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Trending ETFs

AQR Large Cap Defensive Style Fund

mutual fund
QUERX
Payout Change
Pending
Price as of:
$26.32 -0.06 -0.23%
primary theme
U.S. Large-Cap Blend Equity
QUERX (Mutual Fund)

AQR Large Cap Defensive Style Fund

Payout Change
Pending
Price as of:
$26.32 -0.06 -0.23%
primary theme
U.S. Large-Cap Blend Equity
QUERX (Mutual Fund)

AQR Large Cap Defensive Style Fund

Payout Change
Pending
Price as of:
$26.32 -0.06 -0.23%
primary theme
U.S. Large-Cap Blend Equity

Name

As of 12/06/2024

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

$26.32

$2.41 B

2.05%

$0.54

0.31%

Vitals

YTD Return

20.0%

1 yr return

22.8%

3 Yr Avg Return

5.2%

5 Yr Avg Return

10.2%

Net Assets

$2.41 B

Holdings in Top 10

17.0%

52 WEEK LOW AND HIGH

$26.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.31%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 17.00%

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 12/06/2024

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

$26.32

$2.41 B

2.05%

$0.54

0.31%

QUERX - Profile

Distributions

  • YTD Total Return 20.0%
  • 3 Yr Annualized Total Return 5.2%
  • 5 Yr Annualized Total Return 10.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.20%
DIVIDENDS
  • Dividend Yield 2.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    AQR Large Cap Defensive Style Fund
  • Fund Family Name
    AQR Funds
  • Inception Date
    Sep 02, 2014
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrea Frazzini

Fund Description

The Fund pursues a “defensive” investment style, seeking to provide downside protection with upside potential through active stock selection, risk management and diversification.The Fund pursues its objective by investing, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) in Equity Instruments of large-cap issuers. Equity Instruments include common stock, preferred stock, warrants, exchange-traded funds that invest in equity securities, stock index futures, real estate investment trusts ("REITs") or REIT-like entities and other derivative instruments where the reference asset is an equity security. As of the date of this prospectus, the Adviser generally considers large-cap issuers to be those issuers with market capitalizations within the range of the Russell 1000® Index at the time of purchase. The Fund can invest in companies of any size and may invest in small- and mid-cap companies from time to time in the discretion of the Adviser. There is no guarantee that the Fund’s objective will be met.The Fund pursues a defensive investment style, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In other words, the Fund is generally expected to lag the performance of traditional U.S. equity funds when equity markets are rising, but to generally exceed the performance of traditional U.S. equity funds during equity market declines. To achieve this result, the Fund will be broadly diversified across companies and industries and will invest in companies that the Adviser has identified to have low measures of risk and high quality (e.g., stable companies in good business health). The Adviser believes that the stocks of these types of companies may tend to be lower “beta” stocks and that lower “beta” stocks generally are less volatile than higher “beta” stocks (that is, their value has a lower sensitivity to fluctuations in the securities markets). The Adviser expects low “beta” and high quality stocks to produce higher risk-adjusted returns over a full market cycle than high “beta” or poor quality stocks.The Fund is actively managed and the Adviser will vary the Fund’s exposures to issuers and industries based on the Adviser’s evaluation of investment opportunities. In constructing the portfolio, the Adviser uses quantitative models, which combine active management to identify quality companies and statistical measures of risk to assure diversification by issuer and industry, as well as additional criteria that form part of the Adviser’s security selection process. The Adviser uses volatility and correlation forecasting and other portfolio construction methodologies to manage the Fund. The Adviser utilizes quantitative risk models in furtherance of the Fund’s investment objective, which seek to control portfolio level risk. Shifts in allocations among issuers and industries will be determined using the quantitative models based on the Adviser’s determinations of risk and quality, as well as other factors including, but not limited to, managing industry and sector exposures. The Fund bears the risk that the quantitative models used by the portfolio managers will not be successful in forecasting market returns or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.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; andchoosing 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 as well as exchange-traded funds and similar pooled investment vehicles for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. The Fund may invest in short-term instruments, including U.S. Government securities, bank certificates of deposit, money market instruments or funds, and such other liquid investments deemed appropriate by the Adviser. The Fund may invest in these securities without limit for temporary defensive purposes.There is no assurance that the Fund’s use of Equity Instruments providing enhanced exposure will enable the Fund to achieve its investment objective.The Adviser utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each Equity Instrument.
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QUERX - Performance

Return Ranking - Trailing

Period QUERX Return Category Return Low Category Return High Rank in Category (%)
YTD 20.0% 6.3% 46.9% 82.16%
1 Yr 22.8% 8.6% 56.2% 91.82%
3 Yr 5.2%* -10.2% 18.5% 92.91%
5 Yr 10.2%* -7.7% 111.2% 92.22%
10 Yr 11.5%* -0.2% 52.6% 55.22%

* Annualized

Return Ranking - Calendar

Period QUERX Return Category Return Low Category Return High Rank in Category (%)
2023 -12.1% -42.6% 47.4% 99.42%
2022 -21.9% -56.3% -4.2% 58.24%
2021 20.3% -27.2% 537.8% 36.60%
2020 11.7% -22.5% 2181.7% 47.85%
2019 27.3% -13.5% 40.4% 26.18%

Total Return Ranking - Trailing

Period QUERX Return Category Return Low Category Return High Rank in Category (%)
YTD 20.0% 6.3% 46.9% 82.16%
1 Yr 22.8% 8.6% 56.2% 91.82%
3 Yr 5.2%* -10.2% 18.5% 92.91%
5 Yr 10.2%* -7.7% 111.2% 92.22%
10 Yr 11.5%* -0.2% 52.6% 55.22%

* Annualized

Total Return Ranking - Calendar

Period QUERX Return Category Return Low Category Return High Rank in Category (%)
2023 9.5% -5.0% 47.4% 96.36%
2022 -13.7% -36.8% -2.2% 19.38%
2021 23.5% 3.0% 537.8% 83.01%
2020 13.2% -15.8% 2266.0% 75.59%
2019 28.8% -0.4% 241.3% 62.12%

NAV & Total Return History


QUERX - Holdings

Concentration Analysis

QUERX Category Low Category High QUERX % Rank
Net Assets 2.41 B 2.34 M 1.55 T 42.17%
Number of Holdings 163 2 3963 40.44%
Net Assets in Top 10 429 M 880 K 525 B 53.13%
Weighting of Top 10 17.04% 0.3% 111.6% 98.26%

Top 10 Holdings

  1. Limited Purpose Cash Investment Fund 3.41%
  2. Walmart, Inc. 1.64%
  3. Cisco Systems, Inc. 1.60%
  4. Progressive Corp. (The) 1.60%
  5. Mastercard, Inc., Class A 1.50%
  6. CME Group, Inc. 1.49%
  7. Lockheed Martin Corp. 1.47%
  8. Apple, Inc. 1.46%
  9. Visa, Inc., Class A 1.45%
  10. Coca-Cola Co. (The) 1.44%

Asset Allocation

Weighting Return Low Return High QUERX % Rank
Stocks
96.38% 0.00% 105.79% 86.66%
Cash
3.54% 0.00% 99.07% 12.03%
Other
0.08% -13.91% 100.00% 20.02%
Preferred Stocks
0.00% 0.00% 2.03% 82.13%
Convertible Bonds
0.00% 0.00% 5.54% 81.32%
Bonds
0.00% 0.00% 93.85% 81.96%

Stock Sector Breakdown

Weighting Return Low Return High QUERX % Rank
Consumer Defense
19.02% 0.00% 47.71% 1.26%
Healthcare
16.13% 0.00% 52.29% 21.73%
Financial Services
15.83% 0.00% 55.59% 22.99%
Technology
12.20% 0.00% 48.94% 94.13%
Industrials
10.46% 0.00% 29.90% 32.30%
Consumer Cyclical
7.53% 0.00% 30.33% 83.89%
Utilities
5.41% 0.00% 20.91% 7.55%
Basic Materials
5.33% 0.00% 25.70% 9.90%
Communication Services
3.73% 0.00% 27.94% 90.44%
Energy
3.12% 0.00% 41.64% 68.79%
Real Estate
1.25% 0.00% 31.91% 80.20%

Stock Geographic Breakdown

Weighting Return Low Return High QUERX % Rank
US
96.38% 0.00% 105.79% 76.28%
Non US
0.00% 0.00% 63.83% 83.94%

QUERX - Expenses

Operational Fees

QUERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.31% 0.01% 19.75% 83.58%
Management Fee 0.25% 0.00% 1.90% 27.90%
12b-1 Fee N/A 0.00% 1.00% 14.74%
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

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

Trading Fees

QUERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

QUERX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 0.00% 268.00% 38.51%

QUERX - Distributions

Dividend Yield Analysis

QUERX Category Low Category High QUERX % Rank
Dividend Yield 2.05% 0.00% 25.47% 0.50%

Dividend Distribution Analysis

QUERX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Quarterly

Net Income Ratio Analysis

QUERX Category Low Category High QUERX % Rank
Net Income Ratio 1.20% -54.00% 2.44% 20.88%

Capital Gain Distribution Analysis

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

Distributions History

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QUERX - Fund Manager Analysis

Managers

Andrea Frazzini


Start Date

Tenure

Tenure Rank

Jul 09, 2012

9.9

9.9%

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.

Michele Aghassi


Start Date

Tenure

Tenure Rank

Mar 16, 2016

6.21

6.2%

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.

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.

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.

Clifford Asness


Start Date

Tenure

Tenure Rank

Jan 01, 2022

0.41

0.4%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.25 2.42