AQR TM International Multi-Style Fund
Quick Links
- daily nav $9.96
- change $-0.32
- daily return -3.11%
- inception date 2/11/2015
- AUM $185MM
Investment Objective
Disciplined Multi-Factor Investment Process
The Fund seeks to outperform capitalization-weighted indices through a disciplined, multi-factor investment approach that provides exposure to well-known drivers of returns, or investment styles.
Investment Approach
The Fund seeks to outperform a broad equity index, investing in rigorously researched "styles." Styles are systematic investment strategies that have historically provided long-term positive returns in excess of their benchmarks.
This Fund employs three styles—value, momentum and quality—to construct a portfolio of non-U.S. large-cap and mid-cap companies. In addition to these three styles exhibiting positive excess returns in the long run, they have historically generated returns with low correlations (or the tendency to move in sync) with one another. 1 1 Close Source: Israel, Ronen, and Maloney, Thomas, 2013. “Understanding Style Premia.” AQR white paper. Thus, a portfolio combining all three could help to provide a more robust, dependable stream of returns.
The Fund seeks to exploit the potential positive returns and diversification benefits of these investment styles by integrating all three into a single portfolio.
The Fund also employs tax management techniques designed to ensure investors receive lower distributions of realized capital gains than mutual funds that do not take tax consequences into account. However, investors should not expect that there will be no capital gain distributions.
Why Invest in the AQR TM International Multi-Style Fund?
Opportunity to Outperform
Integrated Investment Approach
Increased Tax Efficiency
Sector Exposures
As of September 30, 2020
| Fund | Benchmark | Fund - Index | |
|---|---|---|---|
| Communication Services | 5.20% | 5.23% | -0.03% |
| Consumer Discretionary | 11.63% | 11.10% | 0.53% |
| Consumer Staples | 8.33% | 11.29% | -2.96% |
| Energy | 1.82% | 3.64% | -1.82% |
| Financials | 17.37% | 16.82% | 0.55% |
| Health Care | 16.81% | 13.10% | 3.71% |
| Industrials | 11.15% | 14.82% | -3.67% |
| Information Technology | 13.59% | 8.90% | 4.69% |
| Materials | 7.81% | 8.30% | -0.49% |
| Real Estate | 2.64% | 2.86% | -0.21% |
| Utilities | 3.64% | 3.96% | -0.31% |
| Total | 100.00% | 100.00% | 0.00% |
Top 10 Holdings
As of September 30, 2020
| % of Net Assets | |
|---|---|
| Roche Hldg | 2.77% |
| Novartis | 2.38% |
| Nestle | 1.54% |
| Ahold Delhaize | 1.45% |
| Zalando | 1.44% |
| Fujitsu | 1.43% |
| Novo Nordisk | 1.42% |
| Fortescue | 1.42% |
| Bayer | 1.41% |
| L'Oreal | 1.36% |
| Total | 16.62% |
Portfolio Statistics
As of September 30, 2020
| # of stocks | 266 |
|---|---|
| Price Momentum | 0.11 |
| EPS Growth (5 Year) | 7.38 |
| P/B | 1.28 |
| P/E (trailing 12 months) | 13.89 |
| Median Market Cap ($MM) | 16,226 |
| Average Market Cap ($MM) | 56,035 |
Annualized Total Returns
As of September 30, 2020
| MTD | YTD | 1YR | 3YR | 5YR | Since Inception 2/11/2015 | Gross Expense Ratio | Net Expense Ratio* | |
|---|---|---|---|---|---|---|---|---|
| AQR TM International Multi-Style Fund | -1.81% | -6.79% | 0.38% | -0.19% | 4.07% | 2.47% | 0.71% | 0.60% |
| - Fund's return after taxes on distributions | -1.81% | -6.79% | -0.05% | -0.59% | 3.69% | 2.14% | ||
| - Fund's return after taxes on distributions and share liquidation | -1.07% | -4.02% | 0.95% | 0.04% | 3.29% | 2.02% | ||
| MSCI World Ex United States Net Index USD End of Day | -2.82% | -7.13% | 0.16% | 0.62% | 5.32% | 3.28% |
| AQR TM International Multi-Style Fund | MSCI World Ex United States Net Index USD End of Day | |
|---|---|---|
| MTD | -1.81% | -2.82% |
| YTD | -6.79% | -7.13% |
| 1YR | 0.38% | 0.16% |
| 3YR | -0.19% | 0.62% |
| 5YR | 4.07% | 5.32% |
| Since Inception 2/11/2015 | 2.47% | 3.28% |
| Gross Expense Ratio | 0.71% | |
| Net Expense Ratio* | 0.60% |
As of September 30, 2020
| QTD | YTD | 1YR | 3YR | 5YR | Since Inception 2/11/2015 | Gross Expense Ratio | Net Expense Ratio* | |
|---|---|---|---|---|---|---|---|---|
| AQR TM International Multi-Style Fund | 5.53% | -6.79% | 0.38% | -0.19% | 4.07% | 2.47% | 0.71% | 0.60% |
| - Fund's return after taxes on distributions | 5.53% | -6.79% | -0.05% | -0.59% | 3.69% | 2.14% | ||
| - Fund's return after taxes on distributions and share liquidation | 3.28% | -4.02% | 0.95% | 0.04% | 3.29% | 2.02% | ||
| MSCI World Ex United States Net Index USD End of Day | 4.92% | -7.13% | 0.16% | 0.62% | 5.32% | 3.28% |
| AQR TM International Multi-Style Fund | MSCI World Ex United States Net Index USD End of Day | |
|---|---|---|
| QTD | 5.53% | 4.92% |
| YTD | -6.79% | -7.13% |
| 1YR | 0.38% | 0.16% |
| 3YR | -0.19% | 0.62% |
| 5YR | 4.07% | 5.32% |
| Since Inception 2/11/2015 | 2.47% | 3.28% |
| Gross Expense Ratio | 0.71% | |
| Net Expense Ratio* | 0.60% |
Cliff Asness
Managing & Founding Principal
- 28 years of experience
- 22 years at AQR
Ph.D., M.B.A., University of Chicago
B.S., B.S., University of Pennyslvania
Ronen Israel
Principal
- 24 years of experience
- 21 years at AQR
M.A., Columbia University
B.S., B.A.S., University of Pennsylvania
Lars N. Nielsen
Principal
- 20 years of experience
- 20 years at AQR
M.S., B.S., University of Copenhagen
Michele L. Aghassi
Principal
- 22 years of experience
- 15 years at AQR
Ph.D., Massachusetts Institute of Technology
B.S., Brown University
Andrea Frazzini
Principal
- 15 years of experience
- 12 years at AQR
Ph.D., Yale University
M.S., London School of Economics
B.S., University of Rome III
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 | 0.45% |
|---|---|
| Distribution (12b-1) Fee | None |
| Other Expenses | |
| Dividends On Short Sales and/or Interest Expense | None |
| All Other Expenses | 0.26% |
| Acquired Fund Fees | 0.00% |
| Gross Expenses | 0.71% |
| Less: Fee Waivers and/or Expense Reimbursements | 0.11% |
| Net Expenses* | 0.60% |
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.
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.
Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.
© 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 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 Adviser has contractually agreed to reimburse operating expenses of the Funds at least through January 28, 2021 for, Large Cap Defensive Style Fund, International Defensive Style Fund, Emerging Defensive Style Fund, Large Cap Momentum Style Fund, Small Cap Momentum Style Fund, International Momentum Style Fund, TM Large Cap Momentum Style Fund, TM Small Cap Momentum Style Fund, TM International Momentum Style Fund, Large Cap Multi-Style Fund, Small Cap Multi-Style Fund, International Multi-Style Fund, Emerging Multi-Style Fund, TM Large Cap Multi-Style Fund, TM Small Cap Multi-Style Fund, TM International Multi-Style Fund, TM Emerging Multi-Style Fund, Global Equity Fund, International Equity Fund, Core Plus Bond Fund and April 30, 2022 for Diversified Arbitrage Fund, Equity Market Neutral Fund, Global Macro Fund, Long/Short Equity Fund, Managed Futures Strategy Fund, Managed Futures Strategy HV Fund, Multi-Strategy Alternative Fund, Risk-Balanced Commodities Strategy Fund, Style Premia Alternative Fund, Style Premia Alternative LV Fund, Volatility Risk, Premium Fund, Multi-Asset Fund, Risk Parity II HV Fund, Risk Parity II MV Fund. For additional details on annual fund operating expenses for each Fund, please see the underlying Funds’ prospectus.
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.
©2020 AQR Funds. All rights reserved.