Cliff Asness's UAL Position Overview
Cliff Asness (via Aqr Capital Management LLC) currently holds 2.93 M shares of United Airlines Holdings, Inc. (UAL) worth $325.55 M, representing 0.17% 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 UAL, representing a significant commitment to this investment thesis. Largest addition occurred in Q3 2019, adding 3.53 M shares. Largest reduction occurred in Q2 2020, reducing 3.74 M shares.
Analysis based on 13F filings available since 2013 Q2
Cliff Asness's United Airlines Holdings (UAL) Holding Value Over Time
Track share changes against reported price movement
Quarterly United Airlines Holdings (UAL) Trades by Cliff Asness
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | +1.06 M | Add 56.76% | 2.93 M | $111.16 |
| Q3 2025 | +257,925 | Add 16.02% | 1.87 M | $96.50 |
| Q2 2025 | -183,093 | Reduce 10.21% | 1.61 M | $79.63 |
| Q1 2025 | +1.38 M | Add 334.62% | 1.79 M | $64.98 |
| Q4 2024 | +79,690 | Add 23.93% | 412,650 | $97.10 |
| Q3 2024 | -102,670 | Reduce 23.57% | 332,960 | $57.06 |
| Q2 2024 | -137,445 | Reduce 23.98% | 435,630 | $48.36 |
| Q1 2024 | -118,056 | Reduce 17.08% | 573,075 | $47.77 |
| Q4 2023 | -1.08 M | Reduce 61.02% | 691,131 | $41.26 |
| Q3 2023 | +15,709 | Add 0.89% | 1.77 M | $42.30 |
| Q2 2023 | +659,979 | Add 60.15% | 1.76 M | $54.29 |
| Q1 2023 | +769,630 | Add 234.94% | 1.1 M | $44.02 |
| Q4 2022 | +127,315 | Add 63.57% | 327,589 | $37.59 |
| Q3 2022 | +158,887 | Add 383.91% | 200,274 | $32.53 |
| Q2 2022 | +41,387 | New Buy | 41,387 | $34.02 |
| Q1 2022 | -70,869 | Sold Out | 0 | $0.00 |
| Q4 2021 | +70,869 | New Buy | 70,869 | $43.79 |
| Q3 2021 | -79,961 | Sold Out | 0 | $0.00 |
| Q2 2021 | +50,538 | Add 171.76% | 79,961 | $52.29 |
| Q1 2021 | +22,618 | Add 332.37% | 29,423 | $57.54 |
| Q4 2020 | +6,805 | New Buy | 6,805 | $43.20 |
| Q2 2020 | -3.74 M | Sold Out | 0 | $0.00 |
| Q1 2020 | -1.12 M | Reduce 23.06% | 3.74 M | $30.95 |
| Q4 2019 | -90,856 | Reduce 1.83% | 4.87 M | $88.09 |
| Q3 2019 | +3.53 M | Add 248.42% | 4.96 M | $88.27 |
| Q2 2019 | -979,130 | Reduce 40.76% | 1.42 M | $87.55 |
| Q1 2019 | -950,795 | Reduce 28.36% | 2.4 M | $79.53 |
| Q4 2018 | +2.54 M | Add 312.80% | 3.35 M | $83.73 |
| Q3 2018 | +453,559 | Add 126.47% | 812,200 | $89.06 |
| Q2 2018 | -3.56 M | Reduce 90.84% | 358,641 | $69.73 |
| Q1 2018 | -701,903 | Reduce 15.20% | 3.92 M | $69.47 |
| Q4 2017 | -527,419 | Reduce 10.25% | 4.62 M | $67.40 |
| Q3 2017 | -1.47 M | Reduce 22.18% | 5.15 M | $61.04 |
| Q2 2017 | -277,214 | Reduce 4.02% | 6.61 M | $75.25 |
| Q1 2017 | +110,314 | Add 1.63% | 6.89 M | $70.64 |
| Q4 2016 | -620,877 | Reduce 8.39% | 6.78 M | $72.88 |
| Q3 2016 | +751,719 | Add 11.31% | 7.4 M | $52.47 |
| Q2 2016 | +1.12 M | Add 20.18% | 6.65 M | $41.04 |
| Q1 2016 | -608,246 | Reduce 9.91% | 5.53 M | $59.86 |
| Q4 2015 | +2.04 M | Add 49.66% | 6.14 M | $57.30 |
| Q3 2015 | +732,513 | Add 21.74% | 4.1 M | $53.05 |
| Q2 2015 | +1.98 M | Add 142.67% | 3.37 M | $53.01 |
| Q1 2015 | +619,441 | Add 80.52% | 1.39 M | $67.25 |
| Q4 2014 | +671,750 | Add 688.60% | 769,303 | $66.89 |
| Q3 2014 | +4,800 | Add 5.18% | 97,553 | $46.80 |
| Q2 2014 | -10,664 | Reduce 10.31% | 92,753 | $41.07 |
| Q1 2014 | -2,275 | Reduce 2.15% | 103,417 | $44.63 |
| Q4 2013 | +3,957 | Add 3.89% | 105,692 | $37.83 |
| Q3 2013 | +54,306 | Add 114.50% | 101,735 | $30.71 |
| Q2 2013 | +47,429 | Add 0.00% | 47,429 | $31.29 |
| Q4 2012 | +435,061 | Add 0.00% | 435,061 | $23.38 |
Cliff Asness's United Airlines Holdings Investment FAQs
Cliff Asness first purchased United Airlines Holdings, Inc. (UAL) in Q4 2012, acquiring 435,061 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 United Airlines Holdings, Inc. (UAL) for 52 quarters since Q4 2012.
Cliff Asness's largest addition to United Airlines Holdings, Inc. (UAL) was in Q3 2019, adding 4,957,369 shares worth $437.59 M.
According to the latest 13F filing for Q4 2025, Cliff Asness's firm, Aqr Capital Management LLC, owns 2,928,657 shares of United Airlines Holdings, Inc. (UAL), valued at approximately $325.55 M.
As of the Q4 2025 filing, United Airlines Holdings, Inc. (UAL) represents approximately 0.17% of Cliff Asness's publicly disclosed stock portfolio, making it one of their key holdings.
Cliff Asness's peak holding in United Airlines Holdings, Inc. (UAL) was 7,399,580 shares, as reported at the end of Q3 2016.