | -578,100 | Reduce 46.34% | 669,414 | $31.39 |
| Q3 2018 | -329,718 | Reduce 20.90% | 1.25 M | $37.54 |
| Q2 2018 | +1.42 M | Add 925.56% | 1.58 M | $34.24 |
| Q1 2018 | +21,468 | Add 16.22% | 153,792 | $30.26 |
| Q4 2017 | +2,268 | Add 1.74% | 132,324 | $24.16 |
| Q3 2017 | +15,360 | Add 13.39% | 130,056 | $24.02 |
| Q2 2017 | -19,956 | Reduce 14.82% | 114,696 | $22.30 |
| Q1 2017 | -31,230 | Reduce 18.83% | 134,652 | $18.78 |
| Q4 2016 | +43,512 | Add 35.56% | 165,882 | $20.84 |
| Q3 2016 | -20,760 | Reduce 14.50% | 122,370 | $26.56 |
| Q2 2016 | -82,866 | Reduce 36.67% | 143,130 | $20.44 |
| Q1 2016 | -545,148 | Reduce 70.69% | 225,996 | $27.19 |
| Q4 2015 | +534,576 | Add 225.97% | 771,144 | $29.36 |
| Q3 2015 | +64,884 | Add 37.79% | 236,568 | $28.67 |
| Q2 2015 | +7,284 | Add 4.43% | 171,684 | $29.12 |
| Q1 2015 | +31,800 | Add 23.98% | 164,400 | $24.35 |
| Q4 2014 | -69,000 | Reduce 34.23% | 132,600 | $20.43 |
| Q3 2014 | -83,400 | Reduce 29.26% | 201,600 | $16.35 |
| Q2 2014 | +178,200 | Add 166.85% | 285,000 | $13.98 |
| Q1 2014 | +42,000 | Add 64.81% | 106,800 | $11.43 |
| Q4 2013 | +64,800 | New Buy | 64,800 | $9.58 |
Cliff Asness's Palo Alto Networks Investment FAQs
Cliff Asness first purchased Palo Alto Networks, Inc. (PANW) in Q4 2013, acquiring 64,800 shares, as reported in their 13F filing for that period. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness has held Palo Alto Networks, Inc. (PANW) for 49 quarters since Q4 2013.
Cliff Asness's largest addition to Palo Alto Networks, Inc. (PANW) was in Q2 2018, adding 1,577,232 shares worth $54.01 M.
According to the latest 13F filing for Q4 2025, Cliff Asness's firm, Aqr Capital Management LLC, owns 2,574,751 shares of Palo Alto Networks, Inc. (PANW), valued at approximately $474.27 M.
As of the Q4 2025 filing, Palo Alto Networks, Inc. (PANW) represents approximately 0.25% of Cliff Asness's publicly disclosed stock portfolio, making it one of their key holdings.
Cliff Asness's peak holding in Palo Alto Networks, Inc. (PANW) was 2,574,751 shares, as reported at the end of Q4 2025.