Cliff Asness’ AQR Hedge Funds Outpace Market with Double-Digit Gains in 2025
Cliff Asness’ AQR Capital Management is riding high in 2025, with several of its hedge fund strategies delivering double-digit gains and outpacing the broader market — even amid global uncertainty.
AQR’s Apex strategy, which blends stock picking with macro and arbitrage trades, surged 11.4% in the first half of 2025. The fund, managing $4.3 billion in assets, more than doubled the S&P 500’s 5.3% return over the same period, according to a source familiar with the firm’s performance.
Meanwhile, AQR’s Delphi long-short equity fund, with $4.1 billion in assets under management, delivered an 11.6% net return through June 2025. The gains come during a period of intense market volatility, sparked by escalating global trade tensions and conflicts in the Middle East. Despite a nearly 20% dip in April, the S&P 500 has bounced back sharply, hitting record highs in recent days.
Another standout performer is AQR’s Helix strategy, an alternative trend-following fund that is up 7.4% year-to-date.
Founded in 1998 by Cliff Asness — a former Goldman Sachs executive and a pioneer in quantitative investing — AQR has grown into one of the world’s largest quant-driven hedge funds. Rooted in the academic principles of value and momentum developed at the University of Chicago, AQR has successfully broadened its offerings with multi-strategy approaches.
The firm now manages $142 billion in assets, a substantial jump from $99 billion at the start of 2024 — reflecting growing investor confidence in its diversified and resilient investment models.
As the second half of 2025 unfolds, AQR’s strong performance is a testament to the power of disciplined, data-driven investing amid turbulent global markets.