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Cliff Asness.
Chris Goodney | Bloomberg | Getty Pictures
Cliff Asness’ longest working multistrategy fund at AQR Capital Administration returned 18.5% final yr, web of charges, in keeping with an individual accustomed to the efficiency.
The AQR Absolute Return technique, which was created in 1998, benefited essentially the most from worthwhile picks amongst worth shares in 2023, in keeping with the individual, who spoke anonymously as a result of the efficiency particulars are personal. The fund loved its finest yr in 2022, rallying 43.5%.
The agency’s devoted worth technique, the AQR Fairness Market Impartial World Worth technique, gained 20.6% in 2023, the individual mentioned. This displays AQR’s superior inventory choice because the broader Russell 1000 worth index solely returned 8.8% final yr.
Asness co-founded AQR in 1998 after a stint at Goldman Sachs. He and his companions established the quant-driven agency’s funding philosophy at the College of Chicago’s Ph.D. program, specializing in worth and momentum methods.
AQR has $99 billion in property below administration as of Dec. 31. AQR declined to remark.
The agency’s different development following technique, the AQR Helix Technique, posted a web return of 14.3% in 2023, the individual mentioned. The features have been fueled by different commodity markets, akin to iron ore in addition to European pure fuel and energy costs, the individual mentioned.
The AQR Apex Technique, a brand new multistrategy fund created in 2020, gained 16.2% final yr, the individual mentioned.
Nonetheless, AQR’s numerous funds did not high the broader market final yr. The S&P 500 rallied 24% in 2023, boosted by mega-cap know-how names. The tech-heavy Nasdaq Composite ended the yr up 43.4% for its finest yr since 2020.
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