AQR Capital Management announced Monday the launch of its new AQR Multi-Strategy Alternative Fund (ASANX/ASAIX).
The Greenwich, Conn.-based firm, cofounded by hedge fund maven Cliff Asness, says the fund’s objective is to seek long-term return through a broadly diversified portfolio of alternative strategies that are usually available through hedge funds.
The fund targets low correlation to traditional asset classes and seeks to provide exposure to nine different types of alternative strategies: convertible arbitrage, event driven (including merger arbitrage), fixed income relative value, equity market neutral, long/short equity, dedicated short bias, global macro, managed futures and emerging markets.
“By providing investors with access to nine different alternative investment strategies, the AQR Multi-Strategy Alternative Fund attempts to provide a comprehensive solution to their alternative investment needs, David G. Kabiller, CFA, founding principal and head of client strategies at AQR, said in a statement. ”In addition, by targeting low correlation to traditional asset classes, the fund has the added benefit of potentially increasing investors’ portfolio diversification.”