Cliff Asness’ AQR Absolute Return fund good points 18.5% in 2023

Cliff Asness’ longest working multistrategy fund at AQR Capital Administration returned 18.5% final 12 months, internet of charges, in line with an individual accustomed to the efficiency.

The AQR Absolute Return technique, which was created in 1998, benefited probably the most from worthwhile picks amongst worth shares in 2023, in line with the individual, 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 International Worth technique, gained 20.6% in 2023, the individual stated. 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 property underneath administration as of Dec. 31. AQR declined to remark.

The agency’s various pattern following technique, the AQR Helix Technique, posted a internet return of 14.3% in 2023, the individual stated. The good points have been fueled by various commodity markets, reminiscent of iron ore in addition to European pure fuel and energy costs, the individual stated.

The AQR Apex Technique, a brand new multistrategy fund created in 2020, gained 16.2% final 12 months, the individual stated.

Nonetheless, AQR’s varied funds did not prime the broader market final 12 months. The S&P 500 rallied 24% in 2023, boosted by mega-cap expertise names. The tech-heavy Nasdaq Composite ended the 12 months up 43.4% for its greatest 12 months since 2020.

Do not miss these tales from CNBC PRO: