NEWS

AQR Launches the AQR Fusion Mutual Fund Series

June 25, 2025

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GREENWICH, CT, June 25, 2025 — AQR Capital Management, LLC (“AQR”), a global investment management firm, today announced the launch of the AQR Fusion Mutual Fund series. The Fusion Fund series is comprised of four funds – the AQR LSE Fusion Fund, AQR CVX Fusion Fund, AQR MS Fusion Fund, and AQR MS Fusion HV Fund.

The Fusion Fund series aims to combine U.S. equity market exposure, diversifying long-short alternative strategies, and tax-aware implementation into a single, capital-efficient solution. This allows the Funds to function as both a core equity allocation and a means of accessing alternative investments.

“We are excited to offer what we believe is a better method to gain tax-aware and capital-efficient exposure to diversifying strategies,” said David Kabiller, Co-Founder and Head of Business Development at AQR. “The Fusion Funds combine U.S. equity market exposure with AQR’s alpha-oriented alternatives in a tax-aware manner. We believe the Fusion Funds should be a core holding for anyone seeking to compound their investment over time.”

Each Fusion Fund employs a distinct alternative strategy in combination with a strategic equity portfolio that intends to target a portfolio beta of approximately 1.0 to US equity markets over a normal business cycle:

  • The AQR LSE Fusion Fund employs a long-short equity approach globally that is designed to be market-, or beta-, neutral.
  • The AQR CVX Fusion Fund uses a trend-following approach seeking to benefit from price trends in four major asset classes — commodities, currencies, fixed income and global equities.
  • The AQR MS Fusion Fund utilizes a multi-strategy approach. The categories of strategies employed by the Fund include: a market neutral global macro strategy, a directional global macro strategy, and an equity market neutral global stock selection strategy.
  • The AQR MS Fusion HV Fund uses the same multi strategy approach as the AQR MS Fusion Fund, targeting a higher-volatility level for investors seeking more capital efficiency.

 

The Funds seek to maximize investors’ returns through a tax-aware investment process that aims to maximize investors’ after-tax wealth, leveraging AQR’s nine years’ experience managing long-short tax-aware strategies.

“As stock market valuations are elevated and expected returns are correspondingly low, many investors may be hoping to rely more on alpha from active management to enhance returns. However, long-only active management has struggled in recent history,” said Brad Jones, Principal and Head of Broker-Dealer Distribution for U.S. Wealth at AQR. “By incorporating AQR’s alpha-oriented long/short alternatives and tax-aware capabilities, we believe the Fusion Funds are an attractive option versus most long-only active strategies.”

The AQR CVX Fusion Fund launched on June 18. The AQR LSE Fusion Fund, the AQR MS Fusion Fund, and the AQR MS Fusion Fund launched on June 25.

Portfolio Managers on the Funds are as follows:

  • AQR LSE Fusion Fund
  • Clifford S. Asness, Managing And Founding Principal, AQR
  • Michele L. Aghassi, Principal, AQRAndrea Frazzini, Principal, AQR
  • John J. Huss, Principal, AQR
  • Laura Serban., Principal, AQR
  • Nathan Sosner, Principal, AQR
  • AQR CVX Fusion Fund
  • Clifford S. Asness, Managing And Founding Principal, AQR
  • John M, Liew, Founding Principal, AQR
  • Jordan Brooks, Principal, AQR
  • Nathan Sosner, Principal, AQR
  • Erik Stamelos, Managing Director, AQR
  • Fred Liu, Vice President, AQR
  • James Lofton, Vice President, AQR
  • AQR MS Fusion Fund
  • John M, Liew, Founding Principal, AQR
  • Jordan Brooks, Principal, AQR
  • Andrea Frazzini, Principal, AQR
  • John J. Huss, Principal, AQR
  • Bryan Kelly, Principal, AQR
  • Nathan Sosner, Principal, AQR
  • Erik Stamelos, Managing Director, AQR
  • AQR MS Fusion HV Fund
  • John M, Liew, Founding Principal, AQR
  • Jordan Brooks, Principal, AQR
  • Andrea Frazzini, Principal, AQR
  • John J. Huss, Principal, AQR
  • Bryan Kelly, Principal, AQR
  • Nathan Sosner, Principal, AQR
  • Erik Stamelos, Managing Director, AQR

 

For more information, click on the links to the Funds below:

 

About AQR

AQR is a global investment management firm dedicated to delivering results for our clients. At the nexus of economics, behavioral finance, data and technology, AQR’s evolution over two decades has been a continuous exploration of what drives markets and how it can be applied to client portfolios. The firm is headquartered in Greenwich, Connecticut, with other locations in Bangaluru, Dubai, Hong Kong, London, Munich and Sydney.

 

 

This document has been provided to you solely for information purposes and does not constitute an offer or solicitation of an offer or any advice or recommendation to purchase any securities or other financial instruments and may not be construed as such.  The factual information set forth herein has been obtained or derived from sources believed to be reliable but it is not necessarily all-inclusive and is not guaranteed as to its accuracy and is not to be regarded as a representation or warranty, express or implied, as to the information’s accuracy or completeness, nor should the attached information serve as the basis of any investment decision.

Investment Objective: Seeks capital appreciation.

The Funds are new and have a limited operating history.

An investment in the Funds 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 Funds invest, 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 Funds will lose money. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. 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 Funds to additional risks including increased volatility, lack of liquidity, and increased transaction costs. These Funds enter into a short sale by selling a security it has borrowed. If the market price of a security increases after the Funds borrow the security, the Funds 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 Funds from time to time employs various hedging techniques. The success of the Funds’ 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 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 are not suitable for all investors. An investor considering the Funds 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.

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. An investor considering the Funds should be able to tolerate potentially wide price fluctuations.

Please refer to the prospectus or summary prospectuses for complete information regarding all risks associated with the Funds.

An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing.  To obtain a prospectus or summary prospectus containing this and other information, please call 1-866-290-2688 or download the file from https://funds.aqr.com/fund-documents.  Read the prospectus carefully before you invest.  There is no assurance the stated objectives will be met.

© 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.