Cliff Asness' AQR sees multiple hedge funds up double digits in 2025, beating the market
The Apex strategy from Cliff Asness' firm, which combines stocks, macro and arbitrage trades and has $4.3 billion in assets under management, rallied 11.4% in the first six months of the year, according to a person familiar with AQR's returns who asked to be anonymous as the information is private.
AQR's long-short Delphi equity fund, with $4.1 billion in assets under management, gained 11.6% net of fees in the first half of 2025, the person said.
The stock market staged a stunning rebound this year even as uncertainty remains amid an aggressive trade war and Middle East escalation. The S&P 500 has rebounded from a near 20% sell-off in April, going on to score a new record high on Friday and again on Monday. The equity benchmark is up 5.3% year to date.
AQR's alternative trend-following Helix strategy has returned 7.4% so far this year, the person said.
Asness co-founded AQR in 1998 after a stint at Goldman Sachs. He and his partners established the quant-driven firm's investment philosophy at the University of Chicago's Ph.D. program, focusing on value and momentum strategies.
The firm has successfully expanded into multistrategy approaches in recent years. AQR has $142 billion in assets under management, up from about $99 billion at the start of 2024.
AQR declined to comment.
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