AQR quant fund recovery


One of the world's largest hedge fund managers, AQR Capital Management, has seen a resurgence in its flagship fund in the last week, making up half of the 13 per cent it had lost this month, managing and founding principal Clifford Asness said in an interview with the New York Times.

Mr Asness said that AQR would now break even on the year after the fund's recovery puts it at break-even for the year, Asness told the paper.
Hedge funds have been under pressure in recently, from the subprime crisis and unexpected developments in equities and other asset classes, and the Financial Times reported earlier this year that AQR was considering selling shares in an initial public offering.

The Times also reported that the Renaissance Technologies' Medallion hedge fund - managed by James Simons - had also recovered the 8.7 percent that it had lost early this month, but the Renaissance Institutional Equities Fund last week announced that it was down seven per cent on the year.
However, a source close to the firm said on Monday that the Renaissance Institutional Equities Fund - also founded by Simons and worth $26 billion-plus - had marginally recovered from its losses, and is now down by only 1.35 per cent in August.

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