Cliff Asness's PEP Position Overview
Cliff Asness (via Aqr Capital Management LLC) currently holds 5.9M shares of PepsiCo, Inc. (PEP) worth $830.9 M, representing 0.53% of the portfolio. First purchased in 2012-Q4, this long-term strategic position has been held for 52 quarters.
Based on 13F filings since 2013, Cliff Asness has maintained a long-term strategic position in PEP, representing a significant commitment to this investment thesis. Largest addition occurred in Q3 2025, adding 3.2M shares. Largest reduction occurred in Q2 2020, reducing 1.5M shares.
Analysis based on 13F filings available since 2013 Q2
Cliff Asness's PepsiCo (PEP) Holding Value Over Time
Track share changes against reported price movement
Quarterly PepsiCo (PEP) Trades by Cliff Asness
| Period | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2012 | +1.03 M | Add 0.00% | 1.03 M | $68.43 |
| Q2 2013 | +1.23 M | Add 0.00% | 1.23 M | $81.79 |
| Q3 2013 | +1,449 | Add 0.12% | 1.23 M | $79.50 |
| Q4 2013 | +68,200 | Add 5.56% | 1.3 M | $82.94 |
| Q1 2014 | +104,700 | Add 8.08% | 1.4 M | $83.50 |
| Q2 2014 | +30,200 | Add 2.16% | 1.43 M | $89.34 |
| Q3 2014 | -7,952 | Reduce 0.56% | 1.42 M | $93.09 |
| Q4 2014 | +767,858 | Add 53.97% | 2.19 M | $94.56 |
| Q1 2015 | +283,082 | Add 12.92% | 2.47 M | $95.62 |
| Q2 2015 | +340,615 | Add 13.77% | 2.81 M | $93.34 |
| Q3 2015 | +805,656 | Add 28.63% | 3.62 M | $94.30 |
| Q4 2015 | +509,982 | Add 14.09% | 4.13 M | $99.92 |
| Q1 2016 | +499,692 | Add 12.10% | 4.63 M | $102.48 |
| Q2 2016 | +163,265 | Add 3.53% | 4.79 M | $105.94 |
| Q3 2016 | -105,164 | Reduce 2.19% | 4.69 M | $108.77 |
| Q4 2016 | -663,559 | Reduce 14.16% | 4.02 M | $104.63 |
| Q1 2017 | -461,768 | Reduce 11.47% | 3.56 M | $111.86 |
| Q2 2017 | -174,441 | Reduce 4.90% | 3.39 M | $115.49 |
| Q3 2017 | +70,896 | Add 2.09% | 3.46 M | $111.67 |
| Q4 2017 | +1.02 M | Add 29.37% | 4.47 M | $119.92 |
| Q1 2018 | -102,065 | Reduce 2.28% | 4.37 M | $109.15 |
| Q2 2018 | -1.41 M | Reduce 32.30% | 2.96 M | $108.87 |
| Q3 2018 | -947,096 | Reduce 31.99% | 2.01 M | $111.80 |
| Q4 2018 | +310,020 | Add 15.40% | 2.32 M | $110.48 |
| Q1 2019 | +407,165 | Add 17.53% | 2.73 M | $122.55 |
| Q2 2019 | +754,455 | Add 27.63% | 3.48 M | $131.13 |
| Q3 2019 | +2.04 M | Add 58.47% | 5.52 M | $136.66 |
| Q4 2019 | +972,837 | Add 17.62% | 6.49 M | $136.58 |
| Q1 2020 | -934,747 | Reduce 14.39% | 5.56 M | $120.10 |
| Q2 2020 | -1.53 M | Reduce 27.56% | 4.03 M | $131.68 |
| Q3 2020 | -1.13 M | Reduce 28.11% | 2.9 M | $138.48 |
| Q4 2020 | -244,401 | Reduce 8.44% | 2.65 M | $147.31 |
| Q1 2021 | -220,214 | Reduce 8.31% | 2.43 M | $141.45 |
| Q2 2021 | -260,741 | Reduce 10.73% | 2.17 M | $147.62 |
| Q3 2021 | -227,157 | Reduce 10.47% | 1.94 M | $150.41 |
| Q4 2021 | -99,354 | Reduce 5.11% | 1.84 M | $172.19 |
| Q1 2022 | +101,551 | Add 5.51% | 1.95 M | $167.38 |
| Q2 2022 | +99,586 | Add 5.12% | 2.04 M | $166.66 |
| Q3 2022 | -62,581 | Reduce 3.06% | 1.98 M | $163.26 |
| Q4 2022 | -299,953 | Reduce 15.13% | 1.68 M | $180.66 |
| Q1 2023 | -169,124 | Reduce 10.05% | 1.51 M | $181.89 |
| Q2 2023 | -108,808 | Reduce 7.19% | 1.4 M | $184.50 |
| Q3 2023 | -66,704 | Reduce 4.75% | 1.34 M | $169.21 |
| Q4 2023 | -122,970 | Reduce 9.19% | 1.21 M | $169.53 |
| Q1 2024 | +320,002 | Add 26.35% | 1.53 M | $175.01 |
| Q2 2024 | -117,148 | Reduce 7.63% | 1.42 M | $164.93 |
| Q3 2024 | -16,286 | Reduce 1.15% | 1.4 M | $170.05 |
| Q4 2024 | -6,717 | Reduce 0.48% | 1.39 M | $152.06 |
| Q1 2025 | +540,149 | Add 38.73% | 1.93 M | $149.94 |
| Q2 2025 | +746,049 | Add 38.56% | 2.68 M | $131.00 |
| Q3 2025 | +3.24 M | Add 120.70% | 5.92 M | $140.44 |
Cliff Asness's PepsiCo Investment FAQs
Cliff Asness first purchased PepsiCo, Inc. (PEP) in Q4 2012, acquiring 1,027,186 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 PepsiCo, Inc. (PEP) for 52 quarters since Q4 2012. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness's largest addition to PepsiCo, Inc. (PEP) was in Q3 2025, adding 5,916,417 shares worth $830.9 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
According to the latest 13F filing for Q3 2025, Cliff Asness's firm, Aqr Capital Management LLC, owns 5,916,417 shares of PepsiCo, Inc. (PEP), valued at approximately $830.9 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
As of the Q3 2025 filing, PepsiCo, Inc. (PEP) represents approximately 0.53% of Cliff Asness's publicly disclosed stock portfolio, making it one of their key holdings. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness's peak holding in PepsiCo, Inc. (PEP) was 6,494,987 shares, as reported at the end of Q4 2019. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.