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    Multi-Strategy Alternative Fund

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

    Investment Objective

    Seeks long-term positive absolute return. Fund closed to new investors.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.96 $0.01 0.10%
    As of: 7/31/2015
     
    • This Fund consists of nine major strategies: Long/Short Equity, Equity Market Neutral, Dedicated Short Bias, Emerging Markets, Convertible Arbitrage, Event Driven, Global Macro, Managed Futures and Fixed-Income Relative Value. 

      We believe that each of these categories offers positive long-term risk-adjusted returns, but each goes through both good and bad times. The key is that, historically, they go through ups and downs at different times, thus allowing the Fund to potentially benefit by diversifying across the nine strategies and generating more consistent long-term performance. 

      We manage the portfolio to be as diversified and balanced as possible, starting with equal-risk weighting as a baseline and then making small tactical tilts around the strategic risk allocation when we think strategies are conditionally attractive or unattractive. 

      Because we are trading in these markets daily and because all of the strategies are managed in one portfolio, we can be disciplined about rebalancing, stay nimble by taking advantage of tactical opportunities and provide efficient exposure by netting positions and transactions costs.

      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      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
        Multi-Strategy Alternative Fund -2.00% 0.31% 7.97% 4.72% 2.94% 7/18/2011 3.68% 3.67% 1.98%
        Merrill Lynch 3 Month T-Bill Index 0.00% 0.01% 0.02% 0.06% 0.06% - - - -
      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
        Multi-Strategy Alternative Fund -1.81% 0.31% 7.97% 4.72% 2.94% 7/18/2011 3.68% 3.67% 1.98%
        Merrill Lynch 3 Month T-Bill Index 0.01% 0.01% 0.02% 0.06% 0.06% - - - -

      • 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

      • The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.

       

    • As of: 6/30/2015

      Risk Allocation

        % of Risk Allocation
      Event Driven 14.1%
      Dedicated Short Bias 13.3%
      Equity Market Neutral 12.8%
      Global Macro 12.6%
      Long/Short Equity 12.3%
      Managed Futures 12.3%
      Fixed Income Relative Value 7.9%
      Emerging Markets 7.8%
      Convertible Arbitrage 6.8%
      Total 100.0%

      Exposures By Asset Class

        Long Positions as % of Net Assets Short Positions as % of Net Assets
      Equities 227.2% 216.3%
      Fixed Income 75.1% 51.3%
      Currencies 26.7% 31.1%
      Commodities 2.0% 10.0%
      Credit 3.1% 0.0%
      Total 334.1% 308.8%

      Portfolio Statistics

      # of short holdings 1067
      # of long holdings 1249

      • Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.
      • 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 Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      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 1.80%
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.02%
        Other Expenses  
            Dividends On Short Sales 1.67%
            All Other Expenses 0.19%
        Gross Expenses 3.68%
        Less: Fee Waivers -0.01%
        Net Expenses 3.67%
        Expense Cap+ 1.98%
        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.

      • 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

      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      • John M. Liew, Founder

        AQR Cofounder John M. Liew

        Founding Principal

        • 22 years of experience
        • 17 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.A., University of Chicago
      • 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
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 18 years of experience
        • 15 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • 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: ASANX - Fact Sheet

    Investment Objective

    Seeks long-term positive absolute return. Fund closed to new investors.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.93 $0.02 0.20%
    As of: 7/31/2015
     
    • This Fund consists of nine major strategies: Long/Short Equity, Equity Market Neutral, Dedicated Short Bias, Emerging Markets, Convertible Arbitrage, Event Driven, Global Macro, Managed Futures and Fixed-Income Relative Value. 

      We believe that each of these categories offers positive long-term risk-adjusted returns, but each goes through both good and bad times. The key is that, historically, they go through ups and downs at different times, thus allowing the Fund to potentially benefit by diversifying across the nine strategies and generating more consistent long-term performance. 

      We manage the portfolio to be as diversified and balanced as possible, starting with equal-risk weighting as a baseline and then making small tactical tilts around the strategic risk allocation when we think strategies are conditionally attractive or unattractive. 

      Because we are trading in these markets daily and because all of the strategies are managed in one portfolio, we can be disciplined about rebalancing, stay nimble by taking advantage of tactical opportunities and provide efficient exposure by netting positions and transactions costs.

      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      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
        Multi-Strategy Alternative Fund -2.01% 0.21% 7.69% 4.45% 2.69% 7/18/2011 3.97% 3.93% 2.23%
        Merrill Lynch 3 Month T-Bill Index 0.00% 0.01% 0.02% 0.06% 0.06% - - - -
      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
        Multi-Strategy Alternative Fund -1.91% 0.21% 7.69% 4.45% 2.69% 7/18/2011 3.97% 3.93% 2.23%
        Merrill Lynch 3 Month T-Bill Index 0.01% 0.01% 0.02% 0.06% 0.06% - - - -

      • 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

      • The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.

       

    • As of: 6/30/2015

      Risk Allocation

        % of Risk Allocation
      Event Driven 14.1%
      Dedicated Short Bias 13.3%
      Equity Market Neutral 12.8%
      Global Macro 12.6%
      Long/Short Equity 12.3%
      Managed Futures 12.3%
      Fixed Income Relative Value 7.9%
      Emerging Markets 7.8%
      Convertible Arbitrage 6.8%
      Total 100.0%

      Exposures By Asset Class

        Long Positions as % of Net Assets Short Positions as % of Net Assets
      Equities 227.2% 216.3%
      Fixed Income 75.1% 51.3%
      Currencies 26.7% 31.1%
      Commodities 2.0% 10.0%
      Credit 3.1% 0.0%
      Total 334.1% 308.8%

      Portfolio Statistics

      # of short holdings 1067
      # of long holdings 1249

      • Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.
      • 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 Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      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 1.80%
        Distribution (12b-1) Fee 0.25%
        Acquired Fund Fees 0.02%
        Other Expenses  
            Dividends On Short Sales 1.68%
            All Other Expenses 0.22%
        Gross Expenses 3.97%
        Less: Fee Waivers –0.04%
        Net Expenses 3.93%
        Expense Cap+ 2.23%
        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.

      • 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

      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      • John M. Liew, Founder

        AQR Cofounder John M. Liew

        Founding Principal

        • 22 years of experience
        • 17 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.A., University of Chicago
      • 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
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 18 years of experience
        • 15 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • 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: QSARX - Fact Sheet

    Investment Objective

    Seeks long-term positive absolute return. Fund closed to new investors.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.96 $0.01 0.10%
    As of: 7/31/2015
     
    • This Fund consists of nine major strategies: Long/Short Equity, Equity Market Neutral, Dedicated Short Bias, Emerging Markets, Convertible Arbitrage, Event Driven, Global Macro, Managed Futures and Fixed-Income Relative Value. 

      We believe that each of these categories offers positive long-term risk-adjusted returns, but each goes through both good and bad times. The key is that, historically, they go through ups and downs at different times, thus allowing the Fund to potentially benefit by diversifying across the nine strategies and generating more consistent long-term performance. 

      We manage the portfolio to be as diversified and balanced as possible, starting with equal-risk weighting as a baseline and then making small tactical tilts around the strategic risk allocation when we think strategies are conditionally attractive or unattractive. 

      Because we are trading in these markets daily and because all of the strategies are managed in one portfolio, we can be disciplined about rebalancing, stay nimble by taking advantage of tactical opportunities and provide efficient exposure by netting positions and transactions costs.

      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      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
        Multi-Strategy Alternative Fund -2.00% 0.31% 6.62% 9/3/2014 3.23% 3.16% 1.88%
        Merrill Lynch 3 Month T-Bill Index 0.00% 0.01% 0.02% 0.06% 0.06% - - - -
      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
        Multi-Strategy Alternative Fund -1.81% 0.31% 6.62% 9/3/2014 3.23% 3.16% 1.88%
        Merrill Lynch 3 Month T-Bill Index 0.01% 0.01% 0.02% 0.06% 0.06% - - - -

      • 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

      • The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.

       

    • As of: 6/30/2015

      Risk Allocation

        % of Risk Allocation
      Event Driven 14.1%
      Dedicated Short Bias 13.3%
      Equity Market Neutral 12.8%
      Global Macro 12.6%
      Long/Short Equity 12.3%
      Managed Futures 12.3%
      Fixed Income Relative Value 7.9%
      Emerging Markets 7.8%
      Convertible Arbitrage 6.8%
      Total 100.0%

      Exposures By Asset Class

        Long Positions as % of Net Assets Short Positions as % of Net Assets
      Equities 227.2% 216.3%
      Fixed Income 75.1% 51.3%
      Currencies 26.7% 31.1%
      Commodities 2.0% 10.0%
      Credit 3.1% 0.0%
      Total 334.1% 308.8%

      Portfolio Statistics

      # of short holdings 1067
      # of long holdings 1249

      • Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.
      • 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 Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      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 1.80%
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.02%
        Other Expenses  
            Dividends On Short Sales 1.26%
            All Other Expenses 0.15%
        Gross Expenses 3.23%
        Less: Fee Waivers –0.07%
        Net Expenses 3.16%
        Expense Cap+ 1.88%
        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.

      • 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

      • AQR Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.
      • John M. Liew, Founder

        AQR Cofounder John M. Liew

        Founding Principal

        • 22 years of experience
        • 17 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.A., University of Chicago
      • 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
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 18 years of experience
        • 15 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • 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.