AQR Large Cap Multi-Style Fund
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- daily nav $19.42
- change $0.17
- daily return 0.88%
- inception date 3/26/2013
- AUM $1205MM
Investment Objective
Seeks long-term capital appreciation.
Fund Overview
Employs multiple measures to systematically construct a portfolio of U.S. large-cap and mid-cap companies. Rather than building distinct sleeves of stocks that exhibit the most extreme characteristics of each individual investment style, the Fund combines these ideas into one investment view to identify stocks that simultaneously exhibit attractive valuation, positive momentum, and high quality.
Why Invest in the AQR Large Cap Multi-Style Fund?
Seeks to Outperform Large-Cap Equities
Pursues a disciplined, multi-factor investment approach that provides exposure to well-known drivers of return.
Broadly Diversified Portfolio
Invests in the full spectrum of stocks across the large cap universe, seeking to benefit from breadth of holdings.
Integrated Investment Approach
Designed to benefit from the return potential of value, momentum, and quality by integrating these investment styles into a single portfolio.
Sector Exposures
As of September 30, 2024
| Fund | Benchmark | Fund - Index | |
|---|---|---|---|
| Communication Services | 8.16% | 8.71% | -0.54% |
| Consumer Discretionary | 10.32% | 10.41% | -0.09% |
| Consumer Staples | 3.92% | 5.70% | -1.78% |
| Energy | 0.65% | 3.42% | -2.77% |
| Financials | 18.36% | 13.42% | 4.94% |
| Health Care | 12.27% | 11.49% | 0.78% |
| Industrials | 13.14% | 9.43% | 3.70% |
| Information Technology | 32.05% | 29.79% | 2.26% |
| Materials | 0.32% | 2.56% | -2.24% |
| Real Estate | 0.25% | 2.66% | -2.41% |
| Utilities | 0.56% | 2.42% | -1.86% |
| Total | 100.00% | 100.00% | 0.00% |
Top 10 Holdings
As of September 30, 2024
| % of Net Assets | |
|---|---|
| Microsoft | 6.60% |
| Apple | 6.05% |
| Nvidia | 5.54% |
| Meta Platforms | 2.79% |
| Amazon.com | 2.05% |
| Berkshire | 1.62% |
| Alphabet | 1.58% |
| Broadcom | 1.57% |
| Zoom Video Commn | 1.32% |
| Total | 29.12% |
Portfolio Statistics
As of September 30, 2024
| # of stocks | 179 |
|---|---|
| Price Momentum | 0.45 |
| EPS Growth (5 Year) | 19.04 |
| P/B | 3.19 |
| P/E (trailing 12 months) | 17.42 |
| Median Market Cap ($MM) | 19,927 |
| Average Market Cap ($MM) | 802,364 |
All Fund statistics are subject to change and should not be considered a recommendation to buy or sell securities.
Annualized Total Returns
As of December 31, 2024
| MTD | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception 3/26/2013 | Gross Expense Ratio | Net Expense Ratio* | |
|---|---|---|---|---|---|---|---|---|---|
| AQR Large Cap Multi-Style Fund | -3.58% | 22.85% | 22.85% | 9.36% | 13.82% | 10.88% | 12.42% | 0.42% | 0.41% |
| Russell 1000 Total Return Index | -2.79% | 24.51% | 24.51% | 8.41% | 14.28% | 12.87% | 13.79% |
| AQR Large Cap Multi-Style Fund | Russell 1000 Total Return Index | |
|---|---|---|
| MTD | -3.58% | -2.79% |
| YTD | 22.85% | 24.51% |
| 1YR | 22.85% | 24.51% |
| 3YR | 9.36% | 8.41% |
| 5YR | 13.82% | 14.28% |
| 10YR | 10.88% | 12.87% |
| Since Inception 3/26/2013 | 12.42% | 13.79% |
| Gross Expense Ratio | 0.42% | |
| Net Expense Ratio* | 0.41% |
As of December 31, 2024
| QTD | YTD | 1YR | 3YR | 5YR | 10YR | Since Inception 3/26/2013 | Gross Expense Ratio | Net Expense Ratio* | |
|---|---|---|---|---|---|---|---|---|---|
| AQR Large Cap Multi-Style Fund | 1.94% | 22.85% | 22.85% | 9.36% | 13.82% | 10.88% | 12.42% | 0.42% | 0.41% |
| Russell 1000 Total Return Index | 2.75% | 24.51% | 24.51% | 8.41% | 14.28% | 12.87% | 13.79% |
| AQR Large Cap Multi-Style Fund | Russell 1000 Total Return Index | |
|---|---|---|
| QTD | 1.94% | 2.75% |
| YTD | 22.85% | 24.51% |
| 1YR | 22.85% | 24.51% |
| 3YR | 9.36% | 8.41% |
| 5YR | 13.82% | 14.28% |
| 10YR | 10.88% | 12.87% |
| Since Inception 3/26/2013 | 12.42% | 13.79% |
| Gross Expense Ratio | 0.42% | |
| Net Expense Ratio* | 0.41% |
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 Russell 1000 Total Return 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 January 28, 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 | 0.25% |
|---|---|
| Distribution (12b-1) Fee | None |
| Other Expenses | |
| Dividends On Short Sales and/or Interest Expense | 0.01% |
| All Other Expenses | 0.16% |
| Acquired Fund Fees | None |
| Gross Expenses | 0.42% |
| Less: Expense Reimbursements | 0.01% |
| Net Expenses* | 0.41% |
| Adjusted Expense Ratio*,** | 0.40% |
|---|
*AQR Capital Management, LLC ("AQR" or the "Adviser") has contractually agreed to reimburse operating expenses of the Fund at least through January 28, 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.
On March 8, 2021, the AQR TM Large Cap Multi-Style Fund was reorganized into the AQR Large Cap Multi-Style 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. 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 mid-cap companies generally will experience greater price volatility. The use of derivatives, including forward and futures contracts, exposes the Fund to additional risks including increased volatility, lack of liquidity, and increased transaction costs.
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:
The Russell 1000 Total Return Index measures the performance of the 1,000 largest companies in the Russell 3000 Index. One cannot invest directly in an index.
P/E (Price to Earnings Ratio) is a valuation ratio of a company's current share price compared to its per-share earnings.
P/B (Price to Book Ratio) is a valuation ratio of a company's current share price compared to its book value.
Debt/Equity is the ratio of a company's net debt-to-book value of equity. It is often used to measure a company's leverage.
Earnings Growth (trailing 5 years) is the growth of the earnings per share over the last five years.
12 Month Return of Holdings is the total return over the prior twelve months excluding the last month.
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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