Cliff Asness’ AQR sees multiple hedge funds up double digits in 2025, beating the market

AQR Capital Management, led by co-founder Cliff Asness, has seen impressive results in the first half of 2025. Despite market volatility, the firm’s hedge funds have outperformed the S&P 500, showcasing their prowess in navigating challenging market conditions.

One of AQR’s standout strategies, the Apex fund, which combines stocks, macro, and arbitrage trades, has delivered an impressive 11.4% return in the first six months of the year. With $4.3 billion in assets under management, the fund has capitalized on market opportunities to generate substantial gains for investors.

Another compelling performer is AQR’s long-short Delphi equity fund, managing $4.1 billion in assets. This fund achieved a net return of 11.6% in the first half of 2025, showcasing the firm’s ability to generate alpha in both bullish and bearish market environments.

The success of AQR’s strategies comes amidst a backdrop of market uncertainty, including trade tensions and geopolitical risks. Despite these challenges, the firm has managed to capitalize on market trends and deliver strong returns for investors.

AQR’s alternative trend-following Helix strategy has also performed well, returning 7.4% year-to-date. This strategy underscores the firm’s ability to diversify its investment approach and capture opportunities across different market environments.

Founded in 1998, AQR has built a reputation for its quant-driven investment philosophy, focusing on value and momentum strategies. The firm’s success has led to significant growth, with assets under management reaching $142 billion, up from $99 billion at the start of 2024.

Asness and his partners established AQR’s investment philosophy during their time at the University of Chicago’s Ph.D. program, laying the foundation for the firm’s success in the quantitative investing space. AQR’s expansion into multistrategy approaches has allowed it to adapt to changing market conditions and deliver consistent returns for investors.

While AQR declined to comment on their recent performance, the firm’s track record speaks for itself. With a focus on innovation and disciplined investment processes, AQR continues to position itself as a leader in the hedge fund industry, delivering value for investors in a dynamic market environment.