Cliff Asness, ever the strategist, saw his AQR Capital Management’s multistrategy hedge fund surge by 9% in the first quarter, outpacing the broader market as uncertainty loomed over Wall Street. The volatility stemmed from President Donald Trump’s unpredictable tariff maneuvers, which kept investors on edge.
The Apex strategy from Asness’ firm, a blend of stocks, macro plays, and arbitrage opportunities with $3 billion under management, notably climbed 3.4% in March. This gain significantly bolstered its overall first-quarter performance, according to a source privy to AQR’s returns who preferred to remain anonymous due to the confidentiality of the information.
Further showcasing its capabilities, AQR’s Delphi Long-Short Equity Strategy posted a remarkable 9.7% gain over the same period, and their alternative trend-following strategy, Helix, delivered a 3% return, the source added.
Despite the impressive results, AQR, with its assets totaling $128 billion by the end of March, chose not to issue any public statements.
The equity landscape endured a rocky quarter as Trump’s tariff initiatives stoked fears of a severe economic stall coupled with escalating inflation. These concerns drove the S&P 500 into correction territory in March, a sharp fall from the highs of February.
Overall, the S&P 500 snapped its five-quarter winning streak with a 4.6% decline for the quarter. The tech-centric Nasdaq Composite experienced a steeper descent, dropping 10.4%, marking its most significant quarterly dip since plunging 22.4% in the second quarter of 2022.
