AQR Capital Management’s Delphi Long-Short Equity Strategy continued to build momentum in April, gaining 3.2% for the month and bringing its year-to-date return to 12.1%, according to a report by Bloomberg citing an unnamed source familiar with the figures.
The $3.5bn strategy, which has outpaced many equity-focused hedge funds this year, benefited from strong stock selection across the US, Europe, and Japan, according to Bloomberg’s source.
The gains come amid a challenging backdrop for equities, with the S&P 500 Index down 5.3% through April. Delphi’s performance also builds on its 24.4% return in 2024, which edged out the US benchmark and reflected the fund’s resilience amid volatility tied to President Trump’s renewed trade tensions.
AQR, founded by Cliff Asness, has expanded into multi-strategy investing while continuing to emphasise systematic, factor-driven strategies such as value, momentum, and quality. The firm now oversees $131bn in assets, up from about $117bn three years ago.
While Delphi stood out, not all of AQR’s vehicles delivered positive results in April. The firm’s $3.6bn Apex multi-strategy fund slipped 0.7%, trimming its 2025 gain to 8.1%. A market-neutral posture in commodities, currencies, and fixed income weighed on monthly performance.
AQR’s Helix Strategy meanwhile, which focuses on alternative, less liquid investments, rose 3.7% in April and is up 6.8% year-to-date.
