AQR Capital updates ExlService Holdings (EXLS) position with 4.46% ownership stake

Rhea-AI Filing Summary

AQR Capital Management, LLC and AQR Capital Management Holdings, LLC report their beneficial ownership of ExlService Holdings, Inc. common stock in an amended Schedule 13G. The filing states beneficial ownership of 6,812,609 shares, representing 4.46% of ExlService’s common stock.

All voting and dispositive authority is described as shared between the two AQR entities, with 6,621,951 shares subject to shared voting power and 6,812,609 shares subject to shared dispositive power. The amendment also notes that the reporting persons now own 5 percent or less of the class.

Key Figures

Beneficial ownership: 6,812,609 shares Percent of class: 4.46% Shared voting power: 6,621,951 shares +2 more

5 metrics

Beneficial ownership 6,812,609 shares Amount beneficially owned by AQR Capital entities in ExlService common stock

Percent of class 4.46% Percentage of ExlService common stock beneficially owned by AQR Capital entities

Shared voting power 6,621,951 shares Shares of ExlService over which AQR entities have shared voting power

Shared dispositive power 6,812,609 shares Shares of ExlService over which AQR entities have shared dispositive power

Ownership threshold status 5 percent or less Item 5 notes ownership of 5 percent or less of the class

Key Terms

beneficially owned, shared voting power, shared dispositive power, percent of class, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 6,812,609"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"| (ii) Shared power to vote or to direct the vote: AQR Capital"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"| (iv) Shared power to dispose or to direct the disposition of:"

percent of class financial

"(b) | Percent of class: 4.46 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

wholly owned subsidiary financial

"AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital"

A wholly owned subsidiary is a company whose entire ownership is held by another company (the parent), so the parent controls decisions, operations, and finances. Think of it as a fully controlled branch that runs as its own legal entity but whose results flow straight into the parent’s financial statements; investors watch these structures because they affect consolidated revenue, risk exposure, and how profits, liabilities, and cash flow are allocated across the corporate group.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/12/2026 - 06:54 AM Accepted by SEC EDGAR 08/12/2026 - 06:54 AM Learn about SEC filing dates

FAQ

What percentage of ExlService Holdings (EXLS) shares does AQR report owning?

AQR Capital entities report beneficial ownership of 4.46% of ExlService Holdings’ common stock, corresponding to 6,812,609 shares. This ownership is below the 5 percent threshold referenced in the Schedule 13G filing.

How many ExlService (EXLS) shares are beneficially owned by AQR?

AQR Capital Management, LLC and AQR Capital Management Holdings, LLC report beneficial ownership of 6,812,609 ExlService common shares. These shares give them a reported 4.46% beneficial interest in the company’s outstanding common stock.

What voting power does AQR have over ExlService (EXLS) shares?

AQR reports 0 shares with sole voting power and 6,621,951 shares with shared voting power. Both AQR Capital Management, LLC and AQR Capital Management Holdings, LLC list the same shared voting power over these ExlService shares.

What dispositive power does AQR report for its ExlService (EXLS) holdings?

AQR indicates 0 shares with sole dispositive power and 6,812,609 shares with shared dispositive power. These figures apply to both AQR Capital Management, LLC and its parent, AQR Capital Management Holdings, LLC.

Why does the ExlService (EXLS) filing mention ownership of 5 percent or less?

The Schedule 13G amendment notes ownership of 5 percent or less of ExlService’s common stock. With reported beneficial ownership of 4.46%, AQR’s holdings fall below the 5 percent reporting threshold highlighted in Item 5.

What is the relationship between AQR Capital Management, LLC and AQR Capital Management Holdings, LLC in this EXLS filing?

An exhibit states that the filing is made on behalf of both entities and that AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC, explaining their joint reporting of ExlService holdings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

ExlService Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

302081104

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 302081104

1

Names of Reporting Persons

AQR Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,621,951.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,812,609.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,812,609.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.46 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 302081104

1

Names of Reporting Persons

AQR Capital Management Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,621,951.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,812,609.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,812,609.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.46 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ExlService Holdings, Inc.
(b)	Address of issuer's principal executive offices: 320 PARK AVENUE, 29TH FLOOR, NEW YORK, NEW YORK 10022
Item 2.
(a)	Name of person filing: AQR Capital Management, LLC AQR Capital Management Holdings, LLC
(b)	Address or principal business office or, if none, residence: ONE GREENWICH PLAZA SUITE 130 Greenwich, Connecticut 06830
(c)	Citizenship: AQR Capital Management, LLC - UNITED STATES AQR Capital Management Holdings, LLC - UNITED STATES
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 302081104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,812,609
(b)	Percent of class: 4.46 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0
	(ii) Shared power to vote or to direct the vote: AQR Capital Management, LLC - 6,621,951 AQR Capital Management Holdings, LLC - 6,621,951
	(iii) Sole power to dispose or to direct the disposition of: AQR Capital Management, LLC - 0 AQR Capital Management Holdings, LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: AQR Capital Management, LLC - 6,812,609 AQR Capital Management Holdings, LLC - 6,812,609
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 2(a) above.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AQR Capital Management, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2026

AQR Capital Management Holdings, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	08/12/2026

Exhibit Information

AQR Capital Management Holdings, LLC and AQR Capital Management, LLC hereby agree that this Schedule 13G is filed on behalf of each of the parties. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC.