AQR Capital Management's outspoken co-founder Cliff Asness says the systematic quantitative investing giant is seeking to profit from the "largest opportunity ever" in value investing in order to end its recent underwhelming performance.

Value investors, who seek to profit from buying neglected stocks in companies trading at a discount, have struggled in recent years, with the performance difficulties extending into 2020. Hedge Fund Research's Fundamental Value index is down 12.7% this year to the end of April.