Aqr Capital

Quantitative hedge fund founded by Cliff Asness, specializing in systematic factor investing across equity long/short, risk parity, and global macro strategies.

AQR Capital Management

Quantitative hedge fund founded by Cliff Asness, pioneering systematic factor investing (value, momentum, quality) at institutional scale.

历史时间线

• 1998: Cliff Asness founds AQR after leaving Goldman Sachs' quant group
• 2000: AQR becomes one of first hedge funds to publish academic research openly
• 2005: Launches mutual fund platform — brings quant strategies to retail investors
• 2012: Surpasses $100B AUM
• 2015-2018: Underperforms during value stock drought; Asness publishes 'Quality Minus Junk'
• 2020: AUM reaches $140B+; launches crypto quantitative strategies
• 2024: $180B+ AUM; one of world's largest quant asset managers

商业模式

Multi-strategy quant: equity long/short, risk parity, global macro, factor premia. Charges management fees (0.30-0.80% for mutual funds, higher for hedge funds) plus performance fees. Unique for making research public — over 100 white papers published. Retail and institutional clients.

护城河分析

Academic rigor — founders are published researchers; systematic process removes emotional bias; scale in factor investing provides data advantage; mutual fund platform democratizes quant strategies; culture of transparency (publishing research is uncommon in hedge funds).

关键数据

• aum: $180B+
• founded: 1998
• founder: Cliff Asness (ex-Goldman Sachs)
• strategies: Equity L/S, risk parity, factor premia, global macro
• headquarters: Greenwich, Connecticut

有趣事实

Cliff Asness was Eugene Fama's student at Chicago Booth — the father of the efficient market hypothesis. AQR's entire philosophy is built on the academic insight that factors like value, momentum, and quality can generate excess returns. AQR publishes more academic papers than most universities.