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    Large Cap Defensive Style Fund

    1. Class I
    2. Class N
    3. Class R6
    Ticker: AUEIX

    Investment Objective

    Seeks long-term capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $17.85 $0.02 0.11%
    As of: 6/26/2017
     
    • Many investors have become more focused on downside protection. Defensive Equity strategies seek to address this concern for stock market investors by focusing on stocks that have been more stable and less volatile, seeking to provide market-like returns with lower risk.

      The investment universe for the Fund is comprised of U.S. equities, including large-, mid- and small-cap companies. 

      The Fund seeks to invest in lower-beta stocks of companies with stable businesses, high profitability, low operating and financial leverage, lower earnings-per-share variability and other measures of quality. 

      These stocks generally are less volatile than the market average, and are expected to produce higher risk-adjusted returns over a full market cycle than market indexes. 

      The Fund utilizes a proprietary optimization process and a number of sophisticated trading techniques to manage transaction costs.


      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      1. Monthly

        Period Ending: 05/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Large Cap Defensive Style Fund 2.73% 10.83% 17.80% 13.67% 15.75% 7/9/2012 0.43% 0.41% 0.40%
        Russell 1000 Total Return Index 1.28% 8.51% 17.48% 9.83% 14.97% - - - -
      2.  
      3. Quarterly

        Period Ending: 3/31/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Large Cap Defensive Style Fund 6.38% 6.38% 14.34% 12.91% 15.35% 7/9/2012 0.43% 0.41% 0.40%
        Russell 1000 Total Return Index 6.03% 6.03% 17.43% 9.99% 14.97% - - - -


      • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index. Indexes are unmanaged and one cannot invest directly in an index.
      • 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, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

       

    • As of: 3/31/2017

      Sector Exposures

        Large Cap Defensive Style Fund Benchmark Fund-Index
      Consumer Discretionary 11.4% 12.8% -1.4%
      Consumer Staples 18.9% 8.8% 10.1%
      Energy 0.5% 6.3% -5.8%
      Financials 17.8% 14.6% 3.2%
      Health Care 10.9% 13.4% -2.5%
      Industrials 12.0% 10.4% 1.5%
      Information Technology 13.5% 21.4% -7.9%
      Materials 1.8% 3.2% -1.5%
      Real Estate 0.0% 3.7% -3.7%
      Telecommunication Services 1.9% 2.3% -0.4%
      Utilities 11.3% 3.1% 8.2%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Allstate 1.6%
      Johnson&Johnson 1.5%
      3M 1.5%
      PepsiCo 1.5%
      Procter Gamble 1.5%
      Altria Group 1.5%
      WalMart 1.5%
      Travelers 1.4%
      PMI 1.4%
      US Bancorp 1.4%
      Top Ten Total (%) 14.9%

      Portfolio Statistics

      # of stocks 281
      EPS Growth (5 Year) 6.40
      P/B 3.45
      P/E (trailing 12 months) 21.56
      Debt/Equity 0.71
      Median Market Cap ($MM) 19866
      Average Market Cap ($MM) 93906
      Predicted Beta 0.81
      Cash % 1.14 %


      • 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 Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      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 0.25 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.17 %
        Gross Expenses 0.43 %
        Less: Fee Waivers 0.02 %
        Net Expenses 0.41 %
        Expense Cap+ 0.40 %
        Expense Cap Expiration Date 1/28/2018
        + 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. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • 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, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 12 years of experience
        • 8 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

        • 21 years of experience
        • 19 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Hoon Kim

        Hoon Kim, AQR

        Principal

        • 18 years of experience
        • 12 years at AQR
        • Ph.D., Carnegie Mellon University
        • M.B.A., Carnegie Mellon University
        • B.A., Yonsei University
      • Michele L. Aghassi

        Principal

        • 19 years of experience
        • 11 years at AQR
        • Ph.D., Massachusetts Institute of Technology
        • B.S., Brown University


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

    Ticker: AUENX

    Investment Objective

    Seeks long-term capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $17.81 $0.02 0.11%
    As of: 6/26/2017
     
    • Many investors have become more focused on downside protection. Defensive Equity strategies seek to address this concern for stock market investors by focusing on stocks that have been more stable and less volatile, seeking to provide market-like returns with lower risk.

      The investment universe for the  Fund is comprised of U.S. equities, including large-, mid- and small-cap companies. 

      The Fund seeks to invest in lower-beta stocks of companies with stable businesses, high profitability, low operating and financial leverage, lower earnings-per-share variability and other measures of quality. 

      These stocks generally are less volatile than the market average, and are expected to produce higher risk-adjusted returns over a full market cycle than market indexes. 

      The Fund utilizes a proprietary optimization process and a number of sophisticated trading techniques to manage transaction costs.


      • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • 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, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      • 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.

      1. Monthly

        Period Ending: 05/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Large Cap Defensive Style Fund 2.73% 10.71% 17.52% 13.39% 15.48% 7/9/2012 0.69% 0.66% 0.65%
        Russell 1000 Total Return Index 1.28% 8.51% 17.48% 9.83% 14.97% - - - -
      2.  
      3. Quarterly

        Period Ending: 3/31/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Large Cap Defensive Style Fund 6.26% 6.26% 14.06% 12.60% 15.06% 7/9/2012 0.69% 0.66% 0.65%
        Russell 1000 Total Return Index 6.03% 6.03% 17.43% 9.99% 14.97% - - - -


      • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • 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, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      • 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.

       

    • As of: 3/31/2017

      Sector Exposures

        Large Cap Defensive Style Fund Benchmark Fund-Index
      Consumer Discretionary 11.4% 12.8% -1.4%
      Consumer Staples 18.9% 8.8% 10.1%
      Energy 0.5% 6.3% -5.8%
      Financials 17.8% 14.6% 3.2%
      Health Care 10.9% 13.4% -2.5%
      Industrials 12.0% 10.4% 1.5%
      Information Technology 13.5% 21.4% -7.9%
      Materials 1.8% 3.2% -1.5%
      Real Estate 0.0% 3.7% -3.7%
      Telecommunication Services 1.9% 2.3% -0.4%
      Utilities 11.3% 3.1% 8.2%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Allstate 1.6%
      Johnson&Johnson 1.5%
      3M 1.5%
      PepsiCo 1.5%
      Procter Gamble 1.5%
      Altria Group 1.5%
      WalMart 1.5%
      Travelers 1.4%
      PMI 1.4%
      US Bancorp 1.4%
      Top Ten Total (%) 14.9%

      Portfolio Statistics

      # of stocks 281
      EPS Growth (5 Year) 6.40
      P/B 3.45
      P/E (trailing 12 months) 21.56
      Debt/Equity 0.71
      Median Market Cap ($MM) 19866
      Average Market Cap ($MM) 93906
      Predicted Beta 0.81
      Cash % 1.14 %


      • 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 Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      1. Investment Minimums

        Individual Investors $1,000,000
        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 0.25 %
        Distribution (12b-1) Fee 0.25 %
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.18 %
        Gross Expenses 0.69 %
        Less: Fee Waivers 0.03 %
        Net Expenses 0.66 %
        Expense Cap+ 0.65 %
        Expense Cap Expiration Date 1/28/2018
        + 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. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • 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, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 12 years of experience
        • 8 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

        • 21 years of experience
        • 19 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Hoon Kim

        Hoon Kim, AQR

        Principal

        • 18 years of experience
        • 12 years at AQR
        • Ph.D., Carnegie Mellon University
        • M.B.A., Carnegie Mellon University
        • B.A., Yonsei University
      • Michele L. Aghassi

        Principal

        • 19 years of experience
        • 11 years at AQR
        • Ph.D., Massachusetts Institute of Technology
        • B.S., Brown University


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

    Ticker: QUERX

    Investment Objective

    Seeks long-term capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $17.82 $0.01 0.06%
    As of: 6/26/2017
     
    • Many investors have become more focused on downside protection. Defensive Equity strategies seek to address this concern for stock market investors by focusing on stocks that have been more stable and less volatile, seeking to provide market-like returns with lower risk.

      The investment universe for the Fund is comprised of U.S. equities, including large-, mid- and small-cap companies. 

      The Fund seeks to invest in lower-beta stocks of companies with stable businesses, high profitability, low operating and financial leverage, lower earnings-per-share variability and other measures of quality. 

      These stocks generally are less volatile than the market average, and are expected to produce higher risk-adjusted returns over a full market cycle than market indexes. 

      The Fund utilizes a proprietary optimization process and a number of sophisticated trading techniques to manage transaction costs.


      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      1. Monthly

        Period Ending: 05/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Large Cap Defensive Style Fund 2.79% 10.91% 17.90% 13.79% 15.92% 7/9/2012 0.34% 0.31% 0.30%
        Russell 1000 Total Return Index 1.28% 8.51% 17.48% 9.83% 14.97% - - - -
      2.  
      3. Quarterly

        Period Ending: 3/31/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Large Cap Defensive Style Fund 6.39% 6.39% 14.45% 13.00% 15.51% 7/9/2012 0.34% 0.31% 0.30%
        Russell 1000 Total Return Index 6.03% 6.03% 17.43% 9.99% 14.97% - - - -


      • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index. Indexes are unmanaged and one cannot invest directly in an index.
      • 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, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

       

    • As of: 3/31/2017

      Sector Exposures

        Large Cap Defensive Style Fund Benchmark Fund-Index
      Consumer Discretionary 11.4% 12.8% -1.4%
      Consumer Staples 18.9% 8.8% 10.1%
      Energy 0.5% 6.3% -5.8%
      Financials 17.8% 14.6% 3.2%
      Health Care 10.9% 13.4% -2.5%
      Industrials 12.0% 10.4% 1.5%
      Information Technology 13.5% 21.4% -7.9%
      Materials 1.8% 3.2% -1.5%
      Real Estate 0.0% 3.7% -3.7%
      Telecommunication Services 1.9% 2.3% -0.4%
      Utilities 11.3% 3.1% 8.2%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Allstate 1.6%
      Johnson&Johnson 1.5%
      3M 1.5%
      PepsiCo 1.5%
      Procter Gamble 1.5%
      Altria Group 1.5%
      WalMart 1.5%
      Travelers 1.4%
      PMI 1.4%
      US Bancorp 1.4%
      Top Ten Total (%) 14.9%

      Portfolio Statistics

      # of stocks 281
      EPS Growth (5 Year) 6.40
      P/B 3.45
      P/E (trailing 12 months) 21.56
      Debt/Equity 0.71
      Median Market Cap ($MM) 19866
      Average Market Cap ($MM) 93906
      Predicted Beta 0.81
      Cash % 1.14 %


      • 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 Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      1. Investment Minimums

        Individual Investors Not Available
        Institutional Investors $100,000
        Fee-based Accounts Offered By Financial Advisors $50 million or a total of $100 million combined per advisor across all Funds
        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 0.25 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.08 %
        Gross Expenses 0.34 %
        Less: Fee Waivers 0.03 %
        Net Expenses 0.31 %
        Expense Cap+ 0.30 %
        Expense Cap Expiration Date 1/28/2018
        + 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. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • 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, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Large Cap Defensive Style Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 12 years of experience
        • 8 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

        • 21 years of experience
        • 19 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Hoon Kim

        Hoon Kim, AQR

        Principal

        • 18 years of experience
        • 12 years at AQR
        • Ph.D., Carnegie Mellon University
        • M.B.A., Carnegie Mellon University
        • B.A., Yonsei University
      • Michele L. Aghassi

        Principal

        • 19 years of experience
        • 11 years at AQR
        • Ph.D., Massachusetts Institute of Technology
        • B.S., Brown University


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



    • An investment in any of the AQR Funds involves risk, including loss of principal. The value of the Funds’ portfolio holdings may fluctuate in response to events specific to the companies in which the Fund invests, as well as economic, political or social events in the United States or abroad. Please refer to the prospectus for complete information regarding all risks associated with the Funds. An investor considering the Funds should be able to tolerate potentially wide price fluctuations. The Funds are subject to high portfolio turnover risk as a result of frequent trading, and thus, will incur a higher level of brokerage fees and commissions, and cause a higher level of tax liability to shareholders in the Funds. The Funds may attempt to increase its income or total return through the use of securities lending, and they may be subject to the possibility of additional loss as a result of this investment technique.

      Information about how each Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 will be available no later than August 31. Please click here to view the most recent Form N-PX for the AQR Funds.

    • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

      Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.