Billionaire Cliff Asness’ hedge fund AQR hit with $43B COVID-19 losses

Billionaire Cliff Asness’ hedge fund AQR hit with $43B COVID-19 losses

Billionaire investor Cliff Asness has spent his quarantine watching $43 billion disappear.

Asness’ AQR Capital — which managed $186 billion at the end of 2019 — has updated its Web site to reflect that its assets under management as of March 31 now stand at $143 billion.

It’s unclear how much of the massive 23 percent drop in assets is due to investor withdrawals versus investment losses, but the notoriously outspoken Asness, 53, has been suffering from redemptions amid sagging performance since last year.

Returns have worsened this year for some of Asness’ funds as the coronavirus pandemic batters the economy and the stock market, according to AQR’s Web site.

The firm’s Multi-Strategy Alternative fund, for example, is down 22 percent this year following declines of 10 percent in 2019. Its Small-Cap Multi-Style fund, which was up 20 percent last year, is now down 29 percent.

Investors across the board have gotten hammered this year in the face of the coronavirus pandemic. But the declines at AQR, which manages both hedge funds and traditional stock and bond funds, stand out, industry watchers say.

“That’s pretty terrible,” one hedge fund manager told The Post. “Things are bad out there, but $43 billion is a death signal.”

Source: New York Post

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