AQR Long-Short Equity Fund

QLEIX
  • daily nav $11.01
  • change $-0.14
  • daily return -1.26%
  • inception date 7/16/2013
  • AUM $278MM

As of June 18, 2021

  About the Fund

Investment Objective

Seeks capital appreciation.

Seeking Equity-Like Returns with Less Risk

The Long-Short Equity Fund seeks to generate returns by buying, or going long, stocks expected to perform relatively well, and selling, or going short, stocks expected to perform relatively poorly. 

Investment Approach

The Fund seeks to deliver positive returns by taking long and short positions in equity and equity-related instruments that are deemed to be relatively attractive or unattractive, respectively, based on AQR's investment models.

The Fund is designed to have a net long exposure to the equity markets. The portfolio is constructed based on AQR's global stock selection and asset allocation models, employing value, momentum, quality, and other proprietary factors to indicate which industries, sectors and companies are conditionally attractive or unattractive.

Why Invest in the Long-Short Equity Fund?

Seeks Attractive Total Returns
Investing systematically, the Fund seeks to generate attractive returns through two sources: the spread between long and short equity positions and a net long exposure to equity markets. The Fund seeks to provide higher risk-adjusted returns with lower volatility compared to global equity markets.
Seeks Less Downside Risk
Because the Fund is “net long” equities, it is managed to experience positive returns impact when the stock market is up and negative returns impact when the market is down. However, the Fund seeks to have a reduced sensitivity to equity markets which means that it may have the propensity to better weather difficult periods when the market declines.
Portfolio Diversification
The Fund invests both long and short stocks, spanning many industries and geographic regions. When added to a traditional portfolio allocation, this differentiated approach might provide diversification benefits which can lead to a “smoother ride” over time.
  Portfolio Characteristics

Country Exposures

As of March 31, 2021

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Futures Long Short
Australia 0.80% 4.59% -4.37%
Belgium 0.00% 0.98% -0.80%
Canada 1.47% 4.98% -4.90%
Denmark 0.00% 2.34% -2.41%
Finland 0.00% 1.62% -1.36%
France 1.45% 9.45% -9.11%
Germany 1.37% 7.33% -6.74%
Hong Kong 0.44% 2.72% -2.47%
Italy 0.35% 4.41% -4.29%
Japan 0.24% 35.35% -31.49%
Netherlands 0.79% 3.90% -3.45%
Norway 0.00% 1.81% -1.44%
Singapore 0.09% 0.63% -0.56%
Spain 0.31% 3.63% -3.45%
Sweden 0.53% 4.52% -4.51%
Switzerland 1.21% 6.11% -5.93%
United Kingdom 1.98% 16.52% -15.02%
United States 38.47% 89.42% -87.00%
Total 49.50% 200.29% -189.29%

Top 5 Long Holdings

As of March 31, 2021

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MSCI International Japan Net Index JPY Real time 3.50%
Intel 1.52%
Facebook 1.38%
Ahold Delhaize 1.36%
Walmart 1.36%

Top 5 Short Holdings

As of March 31, 2021

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Toyota -1.71%
L'Oreal -1.64%
Cellnex Telecom -1.33%
Tokio Marine -1.33%
Ocado Group -1.13%

Sector Exposures

As of March 31, 2021

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Net Long Short
Communication Services 0.83% 11.76% -10.94%
Consumer Discretionary 11.69% 37.25% -25.56%
Consumer Staples -6.54% 13.17% -19.70%
Energy -2.00% 3.43% -5.43%
Financials -6.21% 20.98% -27.18%
Health Care -1.26% 16.24% -17.50%
Industrials 2.06% 35.47% -33.42%
Information Technology 6.68% 26.22% -19.53%
Materials 11.15% 20.28% -9.13%
Miscellaneous 5.27% 5.27% 0.00%
Real Estate -3.75% 4.49% -8.24%
Utilities -6.93% 5.74% -12.67%
Total 11.01% 200.29% -189.29%

Portfolio Statistics

As of March 31, 2021

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# of long holdings 1084
# of short holdings 1103
Long Exposure (% of NAV) 200.29%
Short Exposure (% of NAV) 189.29%
  Performance

Annualized Total Returns

As of May 31, 2021

MTD YTD 1YR 3YR 5YR Since Inception 7/16/2013 Gross Expense Ratio Net Expense Ratio*
AQR Long-Short Equity Fund 4.47% 26.94% 33.35% -1.38% 2.96% 7.58% 1.35% 1.34%
50% MSCI World Index + 50% 3-Month Treasury Bill Index 0.78% 5.67% 19.16% 8.19% 7.83% 6.10%
AQR Long-Short Equity Fund 50% MSCI World Index + 50% 3-Month Treasury Bill Index
MTD 4.47% 0.78%
YTD 26.94% 5.67%
1YR 33.35% 19.16%
3YR -1.38% 8.19%
5YR 2.96% 7.83%
Since Inception 7/16/2013 7.58% 6.10%
Gross Expense Ratio 1.35%
Net Expense Ratio* 1.34%

As of March 31, 2021

QTD YTD 1YR 3YR 5YR Since Inception 7/16/2013 Gross Expense Ratio Net Expense Ratio*
AQR Long-Short Equity Fund 19.06% 19.06% 22.38% -4.66% 1.60% 6.86% 1.35% 1.34%
50% MSCI World Index + 50% 3-Month Treasury Bill Index 2.47% 2.47% 24.81% 7.47% 7.40% 5.81%
AQR Long-Short Equity Fund 50% MSCI World Index + 50% 3-Month Treasury Bill Index
QTD 19.06% 2.47%
YTD 19.06% 2.47%
1YR 22.38% 24.81%
3YR -4.66% 7.47%
5YR 1.60% 7.40%
Since Inception 7/16/2013 6.86% 5.81%
Gross Expense Ratio 1.35%
Net Expense Ratio* 1.34%
  Managers

Ronen Israel

Principal

  • 25 years of experience
  • 21 years at AQR

M.A., Columbia University

B.S., B.A.S., University of Pennsylvania

Lars Nielsen

Lars N. Nielsen

Principal

  • 21 years of experience
  • 21 years at AQR

M.S., B.S., University of Copenhagen

Michele L. Aghassi

Principal

  • 23 years of experience
  • 15 years at AQR

Ph.D., Massachusetts Institute of Technology

B.S., Brown University

Andrea Frazzini

Principal

  • 16 years of experience
  • 12 years at AQR

Ph.D., Yale University

M.S., London School of Economics

B.S., University of Rome III

  Fees & Minimums

Investment Minimums

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Accounts Offered by Financial Advisors None
Institutional Investors None
Individual Investors $5 Million

Shareholder Fees

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Sales Load None
Deferred Sales Load None
Redemption Fees None

Annual Fund Operating Expenses

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Management Fee 1.10%
Distribution (12b-1) Fee None
Other Expenses  
     Dividends On Short Sales and/or Interest Expense 0.01%
     All Other Expenses 0.21%
Acquired Fund Fees 0.03%
Gross Expenses 1.35%
Less: Fee Waivers and/or Expense Reimbursements 0.01%
Net Expenses* 1.34%
Fund Adjusted Expense Ratio
Adjusted Expense Ratio** 1.33%
  Documents

Fund Literature

Fund Reporting

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:
Foreign investing involves special risks such as currency fluctuations and political uncertainty. Funds that emphasize investments in mid-cap companies generally will experience greater price volatility. The Adviser from time to time employs various hedging techniques. It is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

This Fund is not suitable for all investors. An investor considering the Funds should be able to tolerate potentially wide price fluctuations. 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.

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 United States or abroad. 

Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a 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.

 

 

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance.

Investment in any of the funds described on this website carries substantial risk, including the possible loss of principal. There is no guarantee that the investment objectives of the funds will be achieved and returns may vary significantly over time. Investment in the funds described on this website is not suitable for all investors. Not all funds or share classes are available to all investors.

Fund offering documents contain risk warnings that are specific to each fund. Investors should only invest in a fund once they have thoroughly reviewed the prospectus and Key Investor Information Document (“KIID”) for the fund and carefully considered the relevant investment objectives, risks, charges and fees. Investors may wish to consult an independent financial advisor for personal and specific investment advice before investing.

Umbrella Fund:
The Fund is a sub-fund of AQR UCITS Funds, a Luxembourg based UCITS of which the management company is FundRock Management Company S.A.

The information contained on this website is for informational purposes only and does not constitute an offer or invitation to buy, sell or otherwise transact in any security. The information on this site is directed only at persons or entities in any jurisdiction or country where such access to information contained on this website and use of such information is not contrary to local law or regulation. Accordingly, all persons who access this website are required to inform themselves of and to comply with any such restrictions. The prospectus, KIID and the latest periodic reports for each fund are available free of charge.

Past performance does not guarantee future results.

AQR Capital Management (Europe) LLP, a U.K. limited liability partnership, is authorized by the U.K. Financial Conduct Authority (“FCA”) for advising on investments (except on Pension Transfers and Pension Opt Outs), arranging (bringing about) deals in investments, dealing in investments as agent, managing a UCITS, managing an unauthorized AIF and managing investments. This material has been approved to satisfy UK FCA COBS 4.

The use of derivatives, forward and futures contracts, and commodities exposes the Fund to additional risks including increased volatility, lack of liquidity, insolvency and possible losses greater than the Fund’s initial investment as well as increased transaction costs. Commodity prices react, among other things, to economic factors such as changing supply and demand relationships, weather conditions and other natural events, all of which may affect your investment.

The Fund is exposed to the currency markets which may be highly volatile. Large price swings can occur in such markets within very short periods and may result in your investment suffering a loss.

The Fund may be exposed to liquidity risk where, due to a lack of marketability, the Fund’s investments cannot be bought or sold quickly enough to prevent or minimize a loss.

The Fund is exposed to concentration risk as it may have increased exposure to a particular asset, reference rate or index. A fall in value of the asset, reference rate or index can result in a greater loss to the Fund which may be more than the amount borrowed or invested.

Your investment in the Fund is not guaranteed and is at risk. You may lose some or all of your investment.

The Fund relies upon the performance of the investment manager of the Fund. If the investment manager performs poorly the value of your investment is likely to be adversely affected.

More information in relation to risks in general may be found in the “Risk Factors” section of the prospectus.