Cliff Asness.
Chris Goodney | Bloomberg | Getty Photographs
Cliff Asness’ longest working multistrategy fund at AQR Capital Administration returned 18.5% final 12 months, web of charges, in line with an individual acquainted with 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 line with the particular person, who spoke anonymously as a result of the efficiency particulars are personal. The fund loved its greatest 12 months 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 particular person mentioned. This displays AQR’s superior inventory choice because the broader Russell 1000 worth index solely returned 8.8% final 12 months.
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 belongings 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 particular person mentioned. The good points have been fueled by different commodity markets, corresponding to iron ore in addition to European pure fuel and energy costs, the particular person mentioned.
The AQR Apex Technique, a brand new multistrategy fund created in 2020, gained 16.2% final 12 months, the particular person mentioned.
Nonetheless, AQR’s numerous funds did not high the broader market final 12 months. The S&P 500 rallied 24% in 2023, boosted by mega-cap know-how names. The tech-heavy Nasdaq Composite ended the 12 months up 43.4% for its greatest 12 months since 2020.
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