Published by Global Banking and Finance Review
Posted on October 1, 2025
2 min readLast updated: January 21, 2026
AQR Capital Management's multi-strategy fund rose 15.6% in 2025, outperforming other systematic hedge funds. Key strategies include Apex and Delphi.
By Nell Mackenzie
LONDON (Reuters) -Billionaire investor Cliff Asness's AQR Capital Management finished the third quarter with positive returns in several of its funds, a person familiar with the matter said on Wednesday.
The $165 billion hedge fund gained 4.0% in September in its flagship multi-strategy fund, Apex Strategy, which has generated a 15.6% return from the start of the year to September 30.
The fund posted a 2.9% return for the month in its AQR Delphi Long-Short Equity Strategy, bringing the overall performance to a positive 14.3% for the year. AQR's Managed Futures Full Volatility Strategy posted a 9.3% return for the month of September, garnering a 17.7% return year-to-date.
The hedge fund's Helix Strategy, which follows trends in a diverse set of harder-to-access markets, had a positive 6.3% performance for the month of September and is up 13% for the year to date.
These results beat a wider collection of systematic hedge funds, whose algorithms ride market trends until they peter out. An index that tracks these kinds of trend funds is down on average over 2% for the year so far, according to Societe Generale's indices.
(Reporting by Nell Mackenzie; Editing by Anirban Sen and Franklin Paul)
A multi-strategy fund is an investment vehicle that employs various strategies to achieve returns, often combining different asset classes and investment approaches to diversify risk and enhance performance.
A hedge fund is an investment fund that pools capital from accredited investors and employs various strategies to earn active returns for its investors, often using leverage and derivatives.
A long-short equity strategy involves buying stocks expected to increase in value (long positions) and selling stocks expected to decrease in value (short positions) to capitalize on market inefficiencies.
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