AQR Capital Management has announced the launch of a market neutral equity fund for European investors.
The AQR Adaptive Equity Market Neutral UCITS fund aims to provide uncorrelated returns to traditional asset classes.
Classified as Article 8, the strategy will hold a long portfolio with an attractive ESG profile, while shorting companies with a poor ESG profile.
The fund targets providing zero or negative net carbon exposure across its full portfolio.
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Roberto Giuffrida, principal and head of EMEA and Latam Business Development at AQR, said: “We are pleased to continue to expand our UCITS fund offering by adding the Adaptive Equity Market Neutral UCITS fund.
“As the most comprehensive expression of AQR’s stock selection capabilities, we believe the Adaptive Equity Market Neutral will help our clients meet the challenge of building an effective, diversifying alternatives allocation.”
Since going live on 3 June, the strategy has amassed approximately $259m (£201m) assets under management.
In May, the firm launched a multi-strategy alternatives UCITS fund.
