AQR’s Bold Rebound: Near-Doubling Assets & Transparency Trade-Offs

Based on Bloomberg’s recent reporting, AQR’s comeback represents a significant repositioning in both performance and strategy. Having suffered through what is known in the quant world as the “quant winter” where systematic and factor-based strategies broadly underperformed, AQR saw its assets fall from around $226 billion in 2018 to ~$98 billion by 2023. [1] The current asset base of ~$179 billion indicates a near doubling from its trough—testament not only to improved returns but also to investor confidence returning.

The performance metrics across its major funds are compelling: its multi-strategy Apex fund, Delphi Long-Short Equity, Managed Futures Full Volatility, and trend-strategy Helix funds are all posting high‐teens percentage returns year-to-date, with Apex up ~16.2 % and Delphi ~16.4 % through November 2025. [2][4] By comparison, many peer systematic funds have struggled to clear low single digits or even produced negative returns. [4] This outperformance is particularly striking given lingering economic headwinds, inflation, rate turmoil, and volatility in macro, equity, and commodity markets.

Yet accompanying the return to form is a strategic shift in how publicly transparent AQR is willing to be. Historically known for detail-rich white papers, factor research, and candid academic posture, the firm is now pulling back: fewer published research papers, less partner commentary, and more careful withholding of differentiated “alpha-generating” signals. [1] The internal view, as reflected in quotes from partner-level executives, is that these differentiated components are increasingly unique and deserve protection. [1]

This opacity move has strategic implications. On one hand, more secrecy may protect AQR’s competitive edge, prevent signal erosion, and help retain investors by differentiating their capabilities. On the other hand, it could test trust with allocating institutions accustomed to transparency. For clients such as pension funds, university endowments, or sovereign wealth funds, transparency over methodology often comes with demands for clarity for oversight, risk, and governance. If disclosure diminishes too much, some may downgrade allocations or demand stricter terms.

Open questions include whether AQR can maintain this performance in light of persistent competition among quant firms, factor strategy crowding, and the potential for macro shocks (rate or geopolitical). Also, whether the change in disclosure strategy triggers broader industry shifts: will other quant hedge funds similarly reduce openness, and what will that mean for factor premiums, signal decay, and research community engagement?