Quantitative hedge fund shop AQR Capital Management is taking it on the chin in the early going of 2008.

The Greenwich, Conn.-based firm’s flagship Absolute Return Fund is down almost 15% through Feb. 15, Bloomberg News reports. A riskier version of the $2.9 billion fund has dropped even more, by 25%, while its Asset Allocation Fund lost 16%.

AQR has been battered by the volatile markets since the subprime crisis struck last summer. Absolute Return suffered big losses in July and October, and was reportedly down by double-digits last year.

Poor performance and investor redemptions have taken their toll on the firm’s assets under management, which now stand at $8.6 billion after falling by 20% over the past six months.

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