Key Takeaways
- • AQR Capital Management's $189 billion hedge fund delivered double-digit returns across all three major strategies in 2025, with the Apex Strategy gaining 19.6%, Helix Strategy returning 18.6%, and Delphi Long-Short Equity Strategy posting 16.8% (all figures net of fees).
- • AQR significantly outperformed the broader systematic hedge fund index, which returned just over 2.5% in 2025, demonstrating marked alpha generation relative to trend-following peer funds tracked by Societe Generale.
- • The multi-strategy Apex Strategy's 19.6% return represents the strongest performance across AQR's flagship offerings, indicating effective portfolio diversification and risk management despite challenging market conditions.
- • AQR's alternative trend-following Helix Strategy exceeded systematic fund peer benchmarks by over 1,500 basis points, highlighting the firm's capability in managed-futures and algorithmic trading strategies.
Summary
AQR Capital Management, the $189 billion hedge fund led by billionaire investor Cliff Asness, delivered strong returns across its portfolio in 2025, with all three major strategies posting double-digit gains net of fees. The firm's multi-strategy Apex Strategy generated a 19.6% return, its alternative trend-following Helix Strategy produced 18.8% returns, and its stock-trading Delphi Long-Short Equity Strategy returned 16.8%, according to a person familiar with the matter cited by Reuters on January 2, 2026.
These results represent substantial outperformance relative to the systematic hedge fund category. An index of trend-following hedge funds tracked by Societe Generale finished 2025 with returns of just over 2.5%, meaning AQR's Helix Strategy outpaced the peer benchmark by approximately 1,600 basis points. This performance differential underscores AQR's competitive advantage in quantitative and algorithmic investment strategies, where the firm has built its reputation since inception.
The 2025 results reinforce AQR's market positioning amid volatile global markets and shifting macroeconomic conditions. The consistency of double-digit returns across distinct strategy types—multi-strategy, trend-following, and long-short equity—suggests effective risk management and diversification across AQR's fund complex. For institutional investors and hedge fund allocators, these returns provide evidence of AQR's ability to generate alpha through systematic, algorithm-driven approaches even as broader market conditions challenge many peer funds in the trend-following space.
These results represent substantial outperformance relative to the systematic hedge fund category. An index of trend-following hedge funds tracked by Societe Generale finished 2025 with returns of just over 2.5%, meaning AQR's Helix Strategy outpaced the peer benchmark by approximately 1,600 basis points. This performance differential underscores AQR's competitive advantage in quantitative and algorithmic investment strategies, where the firm has built its reputation since inception.
The 2025 results reinforce AQR's market positioning amid volatile global markets and shifting macroeconomic conditions. The consistency of double-digit returns across distinct strategy types—multi-strategy, trend-following, and long-short equity—suggests effective risk management and diversification across AQR's fund complex. For institutional investors and hedge fund allocators, these returns provide evidence of AQR's ability to generate alpha through systematic, algorithm-driven approaches even as broader market conditions challenge many peer funds in the trend-following space.
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