Cliff Asness.
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Cliff Asness’ longest working multistrategy fund at AQR Capital Administration returned 18.5% final yr, internet of charges, in accordance with an individual conversant in 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 accordance with the individual, who spoke anonymously as a result of the efficiency particulars are non-public. The fund loved its greatest yr in 2022, rallying 43.5%.
The agency’s devoted worth technique, the AQR Fairness Market Impartial International 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 pattern following technique, the AQR Helix Technique, posted a internet return of 14.3% in 2023, the individual mentioned. The positive aspects have been fueled by different commodity markets, resembling iron ore in addition to European pure gasoline 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 prime 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 greatest yr since 2020.
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