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Name

As of 05/03/2024

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 Diversifying Strategies Fund

QDSRX | Fund

$12.44

$395 M

10.27%

$1.28

2.57%

Vitals

YTD Return

10.7%

1 yr return

21.3%

3 Yr Avg Return

12.0%

5 Yr Avg Return

N/A

Net Assets

$395 M

Holdings in Top 10

100.0%

52 WEEK LOW AND HIGH

$12.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.57%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 14.00%

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 05/03/2024

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 Diversifying Strategies Fund

QDSRX | Fund

$12.44

$395 M

10.27%

$1.28

2.57%

QDSRX - Profile

Distributions

  • YTD Total Return 10.7%
  • 3 Yr Annualized Total Return 12.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.55%
DIVIDENDS
  • Dividend Yield 10.3%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    AQR Diversifying Strategies Fund
  • Fund Family Name
    AQR Funds
  • Inception Date
    Jun 08, 2020
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Lars Nielsen

Fund Description

The Fund pursues its investment objective by investing in a portfolio of mutual funds that are each managed by the Adviser (the “Affiliated Funds”). Through its investments in the Affiliated Funds, the Fund will have exposure across global markets, including developed and emerging markets, and across several asset classes, including equities, fixed-income, commodities and currencies. The Affiliated Funds take long and short positions in a wide range of securities, derivatives and other instruments.The Fund seeks to provide investors with:1) reduced correlation to stock and bond market movements, and2) multiple alternative return sources that are independent from traditional stock and bond markets.Under normal circumstances, the Fund primarily invests its assets in the Affiliated Funds. The Fund does not implement its principal investment strategy by investing directly in stocks, bonds, derivative instruments or other types of securities and instruments, but instead gains exposure to these types of investments through its investments in the Affiliated Funds. The securities and other instruments in which the Affiliated Funds invest include equity securities, debt securities of any quality or maturity (including high-yield debt (e.g., below investment grade or “junk: debt) and inflation-protected securities, such as TIPS), convertible securities, options, swaps (including credit default swaps), futures contracts and forward contracts.Investments in the Affiliated Funds. Allocation to the Affiliated Funds is designed to provide exposure to two different categories of alternative strategies:•Active Multi-Asset Strategies – these types of strategies seek to provide tactical and risk-managed allocations among major asset classes (e.g., equities, bonds, currencies) across global markets. These strategies are expected to have some correlation to traditional asset classes over the long term.•Absolute Return Strategies – these types of strategies seek to capture returns from both well-established investment styles (e.g., value and momentum) and certain strategies may also provide exposure to less accessible types of returns (e.g., merger and convertible arbitrage). These strategies tend to be uncorrelated to traditional asset classes over the long term. Absolute Return Strategies include exposure to:○Long/short strategies - taking long (or short) positions in investments deemed attractive (or unattractive) on a relative basis.○Directional strategies – taking long (or short) positions in investments deemed attractive (or unattractive) on an absolute basis.○Arbitrage strategies – these strategies include exposure to merger arbitrage, convertible arbitrage and other event-driven strategies.The Adviser may allocate the Fund’s assets to individual Affiliated Funds at its discretion where the Adviser deems it appropriate and in accordance with the Fund’s investment objective.Asset Allocation Investment Process. The Adviser determines how the Fund allocates and reallocates its assets among the Affiliated Funds in accordance with its proprietary allocation methodology that is designed to provide the Fund with exposure to a diversified set of alternative strategies over time. The Adviser will periodically review the investment strategies of the underlying Affiliated Funds and has discretion to modify these allocations, including adding or removing underlying Affiliated Funds, or rebalancing existing allocations, in accordance with a frequency it deems appropriate based upon current market conditions.Additional InformationWhile the Fund does not target any particular level of volatility, the Adviser, on average, expects that, through its investments in the Affiliated Funds, the Fund will realize an annualized volatility level of between 4% and 10% over time; however, the actual realized volatility level of the Fund may differ from this expected range over certain periods of time. Volatility is a statistical measurement of the dispersion of returns of a security or fund or index, as measured by the annualized standard deviation of its returns. Higher volatility generally indicates higher risk.A portion of the Fund's assets may be held in cash or cash equivalent investments, with one year or less to maturity, including, but not limited to, money market instruments and U.S. Government securities.
Read More

QDSRX - Performance

Return Ranking - Trailing

Period QDSRX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.7% -73.0% 19.4% 6.81%
1 Yr 21.3% -9.1% 86.9% N/A
3 Yr 12.0%* -9.5% 16.2% N/A
5 Yr N/A* -4.9% 14.4% N/A
10 Yr N/A* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period QDSRX Return Category Return Low Category Return High Rank in Category (%)
2023 -2.2% -22.7% 305.1% N/A
2022 6.1% -9.8% 27.3% N/A
2021 4.4% -20.8% 10.9% N/A
2020 N/A -12.4% 29.4% N/A
2019 N/A -10.5% 15.8% N/A

Total Return Ranking - Trailing

Period QDSRX Return Category Return Low Category Return High Rank in Category (%)
YTD 10.7% -73.0% 19.4% 6.81%
1 Yr 21.3% -13.4% 86.9% N/A
3 Yr 12.0%* -9.5% 16.2% N/A
5 Yr N/A* -5.3% 14.4% N/A
10 Yr N/A* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period QDSRX Return Category Return Low Category Return High Rank in Category (%)
2023 8.9% -22.7% 305.1% N/A
2022 14.8% -9.8% 27.3% N/A
2021 10.8% -20.8% 10.9% N/A
2020 N/A -8.4% 29.4% N/A
2019 N/A -10.2% 18.0% N/A

NAV & Total Return History

QDSRX - Holdings

Concentration Analysis

QDSRX Category Low Category High QDSRX % Rank
Net Assets 395 M 1.5 M 5.01 B 87.08%
Number of Holdings 7 4 4478 99.65%
Net Assets in Top 10 451 M -398 M 2.55 B 65.02%
Weighting of Top 10 100.01% 13.1% 100.0% 2.75%

Top 10 Holdings

  1. AQR Multi-Asset Fund, Class R6 30.16%
  2. AQR Equity Market Neutral Fund, Class R6 19.02%
  3. AQR Style Premia Alternative Fund, Class R6 18.15%
  4. AQR Macro Opportunities Fund, Class R6 12.46%
  5. AQR Managed Futures Strategy HV Fund, Class R6 11.48%
  6. AQR Diversified Arbitrage Fund, Class R6 6.70%
  7. Limited Purpose Cash Investment Fund 2.04%

Asset Allocation

Weighting Return Low Return High QDSRX % Rank
Convertible Bonds 		2.18% 0.00% 87.92% 10.25%
Cash 		2.04% -6278.21% 410.43% 97.88%
Stocks 		0.00% -3.75% 97.95% 48.06%
Preferred Stocks 		0.00% -0.12% 46.97% 11.66%
Other 		0.00% -21.53% 148.54% 9.89%
Bonds 		0.00% -326.45% 6347.80% 3.18%

QDSRX - Expenses

Operational Fees

QDSRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.57% 0.29% 31.15% 61.87%
Management Fee 0.00% 0.00% 2.50% 1.06%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

QDSRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

QDSRX 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.

QDSRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 14.00% 0.00% 491.00% 11.69%

QDSRX - Distributions

Dividend Yield Analysis

QDSRX Category Low Category High QDSRX % Rank
Dividend Yield 10.27% 0.00% 4.56% 79.15%

Dividend Distribution Analysis

QDSRX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

QDSRX Category Low Category High QDSRX % Rank
Net Income Ratio 4.55% -2.51% 6.83% 5.40%

Capital Gain Distribution Analysis

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

Distributions History

View More +

QDSRX - Fund Manager Analysis

Managers

Lars Nielsen

Start Date

Tenure

Tenure Rank

Jun 08, 2020

1.98

2.0%

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.

Yao Ooi

Start Date

Tenure

Tenure Rank

Jun 08, 2020

1.98

2.0%

Yao Hua Ooi is a Principal at AQR Capital Management, where he is the Head of our Macro and Multi-Strategy team. In this role, he leads the Research and Portfolio Management teams focused on AQR’s macro and multi-strategy funds, including the firm’s Managed Futures, Risk Parity, Alternative Risk Premia, Multi-Strategy, Multi-Asset and Global Macro products. His research has been published in the Journal of Financial Economics, the Journal of Portfolio Management, the Financial Analysts Journal and the Journal of Investment Management. He was named the 2013 Alternatives Fund Manager of the Year by Morningstar for his work on managed futures, and shared the 2013 Whitebox Prize for his work on time series momentum. Yao Hua earned a B.S. in economics and a B.S. in engineering from the Jerome Fisher Program in Management and Technology at the University of Pennsylvania, graduating summa cum laude.

Scott Metchick

Start Date

Tenure

Tenure Rank

Jun 08, 2020

1.98

2.0%

Scott Metchick is a Principal of the Adviser. Mr. Metchick joined the Adviser in 2012 where he is a senior member of the Research and Portfolio management team responsible for the firm’s Alternative Risk Premia and Multi-Strategy products. Mr. Metchick earned his B.S. in finance from Lehigh University.

Ashwin Thapar

Start Date

Tenure

Tenure Rank

Jun 08, 2020

1.98

2.0%

Ashwin Thapar is a Principal and senior member of the Research and Portfolio Management team at AQR Capital Management. In his role, he co-heads research and portfolio management efforts on AQR’s macro and multi-strategy funds, including the firm’s Managed Futures, Global Macro, Alternative Risk Premia and Multi-Strategy products. Ashwin has published research on topics including currency hedging, deep value and alternative risk premia investing and is a frequent conference presenter on these topics. Ashwin earned a B.Sc. in finance and a B.A. in mathematics from the University of Pennsylvania, graduating summa cum laude in both fields.

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.

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67

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