AQR Global Equity Fund

AQGIX
  • daily nav $10.19
  • change $0.01
  • daily return 0.10%
  • inception date 6/30/2006
  • AUM $351MM

As of February 23, 2024

  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 December 31, 2023

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Fund Benchmark Fund - Index
Australia -7.66% 2.05% -9.71%
Austria 0.00% 0.05% -0.05%
Belgium 0.51% 0.26% 0.25%
Canada 2.42% 3.21% -0.80%
Denmark 0.80% 0.90% -0.10%
Finland 0.03% 0.29% -0.26%
France 0.14% 3.24% -3.10%
Germany -2.80% 2.31% -5.10%
Hong Kong 1.41% 0.58% 0.83%
Ireland 0.00% 0.14% -0.14%
Israel 0.19% 0.19% 0.00%
Italy 12.80% 0.71% 12.09%
Japan 18.30% 6.03% 12.26%
Netherlands -4.15% 1.25% -5.40%
New Zealand 0.00% 0.05% -0.05%
Norway 0.00% 0.18% -0.18%
Portugal 0.00% 0.06% -0.06%
Singapore 0.37% 0.37% 0.00%
Spain 0.33% 0.72% -0.38%
Sweden -2.92% 0.86% -3.79%
Switzerland -5.43% 2.68% -8.11%
United Kingdom 12.64% 3.96% 8.68%
United States 71.46% 69.91% 1.55%
Total 98.43% 100.00% -1.57%

Currency Exposures

As of December 31, 2023

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AQR GEF MSCI World Fund - Index
Australian Dollar -0.73% 2.05% -2.77%
British Pound 6.51% 3.96% 2.55%
Canadian Dollar 24.54% 3.21% 21.32%
Danish Krone 0.90% 0.90% 0.00%
Euro 11.37% 9.01% 2.36%
Hong Kong Dollar 0.58% 0.58% 0.00%
Japanese Yen 21.05% 6.03% 15.01%
New Israeli Sheqel 0.19% 0.19% 0.00%
New Zealand Dollar -15.72% 0.05% -15.78%
Norwegian Krone 12.82% 0.18% 12.64%
Singapore Dollar 0.37% 0.37% 0.00%
Swedish Krona -7.20% 0.86% -8.06%
Swiss Franc -19.01% 2.68% -21.70%
US Dollar 64.33% 69.91% -5.58%

Portfolio Statistics

As of December 31, 2023

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# of stocks 292
Average Market Cap ($MM) 422,023
Median Market Cap ($MM) 29,607
P/E (trailing 12 months) 12.63
P/B 1.68
EPS Growth (5 Year) 12.93

Sector Exposures

As of December 31, 2023

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Fund Benchmark Fund - Index
Communication Services 8.22% 7.17% 1.05%
Consumer Discretionary 12.77% 10.88% 1.89%
Consumer Staples 6.27% 6.84% -0.57%
Energy 4.49% 4.47% 0.01%
Financials 17.81% 15.17% 2.64%
Health Care 7.92% 12.12% -4.19%
Industrials 10.71% 11.11% -0.39%
Information Technology 23.03% 23.02% 0.01%
Materials 4.85% 4.14% 0.71%
Real Estate 2.31% 2.47% -0.16%
Utilities 1.62% 2.61% -0.99%
Total 100.00% 100.00% 0.00%

Top 10 Holdings

As of December 31, 2023

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% of Net Assets
APPLE INC. 3.89%
MICROSOFT CORPORATION 3.32%
NVIDIA CORPORATION 2.95%
AMAZON.COM, INC. 2.52%
CISCO SYSTEMS, INC. 1.58%
CVS HEALTH CORPORATION 1.48%
Meta Platforms, Inc. 1.43%
ALPHABET INC. 1.40%
Altria Group, Inc. 1.27%
AT&T INC. 1.27%
Total 21.10%

All Fund Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Please see disclosure section for a glossary of industry terms.

AQR Global Equity Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.

  Performance

Annualized Total Returns

As of January 31, 2024

MTD YTD 1YR 3YR 5YR 10YR Since Inception 6/30/2006 Gross Expense Ratio Net Expense Ratio*
AQR Global Equity Fund 1.68% 1.68% 14.67% 8.41% 9.13% 7.93% 6.49% 0.84% 0.82%
MSCI World 1.20% 1.20% 16.99% 8.06% 11.39% 9.14% 7.21%
AQR Global Equity Fund MSCI World
MTD 1.68% 1.20%
YTD 1.68% 1.20%
1YR 14.67% 16.99%
3YR 8.41% 8.06%
5YR 9.13% 11.39%
10YR 7.93% 9.14%
Since Inception 6/30/2006 6.49% 7.21%
Gross Expense Ratio 0.84%
Net Expense Ratio* 0.82%

As of December 29, 2023

QTD YTD 1YR 3YR 5YR 10YR Since Inception 6/30/2006 Gross Expense Ratio Net Expense Ratio*
AQR Global Equity Fund 8.32% 22.91% 22.91% 7.66% 10.83% 7.38% 6.42% 0.84% 0.82%
MSCI World 11.42% 23.79% 23.79% 7.27% 12.80% 8.60% 7.17%
AQR Global Equity Fund MSCI World
QTD 8.32% 11.42%
YTD 22.91% 23.79%
1YR 22.91% 23.79%
3YR 7.66% 7.27%
5YR 10.83% 12.80%
10YR 7.38% 8.60%
Since Inception 6/30/2006 6.42% 7.17%
Gross Expense Ratio 0.84%
Net Expense Ratio* 0.82%

The Adviser has contractually agreed to reimburse operating expenses of the Fund at least through April 30, 2024. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

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.

A privately offered fund managed by the Adviser with the same investment objective and substantially similar investment strategies was reorganized into the AQR Global Equity Fund on December 31, 2009, the date the Fund commenced operations. This privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the Investment Company Act of 1940 and the Internal Revenue Code which, if applicable, might have adversely affected its performance. The Fund’s performance for periods prior to December 31, 2009 is that of the privately offered fund and has been restated to reflect the net expense ratio as of December 31, 2009 for the Class I Shares of the Fund.

The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country and MSCI world index does not offer exposure to emerging markets. Indexes are unmanaged and one cannot invest directly in an index.

AQR Global Equity Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.

  Managers

Cliff Asness

Managing & Founding Principal

  • 32 years of experience
  • 25 years at AQR

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

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

Jordan Brooks

Principal

  • 15 years of experience
  • 15 years at AQR

Ph.D., M.A., New York University

B.A., Boston College

Andrea Frazzini

Principal

  • 19 years of experience
  • 15 years at AQR

Ph.D., Yale University

M.S., London School of Economics

B.S., University of Rome III

John J. Huss

Principal

  • 20 years of experience
  • 14 years at AQR

S.B., Massachusetts Institute of Technology

John M. Liew

Founding Principal

  • 31 years of experience
  • 25 years at AQR

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

B.A., University of Chicago

Laura Serban

  • 13 years of experience
  • 12 years at AQR

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

  Fees & Minimums

Investment Minimums

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

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 0.01%
     All Other Expenses 0.22%
Acquired Fund Fees 0.01%
Gross Expenses 0.84%
Less: Expense Reimbursements 0.02%
Net Expenses* 0.82%

Acquired Fund Fees and Expenses reflect the expenses incurred indirectly by the Fund as a result of the Fund's investments in underlying money market mutual funds, exchange-traded funds or other pooled investment vehicles. 

*As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses in the table above at no more than 0.20% for Class I Shares at least through January 28, 2025. "Specified Expenses" for this purpose include all Fund operating expenses other than management fees and 12b-1 fees and exclude interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense relating to short sales, expenses related to class action claims, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

AQR Global Equity Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.

Fund Adjusted Expense Ratio
Adjusted Expense Ratio** 0.81%

**Reflects the Net Expense Ratio adjusted for certain investment related expenses, such as interest expense from borrowing and repurchase agreements and dividend expenses from investments on short sales, incurred directly by the Fund, none of which are paid to the Advisor.

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.

 

 

The Adviser has contractually agreed to reimburse operating expenses of the Fund at least through April 30, 2024. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

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.

© 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 investingTo 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.

Prior to October 18, 2021 the AQR Macro Opportunities Fund was known as the AQR Global Macro Fund.

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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