Cliff Asness's PM Position Overview
Cliff Asness (via Aqr Capital Management LLC) currently holds 3.53 M shares of Philip Morris International Inc. (PM) worth $566.98 M, representing 0.30% 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 PM, representing a significant commitment to this investment thesis. Largest addition occurred in Q2 2019, adding 1.66 M shares. Largest reduction occurred in Q3 2019, reducing 1.65 M shares.
Analysis based on 13F filings available since 2013 Q2
Cliff Asness's Philip Morris International (PM) Holding Value Over Time
Track share changes against reported price movement
Quarterly Philip Morris International (PM) Trades by Cliff Asness
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | +289,039 | Add 8.91% | 3.53 M | $160.40 |
| Q3 2025 | -133,450 | Reduce 3.95% | 3.25 M | $162.14 |
| Q2 2025 | +376,980 | Add 12.56% | 3.38 M | $181.31 |
| Q1 2025 | +1.58 M | Add 111.15% | 3 M | $157.77 |
| Q4 2024 | +896,673 | Add 170.74% | 1.42 M | $120.35 |
| Q3 2024 | +203,132 | Add 63.08% | 525,175 | $121.07 |
| Q2 2024 | +73,234 | Add 29.43% | 322,043 | $101.14 |
| Q1 2024 | -4,425 | Reduce 1.75% | 248,809 | $91.62 |
| Q4 2023 | -200,830 | Reduce 44.23% | 253,234 | $93.97 |
| Q3 2023 | -82,514 | Reduce 15.38% | 454,064 | $92.58 |
| Q2 2023 | -158,878 | Reduce 22.85% | 536,578 | $97.38 |
| Q1 2023 | -126,726 | Reduce 15.41% | 695,456 | $97.24 |
| Q4 2022 | -208,692 | Reduce 20.24% | 822,182 | $100.88 |
| Q3 2022 | -18,713 | Reduce 1.78% | 1.03 M | $83.01 |
| Q2 2022 | -125,461 | Reduce 10.68% | 1.05 M | $98.50 |
| Q1 2022 | +214,633 | Add 22.35% | 1.18 M | $93.85 |
| Q4 2021 | +28,763 | Add 3.09% | 960,415 | $94.23 |
| Q3 2021 | +8,074 | Add 0.87% | 931,652 | $94.79 |
| Q2 2021 | -202,494 | Reduce 17.98% | 923,578 | $98.55 |
| Q1 2021 | -244,088 | Reduce 17.81% | 1.13 M | $88.70 |
| Q4 2020 | +87,961 | Add 6.86% | 1.37 M | $81.71 |
| Q3 2020 | -1.07 M | Reduce 45.42% | 1.28 M | $74.82 |
| Q2 2020 | +418,540 | Add 21.68% | 2.35 M | $69.96 |
| Q1 2020 | +108,799 | Add 5.97% | 1.93 M | $72.96 |
| Q4 2019 | -1.15 M | Reduce 38.64% | 1.82 M | $85.09 |
| Q3 2019 | -1.65 M | Reduce 35.73% | 2.97 M | $75.76 |
| Q2 2019 | +1.66 M | Add 56.26% | 4.62 M | $77.97 |
| Q1 2019 | +1.51 M | Add 105.09% | 2.96 M | $87.99 |
| Q4 2018 | +768,886 | Add 114.30% | 1.44 M | $66.76 |
| Q3 2018 | -111,983 | Reduce 14.27% | 672,705 | $81.54 |
| Q2 2018 | -394,096 | Reduce 33.43% | 784,688 | $80.74 |
| Q1 2018 | -670,143 | Reduce 36.24% | 1.18 M | $99.40 |
| Q4 2017 | +217,577 | Add 13.34% | 1.85 M | $105.65 |
| Q3 2017 | +649,435 | Add 66.14% | 1.63 M | $111.01 |
| Q2 2017 | +234,082 | Add 31.30% | 981,915 | $117.45 |
| Q1 2017 | -190,863 | Reduce 20.33% | 747,833 | $112.90 |
| Q4 2016 | -310,498 | Reduce 24.86% | 938,696 | $91.49 |
| Q3 2016 | -237,501 | Reduce 15.98% | 1.25 M | $97.22 |
| Q2 2016 | +141,936 | Add 10.55% | 1.49 M | $101.72 |
| Q1 2016 | +38,598 | Add 2.96% | 1.34 M | $98.11 |
| Q4 2015 | -215,520 | Reduce 14.16% | 1.31 M | $87.91 |
| Q3 2015 | +208,784 | Add 15.90% | 1.52 M | $79.33 |
| Q2 2015 | +10,025 | Add 0.77% | 1.31 M | $80.17 |
| Q1 2015 | +98,099 | Add 8.14% | 1.3 M | $75.33 |
| Q4 2014 | +88,022 | Add 7.88% | 1.2 M | $81.45 |
| Q3 2014 | +917,908 | Add 461.62% | 1.12 M | $83.40 |
| Q2 2014 | +8,800 | Add 4.63% | 198,843 | $84.31 |
| Q1 2014 | -23,010 | Reduce 10.80% | 190,043 | $81.87 |
| Q4 2013 | -275,902 | Reduce 56.43% | 213,053 | $87.13 |
| Q3 2013 | -28,993 | Reduce 5.60% | 488,955 | $86.59 |
| Q2 2013 | +517,948 | Add 0.00% | 517,948 | $86.62 |
| Q4 2012 | +1.13 M | Add 0.00% | 1.13 M | $83.64 |
Cliff Asness's Philip Morris International Investment FAQs
Cliff Asness first purchased Philip Morris International Inc. (PM) in Q4 2012, acquiring 1,125,654 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 Philip Morris International Inc. (PM) for 53 quarters since Q4 2012.
Cliff Asness's largest addition to Philip Morris International Inc. (PM) was in Q2 2019, adding 4,619,770 shares worth $360.2 M.
According to the latest 13F filing for Q4 2025, Cliff Asness's firm, Aqr Capital Management LLC, owns 3,534,785 shares of Philip Morris International Inc. (PM), valued at approximately $566.98 M.
As of the Q4 2025 filing, Philip Morris International Inc. (PM) represents approximately 0.30% of Cliff Asness's publicly disclosed stock portfolio, making it one of their key holdings.
Cliff Asness's peak holding in Philip Morris International Inc. (PM) was 4,619,770 shares, as reported at the end of Q2 2019.