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AQR Small Cap Momentum Style Fund
mutual fund
QSMRX
Payout Change
Pending
Price as of:
$23.92
-0.12
-0.5%
primary theme
U.S. Small-Cap Growth Equity
share class
QSMRX (Mutual Fund)
AQR Small Cap Momentum Style Fund
Payout Change
Pending
Price as of:
$23.92
-0.12
-0.5%
primary theme
U.S. Small-Cap Growth Equity
share class
QSMRX (Mutual Fund)
AQR Small Cap Momentum Style Fund
Payout Change
Pending
Price as of:
$23.92
-0.12
-0.5%
primary theme
U.S. Small-Cap Growth Equity
share class
Name
As of 12/13/2024Price
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
Vitals
YTD Return
23.9%
1 yr return
27.6%
3 Yr Avg Return
6.7%
5 Yr Avg Return
11.7%
Net Assets
$136 M
Holdings in Top 10
12.5%
52 WEEK LOW AND HIGH
$24.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.61%
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 12/13/2024Price
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
QSMRX - Profile
Distributions
- YTD Total Return 23.9%
- 3 Yr Annualized Total Return 6.7%
- 5 Yr Annualized Total Return 11.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.11%
- Dividend Yield 0.7%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameAQR Small Cap Momentum Style Fund
-
Fund Family NameAQR FUNDS
-
Inception DateJul 10, 2014
-
Shares OutstandingN/A
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerClifford Asness
Fund Description
The Fund pursues a momentum investment style by investing primarily in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures and real estate investment trusts ("REITs") or REIT-like entities) of small-cap companies traded on a principal U.S. exchange or over-the-counter market that the Adviser determines to have positive momentum. The Adviser considers a security to have positive momentum primarily if it has outperformed other securities on a relative basis over a recent time period. Relative performance may be based on price momentum, earnings momentum, or other types of momentum, and will generally be measured over time periods ranging from one to twelve months. The criteria the Adviser uses for determining positive momentum may change from time to time.Under normal market circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in small-cap U.S. companies. As of the date of this prospectus, the Adviser considers small-cap U.S. companies to be those companies with market capitalizations within the range of the Russell 2000® Index at the time of purchase.The Adviser determines the weight of each security in the portfolio using a combination of the market capitalization of the security and the Adviser’s determination of the attractiveness of the security based on the Adviser’s assessment of the security’s momentum and additional criteria that form part of the Adviser’s security selection process. The Adviserutilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.When selecting securities for the portfolio, the Adviser will employ tax management strategies which consider the potential impact of federal income tax on shareholders’ investment return. These tax management strategies are generally designed to both (i) reduce the Fund’s overall realization of capital gains, and (ii) minimize the Fund’s realized short-term capital gains as a percentage of the Fund’s total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund’s short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders’ investment returns include:•when believed by the Adviser to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;•deferring realizations of net capital gains;•limiting portfolio turnover that may result in taxable gains; and•choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund’s assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.
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QSMRX - Performance
Return Ranking - Trailing
| Period | QSMRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 23.9% | -60.4% | 86.4% | 23.70% |
| 1 Yr | 27.6% | -57.4% | 88.1% | 23.33% |
| 3 Yr | 6.7%* | -15.0% | 63.0% | 11.07% |
| 5 Yr | 11.7%* | -10.4% | 48.0% | 18.40% |
| 10 Yr | 10.0%* | -3.9% | 25.6% | 45.60% |
* Annualized
Return Ranking - Calendar
| Period | QSMRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 13.7% | -20.5% | 54.6% | 56.69% |
| 2022 | -20.1% | -82.1% | 32.2% | 5.82% |
| 2021 | -7.9% | -90.6% | 300.1% | 50.38% |
| 2020 | 19.4% | -63.0% | 127.9% | 82.78% |
| 2019 | 21.2% | -7.7% | 42.9% | 55.73% |
Total Return Ranking - Trailing
| Period | QSMRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 23.9% | -60.4% | 86.4% | 23.70% |
| 1 Yr | 27.6% | -57.4% | 88.1% | 23.33% |
| 3 Yr | 6.7%* | -15.0% | 63.0% | 11.07% |
| 5 Yr | 11.7%* | -10.4% | 48.0% | 18.40% |
| 10 Yr | 10.0%* | -3.9% | 25.6% | 45.60% |
* Annualized
Total Return Ranking - Calendar
| Period | QSMRX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 18.5% | -19.0% | 136.8% | 33.09% |
| 2022 | -19.5% | -59.9% | 44.3% | 10.69% |
| 2021 | 15.2% | -22.7% | 411.9% | 27.74% |
| 2020 | 25.7% | 1.5% | 150.8% | 85.13% |
| 2019 | 26.7% | 5.5% | 55.3% | 62.98% |
NAV & Total Return History
QSMRX - Holdings
Concentration Analysis
| QSMRX | Category Low | Category High | QSMRX % Rank | |
|---|---|---|---|---|
| Net Assets | 136 M | 209 K | 34.3 B | 83.89% |
| Number of Holdings | 648 | 7 | 1226 | 2.59% |
| Net Assets in Top 10 | 17.2 M | 53.8 K | 3.02 B | 90.19% |
| Weighting of Top 10 | 12.53% | 7.5% | 100.0% | 93.69% |
Top 10 Holdings
- Limited Purpose Cash Investment Fund 4.81%
- Sprouts Farmers Market, Inc. 1.09%
- Summit Therapeutics, Inc. 1.03%
- Mr Cooper Group, Inc. 0.98%
- Vaxcyte, Inc. 0.83%
- Mueller Industries, Inc. 0.79%
- Applied Industrial Technologies, Inc. 0.78%
- Modine Manufacturing Co. 0.76%
- PennyMac Financial Services, Inc. 0.75%
- Insmed, Inc. 0.71%
Asset Allocation
| Weighting | Return Low | Return High | QSMRX % Rank | |
|---|---|---|---|---|
| Stocks | 94.93% | 92.05% | 107.62% | 94.26% |
| Cash | 4.90% | 0.00% | 28.78% | 12.04% |
| Other | 0.17% | -0.26% | 6.70% | 21.67% |
| Preferred Stocks | 0.00% | 0.00% | 4.59% | 80.00% |
| Convertible Bonds | 0.00% | 0.00% | 1.57% | 77.04% |
| Bonds | 0.00% | 0.00% | 2.40% | 77.78% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | QSMRX % Rank | |
|---|---|---|---|---|
| Industrials | 16.22% | 0.00% | 36.64% | 62.41% |
| Financial Services | 13.25% | 0.00% | 42.95% | 17.59% |
| Technology | 13.24% | 2.91% | 75.51% | 94.63% |
| Consumer Cyclical | 12.29% | 0.00% | 24.04% | 50.19% |
| Healthcare | 12.22% | 0.00% | 47.90% | 92.96% |
| Energy | 11.04% | 0.00% | 55.49% | 3.33% |
| Real Estate | 8.56% | 0.00% | 15.31% | 5.00% |
| Basic Materials | 4.10% | 0.00% | 9.24% | 21.48% |
| Communication Services | 3.84% | 0.00% | 15.31% | 22.96% |
| Consumer Defense | 3.26% | 0.00% | 13.56% | 64.26% |
| Utilities | 1.99% | 0.00% | 5.57% | 7.04% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | QSMRX % Rank | |
|---|---|---|---|---|
| US | 94.93% | 17.30% | 107.62% | 83.33% |
| Non US | 0.00% | 0.00% | 77.12% | 81.85% |
QSMRX - Expenses
Operational Fees
| QSMRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.61% | 0.05% | 23.20% | 95.92% |
| Management Fee | 0.45% | 0.05% | 1.62% | 6.49% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 15.92% |
| Administrative Fee | N/A | 0.01% | 0.40% | N/A |
Sales Fees
| QSMRX 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% | 5.00% | N/A |
Trading Fees
| QSMRX 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.
| QSMRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 3.00% | 264.00% | 67.57% |
QSMRX - Distributions
Dividend Yield Analysis
| QSMRX | Category Low | Category High | QSMRX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.72% | 0.00% | 6.91% | 1.48% |
Dividend Distribution Analysis
| QSMRX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| QSMRX | Category Low | Category High | QSMRX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.11% | -2.47% | 1.10% | 6.74% |
Capital Gain Distribution Analysis
| QSMRX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 18, 2023 | $0.175 | OrdinaryDividend |
| Dec 18, 2023 | $0.607 | CapitalGainLongTerm |
| Dec 19, 2022 | $0.116 | OrdinaryDividend |
| Dec 23, 2021 | $5.275 | OrdinaryDividend |
| May 26, 2021 | $0.041 | OrdinaryDividend |
| Dec 22, 2020 | $1.264 | OrdinaryDividend |
| Dec 23, 2019 | $0.127 | OrdinaryDividend |
| Dec 23, 2019 | $0.744 | CapitalGainLongTerm |
| Dec 19, 2018 | $0.079 | CapitalGainShortTerm |
| Dec 19, 2018 | $4.622 | CapitalGainLongTerm |
| Dec 19, 2018 | $0.071 | OrdinaryDividend |
| Dec 20, 2017 | $2.260 | CapitalGainLongTerm |
| Dec 20, 2017 | $0.087 | OrdinaryDividend |
| Dec 20, 2016 | $0.194 | OrdinaryDividend |
| Dec 21, 2015 | $0.085 | CapitalGainLongTerm |
| Dec 21, 2015 | $0.184 | OrdinaryDividend |
| Dec 19, 2014 | $0.074 | OrdinaryDividend |
| Dec 19, 2014 | $0.449 | CapitalGainShortTerm |
| Dec 19, 2014 | $1.906 | CapitalGainLongTerm |
QSMRX - Fund Manager Analysis
Managers
Clifford Asness
Start Date
Tenure
Tenure Rank
Jul 09, 2009
12.9
12.9%
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.
Andrea Frazzini
Start Date
Tenure
Tenure Rank
May 01, 2012
10.09
10.1%
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.
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.
Michele Aghassi
Start Date
Tenure
Tenure Rank
Jan 01, 2020
2.41
2.4%
Michele Aghassi is a Principal at AQR Capital Management, where she serves as a portfolio manager for the firm's equity strategies. Throughout her tenure at AQR, she has been a leader in research and strategy development, contributing to the advancement of the stock selection investment process. She played a key role in launching the firm’s emerging equities strategy in 2008 and developed the proprietary robust optimization technology that AQR uses to build portfolios. In addition to her responsibilities at AQR, she serves on the Editorial Advisory Board of The Journal of Portfolio Management. Earlier in her career, Michele worked as a quantitative analyst in the proprietary equities department of D.E. Shaw & Co. Michele graduated magna cum laude from Brown University with a B.Sc. in applied mathematics and subsequently earned a Ph.D. in operations research from the Massachusetts Institute of Technology, where she was a National Science Foundation Graduate Research Fellow and an MIT Presidential Graduate Fellow.
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 | 30.44 | 9.17 | 5.25 |
