AQR Long-Short Equity Fund
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- daily nav $16.50
- change $0.07
- daily return 0.43%
- inception date 7/16/2013
- AUM $2492MM
Investment Objective
Fund Overview
The Fund applies a systematic process to go long stocks AQR expects to outperform and short stocks AQR expects to underperform, while having moderate market exposure. Seeks to capture returns from market exposure and security selection independently. Views are derived from hundreds of investment signals across stocks and sectors based on AQR's proprietary quantitative models.
Why Invest in the Long-Short Equity Fund?
Seeks Market-Like Returns with Less Risk
Designed to generate positive returns by going long on stocks AQR believes to be attractive and short on stocks AQR believes to be unattractive, with moderate exposure to the overall equity market.
Global Approach
Invests long and short across a diverse array of companies globally, using hundreds of investment signals.
Downside Risk Management
The short side of the portfolio may help the Fund during bear markets.
Country Exposures
As of September 30, 2024
| Futures | Long | Short | |
|---|---|---|---|
| Australia | 0.41% | 5.49% | -5.51% |
| Belgium | 0.00% | 0.78% | -0.67% |
| Canada | 0.82% | 5.83% | -5.23% |
| Denmark | 0.00% | 2.10% | -2.02% |
| Finland | 0.00% | 1.20% | -1.11% |
| France | 0.74% | 6.69% | -6.53% |
| Germany | 0.63% | 6.82% | -5.00% |
| Hong Kong | 0.18% | 0.88% | 0.00% |
| Italy | 0.13% | 4.28% | -3.69% |
| Japan | 1.34% | 30.77% | -28.80% |
| Netherlands | 0.22% | 3.17% | -2.72% |
| Norway | 0.00% | 0.64% | -0.66% |
| Singapore | 0.04% | 0.98% | -0.97% |
| Spain | 0.12% | 2.55% | -2.34% |
| Sweden | 0.16% | 3.49% | -3.35% |
| Switzerland | 0.69% | 5.78% | -5.69% |
| United Kingdom | 1.10% | 12.05% | -11.02% |
| United States | 30.75% | 117.13% | -113.17% |
| Total | 37.32% | 210.62% | -198.48% |
Top 5 Long Equity Holdings
As of September 30, 2024
| 3M | 1.18% |
|---|---|
| Wendy | 1.17% |
| MSCI International Japan Net Index JPY Real time | 1.10% |
| Airbnb | 1.09% |
| GSK | 0.98% |
Top 5 Short Equity Holdings
As of September 30, 2024
| Monster Beverage | -1.08% |
|---|---|
| Southern Co | -1.07% |
| Alphabet | -1.07% |
| Nike | -1.01% |
| Mitsubishi | -0.92% |
Sector Exposures
As of September 30, 2024
| Net | Long | Short | |
|---|---|---|---|
| Communication Services | 1.89% | 11.92% | -10.03% |
| Consumer Discretionary | -4.77% | 30.13% | -34.90% |
| Consumer Staples | -3.47% | 13.35% | -16.82% |
| Energy | -0.10% | 6.00% | -6.10% |
| Financials | 13.11% | 36.59% | -23.48% |
| Health Care | -0.15% | 20.49% | -20.64% |
| Industrials | 2.21% | 38.63% | -36.42% |
| Information Technology | 2.88% | 23.88% | -21.00% |
| Materials | -2.16% | 13.98% | -16.14% |
| Miscellaneous | 4.74% | 4.74% | 0.00% |
| Real Estate | -0.32% | 2.92% | -3.24% |
| Utilities | -1.70% | 8.01% | -9.71% |
| Total | 12.15% | 210.62% | -198.48% |
Portfolio Statistics
As of September 30, 2024
| # of long holdings | 924 |
|---|---|
| # of short holdings | 840 |
| Long Exposure (% of NAV) | 210.62% |
| Short Exposure (% of NAV) | 198.48% |
All Fund statistics are subject to change and should not be considered a recommendation to buy or sell securities.
*Does not include futures exposures.
Annualized Total Returns
As of December 31, 2024
| MTD | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception 7/16/2013 | Gross Expense Ratio | Net Expense Ratio* | |
|---|---|---|---|---|---|---|---|---|---|
| AQR Long-Short Equity Fund | 1.21% | 30.06% | 30.06% | 24.44% | 16.81% | 10.73% | 11.65% | 4.94% | 4.93% |
| 50% MSCI World Index + 50% 3-Month Treasury Bill Index | -1.10% | 11.90% | 11.90% | 5.47% | 7.16% | 6.08% | 6.03% |
| AQR Long-Short Equity Fund | 50% MSCI World Index + 50% 3-Month Treasury Bill Index | |
|---|---|---|
| MTD | 1.21% | -1.10% |
| YTD | 30.06% | 11.90% |
| 1YR | 30.06% | 11.90% |
| 3YR | 24.44% | 5.47% |
| 5YR | 16.81% | 7.16% |
| 10YR | 10.73% | 6.08% |
| Since Inception 7/16/2013 | 11.65% | 6.03% |
| Gross Expense Ratio | 4.94% | |
| Net Expense Ratio* | 4.93% |
As of December 31, 2024
| QTD | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception 7/16/2013 | Gross Expense Ratio | Net Expense Ratio* | |
|---|---|---|---|---|---|---|---|---|---|
| AQR Long-Short Equity Fund | 7.42% | 30.06% | 30.06% | 24.44% | 16.81% | 10.73% | 11.65% | 4.94% | 4.93% |
| 50% MSCI World Index + 50% 3-Month Treasury Bill Index | 0.54% | 11.90% | 11.90% | 5.47% | 7.16% | 6.08% | 6.03% |
| AQR Long-Short Equity Fund | 50% MSCI World Index + 50% 3-Month Treasury Bill Index | |
|---|---|---|
| QTD | 7.42% | 0.54% |
| YTD | 30.06% | 11.90% |
| 1YR | 30.06% | 11.90% |
| 3YR | 24.44% | 5.47% |
| 5YR | 16.81% | 7.16% |
| 10YR | 10.73% | 6.08% |
| Since Inception 7/16/2013 | 11.65% | 6.03% |
| Gross Expense Ratio | 4.94% | |
| Net Expense Ratio* | 4.93% |
The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Call 1-866-290-2688 or visit www.aqrfunds.com for current month-end performance.
Source: AQR, JP Morgan. All returns for periods longer than a year are annualized. Benchmark is represented by 50% MSCI World Net Total Return USD Index + 50% ICE BofA U.S. 3-Month Treasury Bill Index. Indices are unmanaged, and one cannot invest in an index. See Disclosures for definitions.
*AQR Capital Management, LLC ("AQR" or the "Adviser") has contractually agreed to reimburse operating expenses of the Fund at least through April 30, 2025. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.
Cliff Asness
Managing & Founding Principal
Ph.D., M.B.A., University of Chicago
B.S., B.S., University of Pennsylvania
Michele L. Aghassi, Ph.D.
Principal
Ph.D., Massachusetts Institute of Technology
B.S., Brown University
Andrea Frazzini
Principal
Ph.D., Yale University
M.S., London School of Economics
B.S., University of Rome III
John J. Huss
Principal
S.B., Massachusetts Institute of Technology
Laura Serban
A.B., M.S., Ph.D., Harvard University
Investment Minimums
| Individual Investors | $5 Million |
|---|---|
| Institutional Investors | None |
| Accounts Offered by Financial Advisors | None |
Shareholder Fees
| Sales Load | None |
|---|---|
| Deferred Sales Load | None |
| Redemption Fees | None |
Annual Fund Operating Expenses
| Management Fee | 1.10% |
|---|---|
| Distribution (12b-1) Fee | None |
| Other Expenses | |
| Dividends On Short Sales and/or Interest Expense | 3.61% |
| All Other Expenses | 0.21% |
| Acquired Fund Fees | 0.02% |
| Gross Expenses | 4.94% |
| Less: Expense Reimbursements | 0.01% |
| Net Expenses* | 4.93% |
| Adjusted Expense Ratio*,** | 1.32% |
|---|
*AQR Capital Management, LLC ("AQR" or the "Adviser") has contractually agreed to reimburse operating expenses of the Fund at least through April 30, 2025. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.
**Reflects the Net Expense Ratio adjusted for certain investment related expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund.
Principal Risks:
An investment in the Fund is subject to risks, including the possibility that the value of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies in which the Fund invests, as well as economic, political or social events in the U.S. or abroad. Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company’s business performance, investor perceptions, stock market trends and general economic conditions. Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. The use of derivatives, including swaps and forward and futures contracts, exposes the Fund to additional risks including increased volatility, lack of liquidity, and increased transaction costs. This Fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund from time to time employs various hedging techniques. The success of the Fund’s hedging strategy will be subject to the investment adviser's ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. The Fund is subject to high portfolio turnover risk as a result of frequent trading, and thus, will incur a higher level of brokerage fees and commissions, and cause a higher level of tax liability to shareholders in the Fund.
The Fund is not suitable for all investors. An investor considering the Fund should be able to tolerate potentially wide price fluctuations. There are risks involved with investing including the possible loss of principal. Past performance does not guarantee future results. Diversification does not eliminate the risk of experiencing investment losses. This document is intended exclusively for the use of the person to whom it has been delivered by AQR and it is not to be reproduced or redistributed to any other person without AQR’s written consent.
Definitions:
MSCI World Net Total Return USD Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets.
The ICE BofA U.S. 3-Month Treasury Bill Index tracks the performance of the U.S. dollar-denominated U.S. Treasury Bills issued in the domestic market with a remaining term to final maturity of less than 3 months.
An investment in any of the AQR Funds involves risk, including loss of principal. The value of the Funds’ portfolio holdings may fluctuate in response to events specific to the companies in which the Fund invests, as well as economic, political or social events in the United States or abroad. Please refer to the prospectus for complete information regarding all risks associated with the Funds. An investor considering the Funds should be able to tolerate potentially wide price fluctuations. The Funds are subject to high portfolio turnover risk as a result of frequent trading, and thus, will incur a higher level of brokerage fees and commissions, and cause a higher level of tax liability to shareholders in the Funds. The Funds may attempt to increase its income or total return through the use of securities lending, and they may be subject to the possibility of additional loss as a result of this investment technique.
Information about how each Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 will be available no later than August 31. Please click here to view the most recent Form N-PX for the AQR Funds.
© AQR Funds are distributed by ALPS Distributors, Inc. AQR Capital Management, LLC is the Investment Manager of the Funds and a federally registered investment adviser. ALPS Distributors is not affiliated with AQR Capital Management.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus or summary prospectus containing this and other important information, please call 1-866-290-2688 or click here to view or download a prospectus online. Read the prospectus carefully before you invest.
View definitions of benchmarks and other terms used here.
Diversification does not eliminate risk. Indexes are unmanaged and one cannot invest directly in an index.
The information provided herein (including any separate documents that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information about our products and services and to otherwise provide general investment education. No information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as none of AQR Capital Management, LLC (“AQR Capital”) nor any of its affiliates is undertaking to provide investment advice, act as an adviser to any plan or entity subject to the Employee Retirement Income Security Act of 1974, as amended, individual retirement account or individual retirement annuity, or give advice in a fiduciary capacity with respect to the materials presented herein. If you are an individual retirement investor, contact your financial advisor or other fiduciary unrelated to AQR about whether any given investment idea, strategy, product or service described herein may be appropriate for your circumstances.
There are risks involved with investing including the possible loss of principal.
Past performance does not guarantee future results.
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