AQR’s Multistrategy Apex Gains 19.6% in Turbulent Quant Year

AQR Capital Management’s multistrategy offering returned 19.6% in 2025, extending its comeback even in a turbulent year for quantitative investing.

The $6.8 billion Apex, which bundles a range of the systematic firm’s trades, rose 3% in December, according to a person familiar with the matter who declined to be identified as the information is private. Stock-picking trades were the biggest driver of Apex’s 2025 gains, and the $6.3 billion market-neutral Adaptive Equities Strategy gained 24.4%, the person added.