From CNBC:

Cliff Asness’ longest running multistrategy fund at AQR Capital Management returned 18.5% in 2023, thanks to profitable value stock picks. The AQR Absolute Return strategy gained 43.5% last year, while the AQR Equity Market Neutral Global Value strategy saw a 20.6% increase, outperforming the Russell 1000 value index.

Asness co-founded AQR in 1998 after working at Goldman Sachs. The firm’s investment philosophy, developed at University of Chicago, focuses on value and momentum strategies. AQR has $99 billion in assets under management as of Dec. 31, 2023.

The AQR Helix Strategy posted a net return of 14.3% in 2023, fueled by gains in alternative commodity markets like iron ore and European natural gas and power prices.

AQR’s new multistrategy fund, the AQR Apex Strategy, gained 16.2% in 2023. However, the firm’s various funds did not outperform the broader market. The S&P 500 rallied 24% in 2023, boosted by mega-cap technology names, while the Nasdaq Composite ended the year up 43.4%.

Overall, AQR’s performance in 2023 was impressive but did not quite match the gains seen in the broader market, especially in the tech sector. Despite this, AQR has continued to attract significant investment and manage substantial assets. The firm’s focus on value and momentum strategies has been a key factor in its success over the years.



Read more: Cliff Asness’ AQR Absolute Return fund returns 18.5% in 2023, boosted by value picks