Style Premia Alternative Fund
| NAV | Change | Daily Return |
|---|---|---|
| NAV | Change | Daily Return |
| $9.37 | -$0.03 | -0.32% |
As of: 2/27/2015
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We invest long and short across six different asset groups: stocks of major developed markets, country indices, bond futures, interest rate futures, currencies and commodities. We employ market-neutral, long-short strategies across these asset groups based on four investment styles:
Value — the tendency for relatively cheap assets to outperform relatively expensive ones
Momentum — the tendency for an asset’s recent relative performance to continue in the future
Carry — the tendency for higher-yielding assets to provide higher returns than lower-yielding assets
Defensive — the tendency for lower-risk and higher-quality assets to generate higher risk-adjusted returns
Each of these styles have historically had low correlations to one another, so we expect them to be profitable at different times for different reasons. Thus, a portfolio combining all four of them seeks to benefit from their expected low correlations to one another and could help provide a more robust, dependable stream of returns.
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Monthly
Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap Style Premia Alternative Fund -1.12% -1.12% 12.83% 11.43% 10/31/2013 2.15% 2.11% 1.50% Merrill Lynch 3 Month T-Bill Index 0.00% 0.00% 0.03% 0.05% - - - - -
Quarterly
Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap Style Premia Alternative Fund 7.35% 11.30% 11.30% 13.40% 10/30/2013 2.15% 2.11% 1.50% Merrill Lynch 3 Month T-Bill Index 0.00% 0.03% 0.03% 0.05% - - - -
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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, 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 and Style Premia Alternative Fund: April 30, 2015
Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2016
Equity Market Neutral Fund, Global Macro Fund and Style Premia Alternative Fund LV: April 30, 2016
TM Multi-Style Funds: 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.
-
-
As of: 12/31/2014
Portfolio Statistics
# of short holdings 745 # of long holdings 944 Asset Class Exposure
% of Risk Allocation Global Stock Selection 34.1% Equity Markets 21.8% Commodities 18.9% Currencies 13.6% Fixed Income 11.5%
-
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.
-
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.
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-
-
Investment Minimums
Individual Investors $5 Million Institutional Investors $100,000 Fee-based Accounts Offered By Financial Advisors None -
Shareholder Fees
Sales Load None Deferred Sales Load None Redemption Fees None
-
Annual Fund Operating Expenses
Management Fee 1.35% Distribution (12b-1) Fee None Acquired Fund Fees 0.04% Other Expenses Dividends On Short Sales 0.57% All Other Expenses 0.19% Gross Expenses 2.15% Less: Fee Waivers –0.04% Net Expenses 2.11% Expense Cap+ 1.50% Expense Cap Expiration Date 4/30/2015
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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, 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 and Style Premia Alternative Fund: April 30, 2015
Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2016
Equity Market Neutral Fund, Global Macro Fund and Style Premia Alternative Fund LV: April 30, 2016
TM Multi-Style Funds: January 28, 2017
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-
Andrea Frazzini
Principal
- 10 years of experience
- 6 years at AQR
- Ph.D., Yale University
- M.S., London School of Economics
- B.S., University of Rome III
-
Jacques A. Friedman
Principal
- 19 years of experience
- 16 years at AQR
- M.S., University of Washington
- B.S., Brown University
-
Ronen Israel
Principal
- 18 years of experience
- 15 years at AQR
- M.A., Columbia University
- B.S., B.A.S., University of Pennsylvania
-
Michael Katz
Principal
- 7 years of experience
- 7 years at AQR
- Ph.D., A.M., Harvard University
- B.A., Tel Aviv University
-
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
- Data Downloads
- Complete Holdings
- Daily Price History
- Monthly Return History
- Analyst Data Pack
| NAV | Change | Daily Return |
|---|---|---|
| NAV | Change | Daily Return |
| $9.37 | -$0.05 | -0.43% |
As of: 2/27/2015
-
We invest long and short across six different asset groups: stocks of major developed markets, country indices, bond futures, interest rate futures, currencies and commodities. We employ market-neutral, long-short strategies across these asset groups based on four investment styles:
Value — the tendency for relatively cheap assets to outperform relatively expensive ones
Momentum — the tendency for an asset’s recent relative performance to continue in the future
Carry — the tendency for higher-yielding assets to provide higher returns than lower-yielding assets
Defensive — the tendency for lower-risk and higher-quality assets to generate higher risk-adjusted returns
Each of these styles have historically had low correlations to one another, so we expect them to be profitable at different times for different reasons. Thus, a portfolio combining all four of them seeks to benefit from their expected low correlations to one another and could help provide a more robust, dependable stream of returns. -
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Monthly
Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap Style Premia Alternative Fund -1.22% -1.22% 12.49% 11.14% 10/31/2013 2.74% 2.36% 1.75% Merrill Lynch 3 Month T-Bill Index 0.00% 0.00% 0.03% 0.05% - - - - -
Quarterly
Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap Style Premia Alternative Fund 7.34% 11.08% 11.08% 13.17% 10/30/2013 2.74% 2.36% 1.75% Merrill Lynch 3 Month T-Bill Index 0.00% 0.03% 0.03% 0.05% - - - -
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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, 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 and Style Premia Alternative Fund: April 30, 2015
Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2016
Equity Market Neutral Fund, Global Macro Fund and Style Premia Alternative Fund LV: April 30, 2016
TM Multi-Style Funds: 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.
-
-
As of: 12/31/2014
Portfolio Statistics
# of short holdings 745 # of long holdings 944 Asset Class Exposure
% of Risk Allocation Global Stock Selection 34.1% Equity Markets 21.8% Commodities 18.9% Currencies 13.6% Fixed Income 11.5%
-
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.
-
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.
-
-
-
Investment Minimums
Individual Investors $1 Million Institutional Investors None Fee-based Accounts Offered By Financial Advisors None -
Shareholder Fees
Sales Load None Deferred Sales Load None Redemption Fees None
-
Annual Fund Operating Expenses
Management Fee 1.35% Distribution (12b-1) Fee 0.25% Acquired Fund Fees 0.04% Other Expenses Dividends On Short Sales 0.57% All Other Expenses 0.53% Gross Expenses 2.74% Less: Fee Waivers –0.38% Net Expenses 2.36% Expense Cap+ 1.75% Expense Cap Expiration Date 4/30/2015
-
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, 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 and Style Premia Alternative Fund: April 30, 2015
Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2016
Equity Market Neutral Fund, Global Macro Fund and Style Premia Alternative Fund LV: April 30, 2016
TM Multi-Style Funds: January 28, 2017
-
-
-
Andrea Frazzini
Principal
- 10 years of experience
- 6 years at AQR
- Ph.D., Yale University
- M.S., London School of Economics
- B.S., University of Rome III
-
Jacques A. Friedman
Principal
- 19 years of experience
- 16 years at AQR
- M.S., University of Washington
- B.S., Brown University
-
Ronen Israel
Principal
- 18 years of experience
- 15 years at AQR
- M.A., Columbia University
- B.S., B.A.S., University of Pennsylvania
-
Michael Katz
Principal
- 7 years of experience
- 7 years at AQR
- Ph.D., A.M., Harvard University
- B.A., Tel Aviv University
-
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
- Data Downloads
- Complete Holdings
- Daily Price History
- Monthly Return History
- Analyst Data Pack
| NAV | Change | Daily Return |
|---|---|---|
| NAV | Change | Daily Return |
| $9.38 | -$0.03 | -0.32% |
As of: 2/27/2015
-
We invest long and short across six different asset groups: stocks of major developed markets, country indices, bond futures, interest rate futures, currencies and commodities. We employ market-neutral, long-short strategies across these asset groups based on four investment styles:
Value — the tendency for relatively cheap assets to outperform relatively expensive ones
Momentum — the tendency for an asset’s recent relative performance to continue in the future
Carry — the tendency for higher-yielding assets to provide higher returns than lower-yielding assets
Defensive — the tendency for lower-risk and higher-quality assets to generate higher risk-adjusted returns
Each of these styles have historically had low correlations to one another, so we expect them to be profitable at different times for different reasons. Thus, a portfolio combining all four of them seeks to benefit from their expected low correlations to one another and could help provide a more robust, dependable stream of returns.
-
-
Monthly
Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap Style Premia Alternative Fund -1.22% -1.22% 6.36% 9/3/2014 2.15% 2.01% 1.40% Merrill Lynch 3 Month T-Bill Index 0.00% 0.00% 0.03% 0.05% - - - - -
Quarterly
Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap Style Premia Alternative Fund 7.46% 7.67% 9/3/2014 2.15% 2.01% 1.40% Merrill Lynch 3 Month T-Bill Index 0.00% 0.03% 0.03% 0.05% - - - -
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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, 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 and Style Premia Alternative Fund: April 30, 2015
Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2016
Equity Market Neutral Fund, Global Macro Fund and Style Premia Alternative Fund LV: April 30, 2016
TM Multi-Style Funds: 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.
-
-
As of: 12/31/2014
Portfolio Statistics
# of short holdings 745 # of long holdings 944 Asset Class Exposure
% of Risk Allocation Global Stock Selection 34.1% Equity Markets 21.8% Commodities 18.9% Currencies 13.6% Fixed Income 11.5%
-
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.
-
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.
-
-
-
Investment Minimums
Individual Investors Not Available Institutional Investors $5 Million Fee-based Accounts Offered By Financial Advisors $50 Million -
Shareholder Fees
Sales Load None Deferred Sales Load None Redemption Fees None
-
Annual Fund Operating Expenses
Management Fee 1.35% Distribution (12b-1) Fee None Acquired Fund Fees 0.04% Other Expenses Dividends On Short Sales 0.57% All Other Expenses 0.76% Gross Expenses 2.15% Less: Fee Waivers –0.04% Net Expenses 2.01% Expense Cap+ 1.40% Expense Cap Expiration Date 4/30/2016
-
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, 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 and Style Premia Alternative Fund: April 30, 2015
Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund and Global Equity Fund: January 28, 2016
Equity Market Neutral Fund, Global Macro Fund and Style Premia Alternative Fund LV: April 30, 2016
TM Multi-Style Funds: January 28, 2017
-
-
-
Andrea Frazzini
Principal
- 10 years of experience
- 6 years at AQR
- Ph.D., Yale University
- M.S., London School of Economics
- B.S., University of Rome III
-
Jacques A. Friedman
Principal
- 19 years of experience
- 16 years at AQR
- M.S., University of Washington
- B.S., Brown University
-
Ronen Israel
Principal
- 18 years of experience
- 15 years at AQR
- M.A., Columbia University
- B.S., B.A.S., University of Pennsylvania
-
Michael Katz
Principal
- 7 years of experience
- 7 years at AQR
- Ph.D., A.M., Harvard University
- B.A., Tel Aviv University
-
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
- Data Downloads
- Complete Holdings
- Daily Price History
- Monthly Return History
- Analyst Data Pack
-
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.
AQR FUNDS ARE DISTRIBUTED BY ALPS DISTRIBUTORS, INC.
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.
There are risks involved with investing including the possible loss of principal.
Past performance does not guarantee future results.
©2014 AQR Funds. All rights reserved.
