AQR Style Premia Alternative Fund
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- daily nav $7.46
- change $0.03
- daily return 0.40%
- inception date 10/30/2013
- AUM $856MM
Investment Objective
Seeks positive absolute returns.
A Core Alternative Solution
The Fund aims to deliver attractive risk-adjusted returns with low correlation to traditional stock/bond portfolios by investing in a broad and diversified range of alternative risk premia.
Investment Approach
The Fund invests long and short across five different asset groups (stocks & industries, equity indices, fixed income, currencies and commodities) and four investment styles (Value, Momentum, Carry and Defensive), and aims to be market neutral.
Investment styles are disciplined, systematic and economically intuitive methods of investing that have the ability to produce long-term positive returns across markets and asset groups with little correlation to equity markets.
These styles have historically exhibited low correlations to one another. By allocating equal risk across strategies, the Fund exposures are well balanced across the different sources of return. An integrated portfolio of alternative risk premia can provide important diversification benefit to traditional portfolios and can serve as a core alternative allocation.
Why Invest in the AQR Style Premia Alternative Fund?
Seeks Attractive Risk-Adjusted Returns
Opportunity To Perform In Rising And Falling Markets
Core Allocation To Alternatives
Portfolio Statistics
As of December 31, 2022
| # of short holdings | 1995 |
|---|---|
| # of long holdings | 1881 |
Asset Class Exposure
As of December 31, 2022
| % of Risk Allocation | |
|---|---|
| Stocks & Industries | 36.18% |
| Equity Indices | 17.39% |
| Fixed Income | 17.33% |
| Currencies | 16.55% |
| Commodities | 12.55% |
Annualized Total Returns
As of February 28, 2023
| MTD | YTD | 1YR | 3YR | 5YR | Since Inception 10/30/2013 | Gross Expense Ratio | Net Expense Ratio* | |
|---|---|---|---|---|---|---|---|---|
| AQR Style Premia Alternative Fund | 5.80% | 7.35% | 21.12% | 12.59% | 1.99% | 4.77% | 1.63% | 1.61% |
| ICE BofAML US 3M T-Bill | 0.33% | 0.64% | 2.10% | 0.84% | 1.35% | 0.88% |
| AQR Style Premia Alternative Fund | ICE BofAML US 3M T-Bill | |
|---|---|---|
| MTD | 5.80% | 0.33% |
| YTD | 7.35% | 0.64% |
| 1YR | 21.12% | 2.10% |
| 3YR | 12.59% | 0.84% |
| 5YR | 1.99% | 1.35% |
| Since Inception 10/30/2013 | 4.77% | 0.88% |
| Gross Expense Ratio | 1.63% | |
| Net Expense Ratio* | 1.61% |
As of December 30, 2022
| QTD | YTD | 1YR | 3YR | 5YR | Since Inception 10/30/2013 | Gross Expense Ratio | Net Expense Ratio* | |
|---|---|---|---|---|---|---|---|---|
| AQR Style Premia Alternative Fund | 10.65% | 30.64% | 30.64% | 8.36% | 0.47% | 4.04% | 1.63% | 1.61% |
| ICE BofAML US 3M T-Bill | 0.84% | 1.46% | 1.46% | 0.72% | 1.26% | 0.83% |
| AQR Style Premia Alternative Fund | ICE BofAML US 3M T-Bill | |
|---|---|---|
| QTD | 10.65% | 0.84% |
| YTD | 30.64% | 1.46% |
| 1YR | 30.64% | 1.46% |
| 3YR | 8.36% | 0.72% |
| 5YR | 0.47% | 1.26% |
| Since Inception 10/30/2013 | 4.04% | 0.83% |
| Gross Expense Ratio | 1.63% | |
| Net Expense Ratio* | 1.61% |
Cliff Asness
Managing & Founding Principal
- 31 years of experience
- 25 years at AQR
Ph.D., M.B.A., University of Chicago
B.S., B.S., University of Pennsylvania
Jordan Brooks
Principal
- 14 years of experience
- 14 years at AQR
Ph.D., M.A., New York University
B.A., Boston College
Andrea Frazzini
Principal
- 18 years of experience
- 14 years at AQR
Ph.D., Yale University
M.S., London School of Economics
B.S., University of Rome III
John J. Huss
Principal
- 19 years of experience
- 13 years at AQR
S.B., Massachusetts Institute of Technology
Yao Hua Ooi
Principal
- 18 years of experience
- 18 years at AQR
B.S., B.S., University of Pennsylvania
Investment Minimums
| Institutional Investors | None |
|---|---|
| Accounts Offered by Financial Advisors | None |
| Individual Investors | $5 Million |
Shareholder Fees
| Sales Load | None |
|---|---|
| Deferred Sales Load | None |
| Redemption Fees | None |
Annual Fund Operating Expenses
| Management Fee | 1.30% |
|---|---|
| Distribution (12b-1) Fee | None |
| Other Expenses | |
| Dividends On Short Sales and/or Interest Expense | 0.10% |
| All Other Expenses | 0.22% |
| Acquired Fund Fees | 0.01% |
| Gross Expenses | 1.63% |
| Less: Fee Waivers and/or Expense Reimbursements | 0.02% |
| Net Expenses* | 1.61% |
| Adjusted Expense Ratio** | 1.51% |
|---|
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.
PRINCIPAL RISKS:
The use of derivatives, forward and futures contracts, and commodities exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund’s initial investment as well as increased transaction costs. Concentration generally will lead to greater price volatility. 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. Diversification does not eliminate risk.
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.
This Fund is a non-diversified fund. Because the fund may invest in securities of smaller numbers of issuers, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely, which may, therefore, have a greater impact on the Fund’s Performance.
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 download the file from www.aqrfunds.com. Read the Prospectus or Summary Prospectus carefully before you invest. There are risks involved with investing including the possible loss of principal. Past performance does not guarantee future results. AQR Funds are distributed by ALPS Distributors, Inc. [AQR007176 Exp: 06/30/2021]
© 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.
Prior to October 18, 2021 the AQR Macro Opportunities Fund was known as the AQR Global Macro Fund.
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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