AQR Global Equity Fund

AQGIX
  • daily nav $10.82
  • change $-0.07
  • daily return -0.64%
  • inception date 6/30/2006
  • AUM $340MM

As of August 04, 2021

  About the Fund

Investment Objective

Seeks long-term capital appreciation.

A Unique Approach to Investing around the Globe

Global investing is about more than selecting stocks for a portfolio. Each stock also carries embedded exposure to its country’s
overall equity market and currency. This Fund actively manages each of these risks as a potential source of return.

Investment Approach

This Fund combines three sources of potential return: bottom-up stock and industry selection, top-down country selection, and top-down currency selection. 

The Fund develops a ranking for each stock in the investable universe using a disciplined, systematic approach to analyze a wide variety of factors based on the underlying philosophy of value and momentum. It then develops an independent view of the attractiveness of countries and currencies as an overlay to the selection of individual stocks.

These rankings are compiled into a portfolio that takes into account trading costs and liquidity considerations. The portfolio is rebalanced in a manner that seeks to keep it in line with the desired characteristics while minimizing trading costs. 

Trades are primarily executed in a highly automated and liquidity-providing manner in seeking to reduce the total cost of trading.

Why Invest in the AQR Global Equity Fund?

Opportunity to Outperform
The Fund seeks to outperform the MSCI World Index by over- and underweighting stocks and industries within countries. In addition, it independently manages active exposures to countries and currencies as additional sources of excess returns.
Active Risk Management
The Fund takes a controlled amount of risk relative to the benchmark. It is broadly diversified, seeking to benefit from numerous small and moderate-sized positions, rather than fewer, more concentrated bets.
A Disciplined Approach
The Fund invests using a systematic, rules-based process. The result is a portfolio constructed from historically proven drivers of return such as value, momentum, quality and other proprietary factors.
  Portfolio Characteristics

Country Exposures

As of June 30, 2021

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Fund Benchmark Fund - Index
Australia -2.83% 2.11% -4.93%
Austria 0.00% 0.06% -0.06%
Belgium 0.13% 0.28% -0.14%
Canada 2.34% 3.34% -1.00%
Denmark 0.72% 0.76% -0.03%
Finland 0.35% 0.31% 0.04%
France 7.94% 3.37% 4.57%
Germany 2.64% 2.75% -0.11%
Hong Kong 3.51% 0.95% 2.56%
Ireland 0.00% 0.21% -0.21%
Israel 0.17% 0.18% 0.00%
Italy 4.13% 0.72% 3.41%
Japan 17.02% 6.79% 10.23%
Netherlands 5.68% 1.27% 4.41%
New Zealand 0.00% 0.07% -0.07%
Norway 0.00% 0.18% -0.18%
Portugal 0.00% 0.05% -0.05%
Singapore 0.31% 0.31% 0.00%
Spain -7.85% 0.72% -8.57%
Sweden 2.17% 1.10% 1.07%
Switzerland 1.56% 2.87% -1.31%
United Kingdom -7.06% 4.21% -11.27%
United States 67.08% 67.39% -0.31%
Total 98.03% 100.00% -1.97%

Currency Exposures

As of June 30, 2021

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AQR GEF MSCI World Fund - Index
Australian Dollar 9.97% 2.11% 7.86%
British Pound 1.13% 4.21% -3.08%
Canadian Dollar 12.93% 3.34% 9.59%
Danish Krone 0.75% 0.76% -0.01%
Euro 22.51% 9.75% 12.77%
Hong Kong Dollar 0.93% 0.95% -0.02%
Japanese Yen 6.69% 6.79% -0.10%
New Israeli Sheqel 0.18% 0.18% 0.00%
New Zealand Dollar -10.66% 0.07% -10.73%
Norwegian Krone -12.28% 0.18% -12.46%
Singapore Dollar 0.31% 0.31% 0.00%
Swedish Krona 10.54% 1.10% 9.43%
Swiss Franc -2.63% 2.87% -5.50%
US Dollar 59.64% 67.39% -7.76%

Portfolio Statistics

As of June 30, 2021

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# of stocks 316
Average Market Cap ($MM) 339,739
Median Market Cap ($MM) 22,713
P/E (trailing 12 months) 15.58
P/B 2.18
EPS Growth (5 Year) 16.53

Sector Exposures

As of June 30, 2021

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Fund Benchmark Fund - Index
Communication Services 6.02% 9.12% -3.10%
Consumer Discretionary 17.99% 12.03% 5.96%
Consumer Staples 6.99% 7.04% -0.04%
Energy 0.80% 3.16% -2.36%
Financials 13.82% 13.55% 0.27%
Health Care 7.65% 12.55% -4.90%
Industrials 10.45% 10.60% -0.15%
Information Technology 24.72% 22.12% 2.60%
Materials 6.88% 4.40% 2.48%
Real Estate 2.42% 2.71% -0.29%
Utilities 2.26% 2.74% -0.48%
Total 100.00% 100.00% 0.00%

Top 10 Holdings

As of June 30, 2021

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% of Net Assets
Apple 5.24%
Microsoft 3.75%
Facebook 2.06%
Walmart 1.66%
Intel 1.66%
Cisco Systems 1.46%
Amazon.com 1.43%
Target 1.42%
Lockheed 1.41%
Ahold Delhaize 1.31%
Total 21.39%
  Performance

Annualized Total Returns

As of July 31, 2021

MTD YTD 1YR 3YR 5YR 10YR Since Inception 6/30/2006 Gross Expense Ratio Net Expense Ratio*
AQR Global Equity Fund 0.94% 13.34% 31.23% 8.67% 10.96% 9.77% 6.81% 0.83% 0.81%
MSCI World 1.79% 15.07% 35.07% 14.49% 14.29% 11.05% 7.86%
AQR Global Equity Fund MSCI World
MTD 0.94% 1.79%
YTD 13.34% 15.07%
1YR 31.23% 35.07%
3YR 8.67% 14.49%
5YR 10.96% 14.29%
10YR 9.77% 11.05%
Since Inception 6/30/2006 6.81% 7.86%
Gross Expense Ratio 0.83%
Net Expense Ratio* 0.81%

As of June 30, 2021

QTD YTD 1YR 3YR 5YR 10YR Since Inception 6/30/2006 Gross Expense Ratio Net Expense Ratio*
AQR Global Equity Fund 4.39% 12.29% 34.54% 9.32% 11.75% 9.34% 6.78% 0.83% 0.81%
MSCI World 7.74% 13.05% 39.04% 14.99% 14.83% 10.65% 7.78%
AQR Global Equity Fund MSCI World
QTD 4.39% 7.74%
YTD 12.29% 13.05%
1YR 34.54% 39.04%
3YR 9.32% 14.99%
5YR 11.75% 14.83%
10YR 9.34% 10.65%
Since Inception 6/30/2006 6.78% 7.78%
Gross Expense Ratio 0.83%
Net Expense Ratio* 0.81%
  Managers

Cliff Asness

Managing & Founding Principal

  • 29 years of experience
  • 23 years at AQR

Ph.D., M.B.A., University of Chicago

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

John M. Liew

Founding Principal

  • 28 years of experience
  • 23 years at AQR

Ph.D., M.B.A., University of Chicago

B.A., University of Chicago

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

Andrea Frazzini

Principal

  • 16 years of experience
  • 13 years at AQR

Ph.D., Yale University

M.S., London School of Economics

B.S., University of Rome III

Michael Katz

Principal

  • 13 years of experience
  • 13 years at AQR

Ph.D., A.M., Harvard University

B.A., Tel Aviv University

  Fees & Minimums

Investment Minimums

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Institutional Investors None
Accounts Offered by Financial Advisors 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 0.60%
Distribution (12b-1) Fee None
Other Expenses  
     Dividends On Short Sales and/or Interest Expense None
     All Other Expenses 0.22%
Acquired Fund Fees 0.01%
Gross Expenses 0.83%
Less: Fee Waivers and/or Expense Reimbursements 0.02%
Net Expenses* 0.81%

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.