AQR Capital Management, led by renowned investor Cliff Asness, has made significant gains in the volatile first half of 2025. The firm’s Apex strategy, which combines stocks, macro, and arbitrage trades, has outperformed the S&P 500, doubling its return with an impressive 11.4% rally. With $4.3 billion in assets under management, AQR’s Apex strategy has proven to be a lucrative investment for the firm.
In addition to the Apex strategy, AQR’s long-short Delphi equity fund has also performed well, gaining 11.6% net of fees in the first six months of the year. With $4.1 billion in assets under management, the Delphi fund has contributed to AQR’s overall success in navigating the volatile market conditions of 2025.
Despite ongoing uncertainty surrounding factors such as trade wars and geopolitical tensions, the stock market has shown resilience this year. The S&P 500 has rebounded from a significant sell-off in April, reaching record highs in recent weeks. With a year-to-date return of 5.3%, the equity benchmark continues to demonstrate strength and resilience.
AQR’s alternative trend-following Helix strategy has also delivered solid returns, returning 7.4% so far this year. This diversification of investment strategies has allowed AQR to capitalize on market opportunities and generate positive returns for investors.
Cliff Asness co-founded AQR in 1998, drawing on his experience at Goldman Sachs and his academic background in finance. The firm’s investment philosophy, rooted in quantitative analysis and a focus on value and momentum strategies, has been instrumental in its success. AQR has since expanded into multistrategy approaches, growing its assets under management to $142 billion, up from $99 billion at the start of 2024.
While AQR declined to comment on its recent performance, the firm’s track record of success and innovative investment strategies continue to attract investors seeking strong returns in a challenging market environment. As the year progresses, AQR’s ability to adapt to changing market conditions and deliver consistent results will be closely watched by investors and analysts alike.
