Cliff Asness's PEP Position Overview
Cliff Asness (via Aqr Capital Management LLC) currently holds 6.59 M shares of PepsiCo, Inc. (PEP) worth $945.12 M, representing 0.50% of the portfolio. First purchased in 2012-Q4, this long-term strategic position has been held for 53 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 3.24 M shares. Largest reduction occurred in Q2 2020, reducing 1.53 M 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
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | +668,865 | Add 11.31% | 6.59 M | $143.52 |
| Q3 2025 | +3.24 M | Add 120.70% | 5.92 M | $140.44 |
| Q2 2025 | +746,049 | Add 38.56% | 2.68 M | $131.00 |
| Q1 2025 | +540,149 | Add 38.73% | 1.93 M | $149.94 |
| Q4 2024 | -6,717 | Reduce 0.48% | 1.39 M | $152.06 |
| Q3 2024 | -16,286 | Reduce 1.15% | 1.4 M | $170.05 |
| Q2 2024 | -117,148 | Reduce 7.63% | 1.42 M | $164.93 |
| Q1 2024 | +320,002 | Add 26.35% | 1.53 M | $175.01 |
| Q4 2023 | -122,970 | Reduce 9.19% | 1.21 M | $169.53 |
| Q3 2023 | -66,704 | Reduce 4.75% | 1.34 M | $169.21 |
| Q2 2023 | -108,808 | Reduce 7.19% | 1.4 M | $184.50 |
| Q1 2023 | -169,124 | Reduce 10.05% | 1.51 M | $181.89 |
| Q4 2022 | -299,953 | Reduce 15.13% | 1.68 M | $180.66 |
| Q3 2022 | -62,581 | Reduce 3.06% | 1.98 M | $163.26 |
| Q2 2022 | +99,586 | Add 5.12% | 2.04 M | $166.66 |
| Q1 2022 | +101,551 | Add 5.51% | 1.95 M | $167.38 |
| Q4 2021 | -99,354 | Reduce 5.11% | 1.84 M | $172.19 |
| Q3 2021 | -227,157 | Reduce 10.47% | 1.94 M | $150.41 |
| Q2 2021 | -260,741 | Reduce 10.73% | 2.17 M | $147.62 |
| Q1 2021 | -220,214 | Reduce 8.31% | 2.43 M | $141.45 |
| Q4 2020 | -244,401 | Reduce 8.44% | 2.65 M | $147.31 |
| Q3 2020 | -1.13 M | Reduce 28.11% | 2.9 M | $138.48 |
| Q2 2020 | -1.53 M | Reduce 27.56% | 4.03 M | $131.68 |
| Q1 2020 | -934,747 | Reduce 14.39% | 5.56 M | $120.10 |
| Q4 2019 | +972,837 | Add 17.62% | 6.49 M | $136.58 |
| Q3 2019 | +2.04 M | Add 58.47% | 5.52 M | $136.66 |
| Q2 2019 | +754,455 | Add 27.63% | 3.48 M | $131.13 |
| Q1 2019 | +407,165 | Add 17.53% | 2.73 M | $122.55 |
| Q4 2018 | +310,020 | Add 15.40% | 2.32 M | $110.48 |
| Q3 2018 | -947,096 | Reduce 31.99% | 2.01 M | $111.80 |
| Q2 2018 | -1.41 M | Reduce 32.30% | 2.96 M | $108.87 |
| Q1 2018 | -102,065 | Reduce 2.28% | 4.37 M | $109.15 |
| Q4 2017 | +1.02 M | Add 29.37% | 4.47 M | $119.92 |
| Q3 2017 | +70,896 | Add 2.09% | 3.46 M | $111.67 |
| Q2 2017 | -174,441 | Reduce 4.90% | 3.39 M | $115.49 |
| Q1 2017 | -461,768 | Reduce 11.47% | 3.56 M | $111.86 |
| Q4 2016 | -663,559 | Reduce 14.16% | 4.02 M | $104.63 |
| Q3 2016 | -105,164 | Reduce 2.19% | 4.69 M | $108.77 |
| Q2 2016 | +163,265 | Add 3.53% | 4.79 M | $105.94 |
| Q1 2016 | +499,692 | Add 12.10% | 4.63 M | $102.48 |
| Q4 2015 | +509,982 | Add 14.09% | 4.13 M | $99.92 |
| Q3 2015 | +805,656 | Add 28.63% | 3.62 M | $94.30 |
| Q2 2015 | +340,615 | Add 13.77% | 2.81 M | $93.34 |
| Q1 2015 | +283,082 | Add 12.92% | 2.47 M | $95.62 |
| Q4 2014 | +767,858 | Add 53.97% | 2.19 M | $94.56 |
| Q3 2014 | -7,952 | Reduce 0.56% | 1.42 M | $93.09 |
| Q2 2014 | +30,200 | Add 2.16% | 1.43 M | $89.34 |
| Q1 2014 | +104,700 | Add 8.08% | 1.4 M | $83.50 |
| Q4 2013 | +68,200 | Add 5.56% | 1.3 M | $82.94 |
| Q3 2013 | +1,449 | Add 0.12% | 1.23 M | $79.50 |
| Q2 2013 | +1.23 M | Add 0.00% | 1.23 M | $81.79 |
| Q4 2012 | +1.03 M | Add 0.00% | 1.03 M | $68.43 |
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 53 quarters since Q4 2012.
Cliff Asness's largest addition to PepsiCo, Inc. (PEP) was in Q3 2025, adding 5,916,417 shares worth $830.9 M.
According to the latest 13F filing for Q4 2025, Cliff Asness's firm, Aqr Capital Management LLC, owns 6,585,282 shares of PepsiCo, Inc. (PEP), valued at approximately $945.12 M.
As of the Q4 2025 filing, PepsiCo, Inc. (PEP) represents approximately 0.50% of Cliff Asness's publicly disclosed stock portfolio, making it one of their key holdings.
Cliff Asness's peak holding in PepsiCo, Inc. (PEP) was 6,585,282 shares, as reported at the end of Q4 2025.