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    Long/Short Equity Fund

    1. Class I
    2. Class N
    3. Class R6
    Ticker: QLEIX - Fact Sheet

    Investment Objective

    Seeks capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $11.88 $0.00 0.00%
    As of: 7/31/2015
     
    • The Fund invests in individual equities and equity-related instruments of companies in global developed markets, including the United States. The Fund's strategy combines three independent sources of potential returns: 
       
      Security Selection — We use value, momentum, quality and other economic indicators to take long and short positions in industries, sectors and companies we believe are attractive on either a relative or absolute basis, targeting beta of 0 to equity markets. 

      Passive Market Exposure — We seek cost-effective, efficient exposure to global equity markets by using a basket of futures that targets a beta of 0.5 to the MSCI World Index.

      Tactical Market  Exposure — We use a variety of indicators to decide when to shift the Fund’s beta exposure to global equity markets in a range of 0.3 to 0.7 around its long-term strategic target of 0.5.
       
      We seek to capture returns from each component of the portfolio independently; an approach we believe is more efficient, more transparent and allows for better risk management over time. 

      • AQR Long/Short 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.
      1. Monthly

        Period Ending: 6/30/2015
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        Long-Short Equity Fund -1.48% 4.42% 14.49% 15.86% 7/16/2013 2.40% 1.36% 1.30%
        (0.5 * MSCI WORLD) plus (0.5 * T Bills) -1.15% 1.39% 0.86% 4.94% - - - -
      2.  
      3. Quarterly

        Period Ending: 6/30/2015
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        Long-Short Equity Fund 0.71% 4.42% 14.49% 15.86% 7/16/2013 2.40% 1.36% 1.30%
        (0.5 * MSCI WORLD) plus (0.5 * T Bills) 0.19% 1.39% 0.86% 4.94% - - - -

      • 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.
      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details. The expense caps are guaranteed until the following dates:

        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, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2016
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2017

      • MSCI World Total Return Index with Net Dividends Unhedged is a free float-adjusted market capitalization index that is designed to measure the performance of equities in development markets, including the United States and Canada. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Long/Short 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.

       

    • As of: 6/30/2015

      Country Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Top Ten Total (%) 0.0%

      Currency Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Sector Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Portfolio Statistics

      # of long holdings 764
      # of short holdings 576
      Long Exposure (% of NAV) 2
      Short Exposure (% of NAV) 2

      • 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.
      • AQR Long/Short 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.
      1. Investment Minimums

        Individual Investors $5 Million
        Institutional Investors $100,000
        Fee-based Accounts Offered By Financial Advisors None
        To be eligible for Class I Shares, a financial advisor must invest a minimum of $100,000 across all client accounts. Certain other categories of investors may invest at a reduced minimum. See Prospectus for details.
      2.  
      3. Shareholder Fees

        Sales Load None
        Deferred Sales Load None
        Redemption Fees None
      1. Annual Fund Operating Expenses

        Management Fee 1.10%
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.06%
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 1.24%
        Gross Expenses 2.40%
        Less: Fee Waivers –1.04%
        Net Expenses 1.36%
        Expense Cap+ 1.30%
        Expense Cap Expiration Date 4/30/2016
        + The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the Total Annual Fund Operating Expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short and borrowing costs and extraordinary expenses. See the Prospectus for additional details.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details. The expense caps are guaranteed until the following dates:

        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, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2016
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2017

      • AQR Long/Short 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.
      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 10 years of experience
        • 7 years at AQR
        • Ph.D., Yale University
        • M.S., London School of Economics
        • B.S., University of Rome III
      • Jacques A. Friedman

        AQR Principal Jacques Friedman

        Principal

        • 19 years of experience
        • 17 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Lars N. Nielsen

        AQR Principal Lars Nielsen

        Principal

        • 15 years of experience
        • 15 years at AQR
        • M.Sc., B.Sc., University of Copenhagen

      • Cliff Asness, Brian Hurst, Ari Levine and Yao Hua Ooi are Registered Representatives of ALPS Distributors, Inc.

    • Quarterly Updates
      Commentary
      Performance Attribution
      Quarterly Review Book
    Ticker: QLENX - Fact Sheet

    Investment Objective

    Seeks capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $11.83 -$0.01 -0.08%
    As of: 7/31/2015
     
    • The Fund invests in individual equities and equity-related instruments of companies in global developed markets, including the United States. The Fund's strategy combines three independent sources of potential returns: 
       
      Security Selection — We use value, momentum, quality and other economic indicators to take long and short positions in industries, sectors and companies we believe are attractive on either a relative or absolute basis, targeting beta of 0 to equity markets. 

      Passive Market Exposure — We seek cost-effective, efficient exposure to global equity markets by using a basket of futures that targets a beta of 0.5 to the MSCI World Index.

      Tactical Market  Exposure — We use a variety of indicators to decide when to shift the Fund’s beta exposure to global equity markets in a range of 0.3 to 0.7 around its long-term strategic target of 0.5.
       
      We seek to capture returns from each component of the portfolio independently; an approach we believe is more efficient, more transparent and allows for better risk management over time. 

      • AQR Long/Short 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.
      1. Monthly

        Period Ending: 6/30/2015
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        Long-Short Equity Fund -1.48% 4.34% 14.25% 15.57% 7/16/2013 2.52% 1.61% 1.55%
        (0.5 * MSCI WORLD) plus (0.5 * T Bills) -1.15% 1.39% 0.86% 4.94% - - - -
      2.  
      3. Quarterly

        Period Ending: 6/30/2015
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        Long-Short Equity Fund 0.62% 4.34% 14.25% 15.57% 7/16/2013 2.52% 1.61% 1.55%
        (0.5 * MSCI WORLD) plus (0.5 * T Bills) 0.19% 1.39% 0.86% 4.94% - - - -

      • 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.
      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details. The expense caps are guaranteed until the following dates:

        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, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2016
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2017

      • MSCI World Total Return Index with Net Dividends Unhedged is a free float-adjusted market capitalization index that is designed to measure the performance of equities in development markets, including the United States and Canada. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Long/Short 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.

       

    • As of: 6/30/2015

      Country Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Top Ten Total (%) 0.0%

      Currency Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Sector Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Portfolio Statistics

      # of long holdings 764
      # of short holdings 576
      Long Exposure (% of NAV) 2
      Short Exposure (% of NAV) 2

      • 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.
      • AQR Long/Short 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.
      1. Investment Minimums

        Individual Investors $1 Million
        Institutional Investors None
        Fee-based Accounts Offered By Financial Advisors None
        Certain other categories of investors may invest in Class N shares at a reduced minimum. See Prospectus for details.
      2.  
      3. Shareholder Fees

        Sales Load None
        Deferred Sales Load None
        Redemption Fees None
      1. Annual Fund Operating Expenses

        Management Fee 1.10%
        Distribution (12b-1) Fee 0.25%
        Acquired Fund Fees 0.06%
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 1.11%
        Gross Expenses 2.52%
        Less: Fee Waivers –0.91%
        Net Expenses 1.61%
        Expense Cap+ 1.55%
        Expense Cap Expiration Date 4/30/2016
        + The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the Total Annual Fund Operating Expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short and borrowing costs and extraordinary expenses. See the Prospectus for additional details.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details. The expense caps are guaranteed until the following dates:

        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, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2016
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2017

      • AQR Long/Short 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.
      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 10 years of experience
        • 7 years at AQR
        • Ph.D., Yale University
        • M.S., London School of Economics
        • B.S., University of Rome III
      • Jacques A. Friedman

        AQR Principal Jacques Friedman

        Principal

        • 19 years of experience
        • 17 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Lars N. Nielsen

        AQR Principal Lars Nielsen

        Principal

        • 15 years of experience
        • 15 years at AQR
        • M.Sc., B.Sc., University of Copenhagen

      • Cliff Asness, Brian Hurst, Ari Levine and Yao Hua Ooi are Registered Representatives of ALPS Distributors, Inc.

    • Quarterly Updates
      Commentary
      Performance Attribution
      Quarterly Review Book
    Ticker: QLERX - Fact Sheet

    Investment Objective

    Seeks capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $11.89 $0.00 0.00%
    As of: 7/31/2015
     
    • The Fund invests in individual equities and equity-related instruments of companies in global developed markets, including the United States. The Fund's strategy combines three independent sources of potential returns: 
       
      Security Selection — We use value, momentum, quality and other economic indicators to take long and short positions in industries, sectors and companies we believe are attractive on either a relative or absolute basis, targeting beta of 0 to equity markets. 

      Passive Market Exposure — We seek cost-effective, efficient exposure to global equity markets by using a basket of futures that targets a beta of 0.5 to the MSCI World Index.

      Tactical Market  Exposure — We use a variety of indicators to decide when to shift the Fund’s beta exposure to global equity markets in a range of 0.3 to 0.7 around its long-term strategic target of 0.5.
       
      We seek to capture returns from each component of the portfolio independently; an approach we believe is more efficient, more transparent and allows for better risk management over time. 

      • AQR Long/Short 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.
      1. Monthly

        Period Ending: 6/30/2015
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        Long-Short Equity Fund -1.39% 4.51% 10.97% 9/3/2014 2.05% 1.26% 1.20%
        (0.5 * MSCI WORLD) plus (0.5 * T Bills) -1.15% 1.39% 0.86% 4.94% - - - -
      2.  
      3. Quarterly

        Period Ending: 6/30/2015
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        Long-Short Equity Fund 0.71% 4.51% 10.97% 9/3/2014 2.05% 1.26% 1.20%
        (0.5 * MSCI WORLD) plus (0.5 * T Bills) 0.19% 1.39% 0.86% 4.94% - - - -

      • 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.
      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details. The expense caps are guaranteed until the following dates:

        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, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2016
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2017

      • MSCI World Total Return Index with Net Dividends Unhedged is a free float-adjusted market capitalization index that is designed to measure the performance of equities in development markets, including the United States and Canada. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Long/Short 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.

       

    • As of: 6/30/2015

      Country Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Top Ten Total (%) 0.0%

      Currency Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Sector Exposures

        Long/Short Equity Fund Benchmark Fund-Index
      Total 0.0% 0.0% 0.0%

      Portfolio Statistics

      # of long holdings 764
      # of short holdings 576
      Long Exposure (% of NAV) 2
      Short Exposure (% of NAV) 2

      • 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.
      • AQR Long/Short 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.
      1. Investment Minimums

        Individual Investors Not Available
        Institutional Investors $5 Million
        Fee-based Accounts Offered By Financial Advisors $50 Million
        Some financial intermediaries may impose different or additional eligibility and minimum requirements for Class R6 shares. See Prospectus for details.
      2.  
      3. Shareholder Fees

        Sales Load None
        Deferred Sales Load None
        Redemption Fees None
      1. Annual Fund Operating Expenses

        Management Fee 1.10%
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.06%
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.89%
        Gross Expenses 2.05%
        Less: Fee Waivers -0.79%
        Net Expenses 1.26%
        Expense Cap+ 1.20%
        Expense Cap Expiration Date 4/30/2016
        + The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the Total Annual Fund Operating Expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short and borrowing costs and extraordinary expenses. See the Prospectus for additional details.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details. The expense caps are guaranteed until the following dates:

        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, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2016
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2017

      • AQR Long/Short 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.
      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 10 years of experience
        • 7 years at AQR
        • Ph.D., Yale University
        • M.S., London School of Economics
        • B.S., University of Rome III
      • Jacques A. Friedman

        AQR Principal Jacques Friedman

        Principal

        • 19 years of experience
        • 17 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Lars N. Nielsen

        AQR Principal Lars Nielsen

        Principal

        • 15 years of experience
        • 15 years at AQR
        • M.Sc., B.Sc., University of Copenhagen

      • Cliff Asness, Brian Hurst, Ari Levine and Yao Hua Ooi are Registered Representatives of ALPS Distributors, Inc.

    • Quarterly Updates
      Commentary
      Performance Attribution
      Quarterly Review Book

    • 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.