AQR Capital Management

Market volatility has reignited after a placid first half of the year. Is it an aberration? In our latest macro commentary, we discuss why we think investors shouldn't shrug off recent periods of volatility as blips. With macro uncertainty continuing, episodes of volatility will likely persist, and a well-diversified portfolio resilient to a range of future economic scenarios may best protect investors: https://bit.ly/3YdMTjb

Thank you to the 240 professional investors who joined us for the 11th Alternative Investments Colloquium events, which were held across Zurich, Frankfurt, Munich and Vienna! Our gratitude extends to our great co-hosts – Capula, Davidson Kempner, Eicos and North Rock – and guest speakers from Aksia. Attendees heard from senior members of each firm, including AQR’s Cliff Asness and Andrea Frazzini, Aksia’s Simon Garfield and Harry Seplowitz, Capula’s Nat Dean, Eico’s Pierre de Chillaz, Davidson Kempner’s Brian Ratner, and North Rock’s Antoine Foucher. Presentations covered many topics, including the implications of less-efficient markets, alternative use cases for hedge funds, innovation and learning models in stock selection, opportunities across the European credit universe, finding value in global credit, macro market themes and outlook, and what it takes to generate alpha in 2025 and beyond.

We recently celebrated the fifth anniversary of our India office! Employees in Bengaluru came together for a fun-filled day of team-building activities and festivities in honor of five years of AQR India. We are very proud of this milestone and the caliber of talent we have in our Bengaluru office.

How do you balance rigorous research with open-mindedness in investing? Cliff answers this and more in his latest interview on Carson Group’s Facts vs. Feelings Podcast. Listen here: Apple: https://apple.co/3ykELTV Spotify: https://spoti.fi/3WOQRxK YouTube: https://bit.ly/3LSzJkF

Cliff gave his thoughts on the choice between leverage risk and concentration risk in a recent interview with Ted Seides on the Capital Allocators podcast – listen to the clip below. Cliff covers regime changes in factors, machine learning, pod shops, private equity, serving on investment committees and more in the full episode linked below: - Apple: https://lnkd.in/eMteiaAp - Spotify: https://lnkd.in/eK5WJMtp

ICYMI: In a recent webinar, Cliff described AQR’s latest wave of innovations. Listen to it here: https://bit.ly/3Kel6qS To learn more about our Bayesian approach to incorporating new signals, read our paper on long/short equity design choices: https://bit.ly/3UVNumL

We recently held our inaugural London Forum, a full-day event that brought together a range of industry leaders for a series of presentations and discussions on the latest challenges and opportunities for the investment industry. Speakers included: - Elroy Dimson, Ph.D., Professor of Finance, Cambridge Judge Business School - John Greaves, Director of Fiduciary Management, Railpen - Matt Richardson, CEO, Income Analytics - Padmesh Shukla, Chief Investment Officer, Transport for London Pension Fund - James Barty, Managing Director of Investment Strategy, Church Commissioners for England - Matthew Yeates, Deputy Chief Investment Officer, 7IM - David Bateman, Head of Private Pensions DC Policy, Department for Work and Pensions - Thomas Maloney, Managing Director and European Head of the Portfolio Solutions Group, AQR - Lasse Pedersen, Ph.D., Principal, AQR - Bryan Kelly, Ph.D., Principal and Head of Machine Learning, AQR Thank you to all of our speakers and attendees for making it an enjoyable and insightful day! If you are a professional investor interested in attending our future events, please email teamuk&i@aqr.com.

Listen as Cliff talks about the market environment, value investing and a range of other topics on the Phil Bak Podcast. Apple: https://lnkd.in/eEQiacQi Spotify: https://lnkd.in/eY4GfQvA

Conventional wisdom suggests small, simple models are best suited for market timing applications, given finance’s “small data” constraint and naturally low predictability. However, in our latest, we show that complex models better identify true nonlinear relationships and therefore produce better market timing strategy performance. We validate this "virtue of complexity" result in three practical market timing applications: https://bit.ly/3WvF3AM

ICYMI: During a recent webinar, Cliff shared why investors should look for diversifying alternatives in the current environment. Listen here: https://bit.ly/4d9uycs