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    Emerging Momentum Style Fund

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

    Investment Objective

    Seeks long-term capital appreciation.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.03 -$0.03 -0.33%
    As of: 2/23/2017
     
    • The Fund invests in stocks of large and mid-cap emerging market companies with positive momentum. A stock is considered to have positive momentum if it has performed well in the prior twelve months relative to other stocks in the same investment universe.

      The Fund uses a systematic approach to construct its portfolio that starts with the investment universe, ranks the stocks in the universe by their total return over the prior twelve months excluding the last month, selects those that rank in the top third, weights them by market capitalization, and rebalances at least quarterly.

      The Fund is expected to have annual turnover in excess of 100%, and will therefore employ optimization and other sophisticated techniques to keep transaction costs as low as possible. The Fund will maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs low.


      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.
      1. Monthly

        Period Ending: 01/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Emerging Momentum Style Fund 7.33% 7.33% 17.40% -3.33% 5/13/2014 2.77% 0.72% 0.70%
        MSCI Daily TR Net Emerging Markets Growth USD 6.42% 6.42% 22.46% -0.57% - - - -
        MSCI Emerging 5.47% 5.47% 25.41% -1.85% - - - -
      2.  
      3. Quarterly

        Period Ending: 12/30/2016
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Emerging Momentum Style Fund -6.49% 2.02% 2.02% -5.99% 5/13/2014 2.77% 0.72% 0.70%
        MSCI Daily TR Net Emerging Markets Growth USD -7.12% 7.59% 7.59% -2.90% - - - -
        MSCI Emerging -4.16% 11.19% 11.19% -3.87% - - - -


      • 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.

      • MSCI Emerging Markets Index – An index that is designed to measure equity market performance in global emerging markets. The Emerging Markets Index is a float-adjusted market capitalization index that consists of indices in 26 emerging economies.
      • 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, 2017
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.

       

    • As of: 12/31/2016

      Sector Exposures

        Emerging Momentum Style Fund Benchmark Fund-Index
      Consumer Discretionary 8.0% 10.3% -2.3%
      Consumer Staples 5.3% 7.3% -2.0%
      Energy 10.1% 8.3% 1.9%
      Financials 22.3% 24.4% -2.1%
      Health Care 2.7% 2.4% 0.3%
      Industrials 5.7% 5.8% 0.0%
      Information Technology 25.2% 23.3% 2.0%
      Materials 11.2% 7.0% 4.3%
      Real Estate 3.1% 2.6% 0.6%
      Telecommunication Services 3.1% 5.9% -2.8%
      Utilities 3.1% 2.9% 0.2%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Samsung Elec 6.8%
      Tencent Holdings 6.4%
      TSMC 5.9%
      iShares MSCI ETF 3.3%
      CCB 2.6%
      CNOOC 2.0%
      Itau Unibco Hldg 1.9%
      CMBC 1.6%
      Banco Bradesco 1.6%
      Petrobras 1.6%
      Top Ten Total (%) 33.7%

      Portfolio Statistics

      # of stocks 341
      Price Momentum 0
      EPS Growth (5 Year) 9
      P/B 2
      P/E (trailing 12 months) 14
      Median Market Cap ($MM) 6107
      Average Market Cap ($MM) 62231
      Cash % 1.0 %


      • 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 Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.
      1. Investment Minimums

        Individual Investors $5 Million
        Institutional Investors None
        Fee-based Accounts Offered By Financial Advisors None
        Certain other categories of investors may invest in Class I 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 0.55%
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.02%
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 2.20%
        Gross Expenses 2.77%
        Less: Fee Waivers –2.05%
        Net Expenses 0.72%
        Expense Cap+ 0.70%
        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, 2017
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.
      • Clifford S. Asness, Founder

        AQR Founder and Managing Principal Clifford S. Asness

        Managing & Founding Principal

        • 25 years of experience
        • 18 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.S., B.S., University of Pennsylvania
      • 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
        • 18 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 21 years of experience
        • 17 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania


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

    Ticker: QEMNX

    Investment Objective

    Seeks long-term capital appreciation.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.04 -$0.04 -0.33%
    As of: 2/23/2017
     
    • The Fund invests in stocks of large and mid-cap emerging market companies with positive momentum. A stock is considered to have positive momentum if it has performed well in the prior twelve months relative to other stocks in the same investment universe.

      The Fund uses a systematic approach to construct its portfolio that starts with the investment universe, ranks the stocks in the universe by their total return over the prior twelve months excluding the last month, selects those that rank in the top third, weights them by market capitalization, and rebalances at least quarterly.

      The Fund is expected to have annual turnover in excess of 100%, and will therefore employ optimization and other sophisticated techniques to keep transaction costs as low as possible. The Fund will maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs low.


      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.
      1. Monthly

        Period Ending: 01/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Emerging Momentum Style Fund 7.32% 7.32% 16.96% -3.57% 5/13/2014 2.97% 0.97% 0.95%
        MSCI Daily TR Net Emerging Markets Growth USD 6.42% 6.42% 22.46% -0.57% - - - -
        MSCI Emerging 5.47% 5.47% 25.41% -1.85% - - - -
      2.  
      3. Quarterly

        Period Ending: 12/30/2016
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Emerging Momentum Style Fund -6.60% 1.78% 1.78% -6.23% 5/13/2014 2.97% 0.97% 0.95%
        MSCI Daily TR Net Emerging Markets Growth USD -7.12% 7.59% 7.59% -2.90% - - - -
        MSCI Emerging -4.16% 11.19% 11.19% -3.87% - - - -


      • 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.

      • MSCI Emerging Markets Index – An index that is designed to measure equity market performance in global emerging markets. The Emerging Markets Index is a float-adjusted market capitalization index that consists of indices in 26 emerging economies.
      • 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, 2017
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.

       

    • As of: 12/31/2016

      Sector Exposures

        Emerging Momentum Style Fund Benchmark Fund-Index
      Consumer Discretionary 8.0% 10.3% -2.3%
      Consumer Staples 5.3% 7.3% -2.0%
      Energy 10.1% 8.3% 1.9%
      Financials 22.3% 24.4% -2.1%
      Health Care 2.7% 2.4% 0.3%
      Industrials 5.7% 5.8% 0.0%
      Information Technology 25.2% 23.3% 2.0%
      Materials 11.2% 7.0% 4.3%
      Real Estate 3.1% 2.6% 0.6%
      Telecommunication Services 3.1% 5.9% -2.8%
      Utilities 3.1% 2.9% 0.2%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Samsung Elec 6.8%
      Tencent Holdings 6.4%
      TSMC 5.9%
      iShares MSCI ETF 3.3%
      CCB 2.6%
      CNOOC 2.0%
      Itau Unibco Hldg 1.9%
      CMBC 1.6%
      Banco Bradesco 1.6%
      Petrobras 1.6%
      Top Ten Total (%) 33.7%

      Portfolio Statistics

      # of stocks 341
      Price Momentum 0
      EPS Growth (5 Year) 9
      P/B 2
      P/E (trailing 12 months) 14
      Median Market Cap ($MM) 6107
      Average Market Cap ($MM) 62231
      Cash % 1.0 %


      • 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 Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.
      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 0.55%
        Distribution (12b-1) Fee 0.25%
        Acquired Fund Fees 0.02%
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 2.15%
        Gross Expenses 2.97%
        Less: Fee Waivers –2.00%
        Net Expenses 0.97%
        Expense Cap+ 0.95%
        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, 2017
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.
      • Clifford S. Asness, Founder

        AQR Founder and Managing Principal Clifford S. Asness

        Managing & Founding Principal

        • 25 years of experience
        • 18 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.S., B.S., University of Pennsylvania
      • 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
        • 18 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 21 years of experience
        • 17 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania


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

    Ticker: QEMRX

    Investment Objective

    Seeks long-term capital appreciation.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.04 -$0.03 -0.33%
    As of: 2/23/2017
     
    • The Fund invests in stocks of large and mid-cap emerging market companies with positive momentum. A stock is considered to have positive momentum if it has performed well in the prior twelve months relative to other stocks in the same investment universe.

      The Fund uses a systematic approach to construct its portfolio that starts with the investment universe, ranks the stocks in the universe by their total return over the prior twelve months excluding the last month, selects those that rank in the top third, weights them by market capitalization, and rebalances at least quarterly.

      The Fund is expected to have annual turnover in excess of 100%, and will therefore employ optimization and other sophisticated techniques to keep transaction costs as low as possible. The Fund will maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs low.


      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.
      1. Monthly

        Period Ending: 01/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Emerging Momentum Style Fund 7.32% 7.32% 17.44% -3.23% 5/13/2014 2.71% 0.62% 0.60%
        MSCI Daily TR Net Emerging Markets Growth USD 6.42% 6.42% 22.46% -0.57% - - - -
        MSCI Emerging 5.47% 5.47% 25.41% -1.85% - - - -
      2.  
      3. Quarterly

        Period Ending: 12/30/2016
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Emerging Momentum Style Fund -6.43% 2.20% 2.20% -5.88% 5/13/2014 2.71% 0.62% 0.60%
        MSCI Daily TR Net Emerging Markets Growth USD -7.12% 7.59% 7.59% -2.90% - - - -
        MSCI Emerging -4.16% 11.19% 11.19% -3.87% - - - -


      • 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.

      • MSCI Emerging Markets Index – An index that is designed to measure equity market performance in global emerging markets. The Emerging Markets Index is a float-adjusted market capitalization index that consists of indices in 26 emerging economies.
      • 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, 2017
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.

       

      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 0.55%
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.02%
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 2.14%
        Gross Expenses 2.71%
        Less: Fee Waivers –2.09%
        Net Expenses 0.62%
        Expense Cap+ 0.60%
        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, 2017
        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • AQR Emerging Momentum Style Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. 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. The AQR Emerging Momentum Style Fund is new and has a limited operating history.
      • Clifford S. Asness, Founder

        AQR Founder and Managing Principal Clifford S. Asness

        Managing & Founding Principal

        • 25 years of experience
        • 18 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.S., B.S., University of Pennsylvania
      • 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
        • 18 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 21 years of experience
        • 17 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania


      • 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.