AQR Holdings Discloses 9.88M-Share Stake in ExlService (NASDAQ: EXLS)

Rhea-AI Filing Summary

ExlService Holdings, Inc. ownership disclosure: AQR Capital Management, LLC and parent AQR Capital Management Holdings, LLC report beneficial ownership of 9,876,298 shares of Common Stock, representing 6.32% of the class as of 03/31/2026. The filing shows shared voting power of 9,460,174 shares and shared dispositive power of 9,876,298 shares.

The schedule states that AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC and that the filing is submitted on behalf of both entities. Signature blocks show authorized signatory dated 05/14/2026.

Insights

Institutional Ownership Analyst

AQR holds a meaningful passive stake in EXLS at 6.32%.

AQR Capital Management and its parent report beneficial ownership of 9,876,298 shares, representing 6.32% of ExlService common stock as of 03/31/2026. The position is reported with shared voting and dispositive powers, indicating control exercised through pooled or advisory arrangements rather than sole authority.

Future filings may disclose any changes; this schedule confirms the ownership level and the parent–subsidiary relationship on record.

SEC Filings Compliance Officer

The submission follows Schedule 13G passive/beneficial owner disclosure conventions.

The filing names both AQR Capital Management, LLC and AQR Capital Management Holdings, LLC, includes CUSIP 302081104, and reports amounts with voting and dispositive power breakdowns. The exhibit states the subsidiary relationship and that the filing is made on behalf of both parties.

Disclosure mechanics and signature date 05/14/2026 are present; investors can reference subsequent SEC submissions for updates.

Key Figures

Beneficial ownership: 9,876,298 shares Percent of class: 6.32% Shared voting power: 9,460,174 shares +2 more

5 metrics

Beneficial ownership 9,876,298 shares as of 03/31/2026

Percent of class 6.32% common stock

Shared voting power 9,460,174 shares reported voting power

CUSIP 302081104 ExlService common stock

Signature date 05/14/2026 authorized signatory date

Key Terms

Schedule 13G, Beneficially owned, Shared dispositive power

3 terms

Schedule 13G regulatory

"Item 1. Name of issuer: ExlService Holdings, Inc."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficially owned regulatory

"Item 4. Ownership (a) Amount beneficially owned: 9,876,298"

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 dispositive power regulatory

"Item 4. (iv) Shared power to dispose: 9,876,298"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ExlService Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

302081104

(CUSIP Number)

03/31/2026

(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 9,460,174.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,876,298.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,876,298.00

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)

6.32 %

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 9,460,174.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 9,876,298.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,876,298.00

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)

6.32 %

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 Number(s): 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: 9,876,298
(b)	Percent of class: 6.32 %
(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 - 9,460,174 AQR Capital Management Holdings, LLC - 9,460,174
	(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 - 9,876,298 AQR Capital Management Holdings, LLC - 9,876,298
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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:	05/14/2026

AQR Capital Management Holdings, LLC

Signature:	Henry Parkin
Name/Title:	Authorized Signatory
Date:	05/14/2026

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.

FAQ

What stake does AQR report in EXLS in this Schedule 13G?

AQR reports beneficial ownership of 9,876,298 shares, equal to 6.32% of ExlService common stock as of 03/31/2026. The filing lists shared voting power of 9,460,174 and shared dispositive power of 9,876,298.

Which AQR entities filed the Schedule 13G for EXLS?

The filing is submitted by AQR Capital Management, LLC and AQR Capital Management Holdings, LLC. The exhibit states that AQR Capital Management, LLC is a wholly owned subsidiary of the holdings company.

Does the Schedule 13G show sole voting control over the EXLS shares?

No. The schedule reports 0 shares with sole voting power and 9,460,174 shares with shared voting power, indicating voting authority is reported as shared, not sole.

What CUSIP and reporting dates appear in the EXLS filing?

The filing lists CUSIP 302081104. Ownership is reported as of 03/31/2026 and the signature block is dated 05/14/2026.