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Name

As of 01/27/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AQR International Equity Fund

AQIRX | Fund

$8.88

$44.6 M

1.70%

$0.15

0.76%

Vitals

YTD Return

-0.3%

1 yr return

-19.5%

3 Yr Avg Return

-5.4%

5 Yr Avg Return

-6.1%

Net Assets

$44.6 M

Holdings in Top 10

26.5%

52 WEEK LOW AND HIGH

$8.9
$8.21
$11.24

Expenses

OPERATING FEES

Expense Ratio 0.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$50,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 01/27/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AQR International Equity Fund

AQIRX | Fund

$8.88

$44.6 M

1.70%

$0.15

0.76%

AQIRX - Profile

Distributions

  • YTD Total Return -0.3%
  • 3 Yr Annualized Total Return -5.4%
  • 5 Yr Annualized Total Return -6.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.41%
DIVIDENDS
  • Dividend Yield 1.7%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    AQR International Equity Fund
  • Fund Family Name
    AQR Funds
  • Inception Date
    Jan 08, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    John Liew

Fund Description

The Fund seeks to outperform, after expenses, the MSCI EAFE Index (the International Equity Benchmark) while seeking to control its tracking error relative to this benchmark. The Fund will target a forecasted tracking error generally in the range of 3-7% relative to the International Equity Benchmark over a long-term business cycle, but actual tracking error will vary based on market conditions, sector positioning, securities selection and other factors. The International Equity Benchmark is a free float-adjusted market capitalization index that is designed to measure the performance of equities in developed markets, excluding the United States and Canada.The Adviser uses a set of value, momentum and other factors to generate an investment portfolio based on the Adviser’s global asset allocation models and security selection procedures. The Adviser believes that a better risk-adjusted return may be achievable by applying both value and momentum strategies simultaneously:•Value strategies favor securities that appear cheap based on fundamental measures. Examples of value measures include using price-to-earnings and price-to-book ratios for choosing individual equities and countries, and purchasing power parity for choosing currencies.•Momentum strategies favor securities with measures of strong recent performance. Examples of momentum measures include simple price momentum for choosing individual equities and countries, and foreign exchange rate momentum for selecting currencies.•In addition to these two main strategies, the Adviser may use a number of additional quantitative strategies based on the Adviser’s proprietary research. These may include, but are not limited to, quality strategies (which favor stable companies in good business health, including those with strong profitability and stable earnings) and sentiment strategies (which favor companies favored by high-conviction investors or companies whose management is acting in shareholder-friendly ways).In seeking to achieve its investment objective, the Fund may enter into both “long” and “short” positions in equities and currencies using derivative instruments. The owner of a “long” position in a derivative instrument will benefit from an increase in the price of the underlying investment. The owner of a “short” position in a derivative instrument will benefit from a decrease in the price of the underlying investment.Generally, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equity and equity-related instruments (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, swaps on equity index futures, depositary receipts and real estate investment trusts or securities with similar characteristics). The Fund will invest in companies with a broad range of market capitalizations, including smaller capitalization companies. The Fund invests primarily in securities comprising the International Equity Benchmark and also invests to some extent in securities outside the International Equity Benchmark which the Adviser deems to have similar investment characteristics to the securities comprising the International Equity Benchmark. The Fund may invest in or use rights, warrants, equity swaps, financial futures contracts, swaps on futures contracts, forward foreign currency contracts and other types of derivative instruments in seeking to achieve its investment objective. A portion of the Fund’s assets will be held in cash or cash equivalents including, but not limited to, money market instruments, interests in short-term investment funds or shares of money market or short-term bond funds.The Fund may invest to a lesser extent in securities of issuers in countries and currencies not included in the International Equity Benchmark. However, the Adviser does not currently expect such securities to be a significant component of the Fund’s investment portfolio. In addition, although the United States is not included in the International Equity Benchmark, the Fund may have a significant long or short exposure to the U.S. dollar through the implementation of the Fund’s principal investment strategies.To attempt to increase its income or total return, the Fund may lend its portfolio securities to certain types of eligible borrowers.The Adviser believes that the management of transaction costs should be considered when determining whether an investment is attractive. Transaction costs include commissions, bid-ask spreads, market impact and time delays (time between decision and implementation when a market may move in favor of or against the Fund). The Adviser considers expected transaction costs both in its forecasting model and optimization process to seek to ensure that trades for the Fund will remain attractive after transaction costs are reflected.
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AQIRX - Performance

Return Ranking - Trailing

Period AQIRX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -28.5% 14.2% 94.13%
1 Yr -19.5% -37.9% 94.0% 97.03%
3 Yr -5.4%* -15.0% 119.8% 93.84%
5 Yr -6.1%* -11.3% 58.0% 93.60%
10 Yr N/A* -5.7% 10.4% 39.31%

* Annualized

Return Ranking - Calendar

Period AQIRX Return Category Return Low Category Return High Rank in Category (%)
2023 -20.3% -45.5% 71.3% 76.26%
2022 0.6% -15.8% 11.9% 70.83%
2021 0.8% -10.4% 121.9% 91.64%
2020 3.5% -33.7% 8.5% 86.51%
2019 -4.3% -13.0% 27.5% 64.12%

Total Return Ranking - Trailing

Period AQIRX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -28.5% 14.2% 94.13%
1 Yr -19.5% -37.9% 94.0% 97.03%
3 Yr -5.4%* -15.0% 119.8% 93.84%
5 Yr -6.1%* -11.3% 58.0% 95.24%
10 Yr N/A* -2.9% 10.4% 36.18%

* Annualized

Total Return Ranking - Calendar

Period AQIRX Return Category Return Low Category Return High Rank in Category (%)
2023 -20.3% -45.5% 71.3% 76.26%
2022 0.6% -15.8% 11.9% 70.83%
2021 0.8% -10.4% 121.9% 91.64%
2020 3.5% -18.0% 8.5% 86.51%
2019 -4.3% -13.0% 29.4% 74.25%

NAV & Total Return History

AQIRX - Holdings

Concentration Analysis

AQIRX Category Low Category High AQIRX % Rank
Net Assets 44.6 M 1.02 M 369 B 87.82%
Number of Holdings 1462 1 10801 7.19%
Net Assets in Top 10 9.58 M 0 34.5 B 90.85%
Weighting of Top 10 26.47% 1.6% 100.0% 45.71%

Top 10 Holdings

  1. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  2. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  3. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  4. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  5. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  6. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  7. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  8. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  9. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%
  10. Topix Indx Futr Equity Index 10/Jun/2021 Tpm1 21.87%

Asset Allocation

Weighting Return Low Return High AQIRX % Rank
Stocks 		86.96% 0.00% 122.60% 96.48%
Other 		8.24% -16.47% 17.36% 3.40%
Cash 		4.70% -65.15% 100.00% 13.20%
Bonds 		0.10% -10.79% 71.30% 9.40%
Preferred Stocks 		0.00% 0.00% 1.87% 83.27%
Convertible Bonds 		0.00% 0.00% 4.18% 83.53%

Stock Sector Breakdown

Weighting Return Low Return High AQIRX % Rank
Industrials 		21.45% 5.17% 99.49% 5.59%
Financial Services 		17.55% 0.00% 47.75% 51.93%
Basic Materials 		9.66% 0.00% 23.86% 20.11%
Healthcare 		9.16% 0.00% 21.35% 83.09%
Consumer Cyclical 		8.97% 0.00% 36.36% 74.57%
Energy 		8.37% 0.00% 16.89% 6.13%
Technology 		6.91% 0.00% 36.32% 89.21%
Communication Services 		6.27% 0.00% 21.69% 48.07%
Consumer Defense 		6.18% 0.00% 32.29% 89.75%
Utilities 		3.02% 0.00% 13.68% 44.61%
Real Estate 		2.44% 0.00% 14.59% 37.82%

Stock Geographic Breakdown

Weighting Return Low Return High AQIRX % Rank
Non US 		86.22% 0.00% 125.24% 87.84%
US 		0.74% -7.78% 68.98% 81.57%

AQIRX - Expenses

Operational Fees

AQIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.01% 3.96% 65.00%
Management Fee 0.65% 0.00% 1.60% 49.41%
12b-1 Fee N/A 0.00% 1.00% 17.41%
Administrative Fee N/A 0.01% 1.00% N/A

Sales Fees

AQIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

AQIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AQIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 247.00% 83.76%

AQIRX - Distributions

Dividend Yield Analysis

AQIRX Category Low Category High AQIRX % Rank
Dividend Yield 1.70% 0.00% 13.88% 0.52%

Dividend Distribution Analysis

AQIRX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Quarterly

Net Income Ratio Analysis

AQIRX Category Low Category High AQIRX % Rank
Net Income Ratio 2.41% -0.93% 6.38% 20.92%

Capital Gain Distribution Analysis

AQIRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

AQIRX - Fund Manager Analysis

Managers

John Liew

Start Date

Tenure

Tenure Rank

Aug 28, 2009

12.76

12.8%

Dr. Liew is a Founder and the head of the Global Asset Allocation team at of AQR, overseeing the research, portfolio management and trading associated with that strategy. Prior to AQR, he worked at Goldman, Sachs & Co. as a portfolio manager in the Asset Management Division where he developed and managed quantitative trading strategies. Dr. Liew began his career at Trout Trading, developing quantitative market-neutral stock-selection strategies. Dr Liew has published articles in The Journal of Portfolio Management and Financial Analysts Journal, and has received the Bernstein Fabozzi/Jacobs Levy award and the Graham and Dodd award for his articles. Dr. Liew is a member of the University of Chicago’s Board of Trustees and sits on the university’s investment committee. Dr Liew earned a B.A. in economics, an M.B.A. and a Ph.D. in finance from Chicago.

Clifford Asness

Start Date

Tenure

Tenure Rank

Aug 28, 2009

12.76

12.8%

Dr. Asness is a Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. He is an research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. Dr. Asness is on the editorial board of The Journal of Portfolio Management, the governing board of the Courant Institute of Mathematical Finance at NYU, the Board of Directors of the Q-Group.

Lars Nielsen

Start Date

Tenure

Tenure Rank

Jan 01, 2020

2.41

2.4%

Nielsen is a Principal of AQR Capital Management. Mr. Nielsen joined AQR in 2000 and currently serves as the co-head of portfolio management, research, risk and trading. He earned a B.Sc. and an M.Sc. in economics from the University of Copenhagen. Prior to joining the Adviser in 2000, he was an Analyst in the Quantitative Research Group of Danske Invest.

Andrea Frazzini

Start Date

Tenure

Tenure Rank

Jan 01, 2020

2.41

2.4%

Andrea Frazzini is a Principal at AQR Capital Management, where he is the Head of our Global Stock Selection team. He is also an Adjunct Professor of Finance at New York University’s Stern School of Business. He has published in top academic journals and won several awards for his research, including the Smith Breeden Award, the Fama-DFA Prize, the BGI Michael Brennan Award, several Bernstein Fabozzi/Jacobs Levy Awards and the PanAgora Crowell Memorial Prize. Prior to joining AQR, Andrea was an associate professor of finance at the University of Chicago’s Graduate School of Business and a Research Associate at the National Bureau of Economic Research. He also served as a consultant for DKR Capital Partners and J.P. Morgan Securities and was on the board of directors of the Center for Research in Security Prices at the University of Chicago. He earned a B.S. in economics from the University of Roma Tre, an M.S. in economics from the London School of Economics and a Ph.D. in economics from Yale University.

Jordan Brooks

Start Date

Tenure

Tenure Rank

Jan 01, 2022

0.41

0.4%

Jordan Brooks is a Principal at AQR Capital Management, where he is the Co-Head of the Macro Strategies Group. In this role, he oversees equity index, fixed income, currency, and risk parity research, and is a portfolio manager for the firm’s risk parity, global macro, and multi-strategy portfolios. Jordan is also a Lecturer in Management at Yale University and an Adjunct Professor of Finance at New York University. He has published numerous articles on fixed income, global macro, and the intersection of asset pricing and macroeconomics. Prior to joining AQR, Jordan was a teaching fellow in the economics department at New York University, and a dissertation intern in the division of monetary affairs at the Federal Reserve Board of Governors and in the capital markets group at the Federal Reserve Bank of New York. Jordan earned a B.A. in economics and mathematics from Boston College, and an M.A. and Ph.D., both in economics, from New York University.

John Huss

Start Date

Tenure

Tenure Rank

Jan 01, 2022

0.41

0.4%

John J. Huss, Principal, rejoined AQR in 2013 and oversees multi-asset class strategies as a researcher and portfolio manager. Mr. Huss rejoined the AQR Capital Management in 2013 and is a portfolio manager for the firm’s World Allocation strategy where he focuses on macroeconomic and portfolio construction research for risk parity and other asset allocation strategies. Prior to rejoining the firm, where he first worked from 2004 to 2008, Mr. Huss was a vice president in RBC’s Global Arbitrage and Trading division and a systematic portfolio manager for Tudor Investment Corp. Mr. Huss earned a B.S. in mathematics from the Massachusetts Institute of Technology.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.35 6.09 2.92

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