AQR

What AQR does

AQR Capital Management, LLC is a privately held quantitative investment management firm founded in 1998 and headquartered in Greenwich, Connecticut. The firm develops systematic, model-driven investment strategies grounded in economic theory and behavioral finance, spanning equities, fixed income, commodities, and currencies, and offers a portfolio of alternative, equity, and multi-asset strategies. Its product surface includes hedge fund vehicles (long-short equity, macro, managed futures, multi-strategy, arbitrage), a 23-fund mutual fund lineup distributed through ALPS Distributors, and dedicated regional wrappers including AQR UCITS Funds (Europe) and AQR Australia Funds. AQR also publishes proprietary factor datasets (momentum indices, betting against beta, HML Devil, quality minus junk) and runs the MyAQR client portal for subscriptions and document access.

AQR serves institutional investors (pension funds, endowments, foundations, sovereign wealth funds, insurance companies), family offices and high net worth investors, and — via mutual funds and the Flex sub-brand — registered investment advisors and wealth managers. The firm was founded by Cliff Asness with co-founders John Liew and David Kabiller, and is operationally connected to Affiliated Managers Group (AMG) per SEC filing references. Revenue is generated through hedge fund management and performance fees, mutual fund expense ratios (ranging from approximately 0.53% to 6.05% net across share classes), and research data licensing. AQR's competitive position rests on its academic-grade research team, multi-decade proprietary factor data library, and a multi-channel distribution footprint combining direct institutional sales with the ALPS partnership and regional sub-brands.

Name

AQR

Legal name

AQR Capital Management, LLC

Website

https://www.aqr.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

AQR Capital Management is a Greenwich-based quantitative hedge fund founded in 1998 that runs systematic, factor-driven investment strategies across equities, fixed income, commodities, and currencies. It serves institutional investors, family offices, and wealth advisors via hedge funds, a 23-fund mutual fund complex, UCITS and Australia wrappers, and proprietary factor research datasets.

Ownership category

akta.pro rank

Product category

Quantitative Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591)

akta.pro primary industry

Multi-Strategy — Single-Manager, Multi-PM (FSAHAFAB)

akta.pro secondary industry

Discretionary Portfolio Management (Retail) (FSAAAAAH)

Keywords

• Quantitative investment management
• Factor investing strategies
• Alternative risk premia
• Mutual fund management
• Hedge fund strategies

Headquarters

HQ city

Greenwich

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Hedge Fund Management Fees: AQR charges management fees and performance fees (2 and 20 typical structure implied by industry) on its hedge fund and alternative investment strategies including long-short equity, macro, managed futures, and multi-strategy funds.
2. Mutual Fund Management Fees: AQR manages mutual funds distributed through ALPS Distributors with expense ratios ranging from approximately 0.53% to 6.05% net expense ratio across various share classes and strategies.
3. Research Data Licensing: AQR publishes and distributes proprietary factor and style investing data sets including momentum indices, time series momentum factors, betting against beta data, and quality minus junk factors for academic and practitioner use.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

AQR Capital Management is a quantitative investment management firm that develops and manages systematic, model-driven investment strategies across equities, fixed income, commodities, and currencies. The firm sells its strategies as a suite of 23 mutual funds across alternatives, equities, and multi-asset categories, plus institutional hedge fund and separate account mandates. AQR also publishes proprietary factor research and downloadable data sets used by academics and practitioners.

Product overview

AQR Capital Management is a quantitative investment management firm offering a comprehensive suite of 23 mutual funds across multiple asset classes and strategies. The fund lineup includes: (1) Alternatives funds covering single-strategy approaches (Diversified Arbitrage, Equity Market Neutral, Long-Short Equity, Macro Opportunities, Managed Futures Strategy, Risk-Balanced Commodities, Trend Total Return) and multi-strategy approaches (Alternative Risk Premia, Diversifying Strategies, Style Premia Alternative); (2) Equities funds including large cap, small cap, global/international, and emerging markets strategies, many utilizing multi-style factor approaches, plus fusion funds combining equities with alternatives; (3) Multi-Asset funds. The firm also provides institutional research data sets and a client portal (MyAQR) for subscription management and document access. AQR emphasizes systematic, disciplined investment approaches grounded in economic theory and behavioral finance, leveraging technology, data, and quantitative methods.

Differentiator

Problem solved

Functional benefit

Brands

• AQR Funds: Mutual funds offered by AQR including alternatives, equities, and multi-asset strategies
• AQR Australia Funds
• AQR UCITS Funds
• AQR Flex

Products and services

• AQR Alternative Risk Premia Fund A multi-strategy alternatives mutual fund designed to provide diversifying returns across various risk premia, available to investors through US mutual fund channels.
• AQR CVX Fusion Fund An equities and alternatives fusion mutual fund combining multiple investment approaches to deliver balanced risk exposure.
• AQR Diversified Arbitrage Fund A single-strategy alternatives mutual fund focused on arbitrage opportunities across asset classes.
• AQR Diversifying Strategies Fund A multi-strategy alternatives mutual fund designed to provide portfolio diversification across multiple hedge fund strategies.
• AQR Emerging Multi-Style II Fund An emerging markets equities mutual fund employing multiple style factors for diversified emerging market exposure.
• AQR Equity Market Neutral Fund A single-strategy alternatives mutual fund designed to be market neutral while capturing equity alpha.
• AQR Global Fund A global equities mutual fund providing international equity exposure through systematic management.
• AQR International Multi-Style Fund An international equities mutual fund using multiple style factors for diversified developed international exposure.
• AQR Large Cap Defensive Style Fund A large cap equities mutual fund focused on defensive investment style and lower-volatility factor exposure.
• AQR Large Cap Multi-Style Fund A large cap equities mutual fund employing multiple style factors (value, momentum, quality, etc.) for diversified U.S. large cap exposure.
• AQR Long-Short Equity Fund A single-strategy alternatives mutual fund combining long and short equity positions to provide hedged equity exposure.
• AQR LSE Fusion Fund A fusion mutual fund combining long-short equity and alternatives strategies.
• AQR Macro Opportunities Fund A single-strategy alternatives mutual fund focused on macroeconomic themes across global markets.
• AQR Managed Futures Strategy Fund A single-strategy alternatives mutual fund implementing trend-following managed futures strategies across global markets.
• AQR Managed Futures Strategy HV Fund A high volatility variant of the managed futures strategy mutual fund for investors seeking higher-volatility trend-following exposure.
• AQR MS Fusion Fund A fusion mutual fund combining multi-style equities with alternatives strategies.
• AQR MS Fusion HV Fund A high volatility variant of the MS Fusion mutual fund combining multi-style equities with alternatives.
• AQR Multi-Asset Fund A multi-asset mutual fund providing exposure across stocks, bonds, and alternatives through systematic allocation.
• AQR Risk-Balanced Commodities Strategy Fund A single-strategy alternatives mutual fund focused on commodities with risk-balanced exposure.
• AQR Small Cap Multi-Style Fund A small cap equities mutual fund employing multiple style factors for diversified U.S. small cap exposure.
• AQR Style Premia Alternative Fund A multi-strategy alternatives mutual fund focusing on style premia across asset classes.
• AQR Trend Total Return Fund A single-strategy alternatives mutual fund implementing trend-following strategies across global markets.
• MyAQR A client portal for registered users to manage fund subscriptions, access documents, and receive updates on AQR funds.
• AQR Data Sets Free research data sets including momentum indices, time series momentum, betting against beta factors, value and momentum factors, and quality minus junk factors for academic and research purposes.

Quantifiable outcome

• Value portfolios based on timeliest measures earn statistically significant alphas ranging from 305 to 378 basis points per year against a 5-factor model
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• ALPS Distributors, Inc.coreChannel Partner/ Reseller/ DistributorALPS Distributors serves as the registered broker-dealer distributor for AQR mutual funds. This is a core distribution partnership enabling AQR to distribute its fund products through institutional and wealth management channels. AQR Capital Management acts as Investment Manager while ALPS handles fund distribution and shareholder services.

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Renaissance Technologies: The world's largest and most successful quantitative hedge fund, founded by Jim Simons. Competes with AQR for institutional capital, quant talent, and brand prestige in the systematic/alternative investment space.
• Two Sigma: Technology-driven quantitative hedge fund applying machine learning and distributed computing to systematic strategies. Direct competitor for institutional allocations and engineering talent alongside AQR.
• D. E. Shaw & Co. Pioneer systematic hedge fund with quant equity, macro, and alternatives strategies. Highly comparable to AQR's multi-strategy systematic approach and institutional client base.
• Bridgewater Associates: World's largest hedge fund, running systematic global macro and all-weather strategies. Competes with AQR in institutional systematic macro and multi-asset mandates.
• Citadel: Multi-strategy hedge fund led by Ken Griffin combining systematic and discretionary approaches. Competes directly with AQR for institutional capital, prime brokerage, and quant talent.
• Man Group: Publicly listed alternative asset manager combining discretionary and systematic (AHL) strategies. Comparable to AQR in offering both hedge fund and long-only systematic products to institutional and wealth clients.
• Dimensional Fund Advisors: Academic-founded asset manager specializing in factor-based investing for retail and institutional clients. Most direct competitor to AQR's mutual fund factor strategies and value/momentum research heritage.
• Millennium Management: Multi-strategy hedge fund platform employing pod-based systematic and discretionary traders. Comparable scale, institutional client base, and systematic trading approach to AQR.
• Winton Group: Systematic global macro and managed futures manager. Closely comparable to AQR's trend-following, managed futures, and macro systematic strategies.

Broad incumbents

• BlackRock: World's largest asset manager with growing systematic factor ETF offerings and alternatives platform. Competes with AQR in factor-based investing at scale and across retail and institutional channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/aqrcapital
• Facebookfacebook.com/AQR-Capital-Management-1530574693842765
• LinkedInlinkedin.com/company/aqr-capital-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AQR