AQR achieves a geeks' revenge


Both hedged and long-only, AQR finds uncorrelated returns and sticky assets.

By Josh Friedlander

AQR Capital Management claims to have one of the most thoughtful and least market-correlated returns in the money management industry. It's not a black box but a finely tuned system with a rarefied academic approach. AQR's blue chip institutional clients would appear to agree, having entrusted the firm with $25 billion in capital - $8 billion in hedge fund assets and the rest in long-only vehicles.

"We are the geeks we claim to be," sighs co-founder Cliff Asness, the firm's managing principal known for his clever commentary and rumpled professorial look.

Coming out of