Key Takeaways
- • AQR's Helix strategy gained 7.4% in the first half of 2025, managing $3.7bn and extending a near-18% return posted in 2024, according to a report by MarketWatch.
- • AQR's Managed Futures Full Volatility Strategy returned 5.5% in H1 2025 on $4.9bn in assets, following an 11% gain in 2024.
- • AQR's $4.3bn flagship Apex multi-strategy fund surged 11.4% in the first half of 2025.
- • The SocGen CTA Index fell more than 7.5% and the SG Trend Index slid around 10% over the same period, leaving AQR's results well ahead of trend-following peers.
Summary
AQR Capital Management, the $142bn quantitative hedge fund led by Cliff Asness, posted standout returns across its trend-following and multi-strategy platforms in the first half of 2025, outperforming major industry benchmarks, according to a report by MarketWatch as covered by Hedgeweek. The results stand out against a difficult backdrop for the sector, with the SocGen CTA Index, a key managed futures benchmark that includes AQR's own strategies, declining more than 7.5% over the period, while the SG Trend Index slid around 10%.
The firm's Helix strategy, which applies trend-following models to harder-to-access alternative assets, gained 7.4% in the first six months of the year, extending a strong run after a near-18% return in 2024. The $3.7bn strategy captured equity factor trends including momentum and quality and benefited from yield curve steepening trades in developed markets. Positions in emerging market rates and volatility futures also contributed positively, while alternative commodities weighed on performance. Helix was up 0.4% in June.
AQR's Managed Futures Full Volatility Strategy, with $4.9bn in assets, returned 5.5% over the first half despite flat performance in June (+0.1%). The fund incorporates both trend and fundamental signals across traditional and alternative markets and demonstrated resilience during what the report characterized as a choppy first half. It followed an 11% gain in 2024. The firm's $4.3bn flagship multi-strategy Apex fund surged 11.4% in H1 2025, further reinforcing AQR's position as a leader in systematic hedge fund performance this year.
The divergence highlights significant dispersion in returns across the managed futures sector, where AQR's systematic approaches have outpaced peers despite broader weakness in trend-following strategies.
The firm's Helix strategy, which applies trend-following models to harder-to-access alternative assets, gained 7.4% in the first six months of the year, extending a strong run after a near-18% return in 2024. The $3.7bn strategy captured equity factor trends including momentum and quality and benefited from yield curve steepening trades in developed markets. Positions in emerging market rates and volatility futures also contributed positively, while alternative commodities weighed on performance. Helix was up 0.4% in June.
AQR's Managed Futures Full Volatility Strategy, with $4.9bn in assets, returned 5.5% over the first half despite flat performance in June (+0.1%). The fund incorporates both trend and fundamental signals across traditional and alternative markets and demonstrated resilience during what the report characterized as a choppy first half. It followed an 11% gain in 2024. The firm's $4.3bn flagship multi-strategy Apex fund surged 11.4% in H1 2025, further reinforcing AQR's position as a leader in systematic hedge fund performance this year.
The divergence highlights significant dispersion in returns across the managed futures sector, where AQR's systematic approaches have outpaced peers despite broader weakness in trend-following strategies.
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