AQR Equity Market Neutral Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, AQR Equity Market Neutral Fund held 1,876 positions with $2.87B in net assets. Its ten largest holdings made up 57.8% of the fund. The QMNIX share class costs 6.03% a year. Over the 12 months to May 2026, QMNIX returned 3.6%, with dividends reinvested. In 2026 Q2 it added 135 new positions and exited 71.
The AQR Equity Market Neutral Fund (the Fund) seeks positive absolute returns. As further described under Details About the AQR Equity Market Neutral Fund in the Funds prospectus, a positive absolute return seeks to earn a positive total return over a reasonable period of time regardless of market conditions or general market direction.
The fund takes long positions in equities it forecasts as undervalued using proprietary quantitative models across hundreds of signals, and simultaneously takes short positions in equities it forecasts as overvalued, targeting a portfolio beta of zero to equity markets. The strategy aims to generate positive absolute returns uncorrelated with equity market direction by offsetting long and short exposures. Because returns depend on the accuracy of the fund's price forecasts for individual securities, divergence from its objective is possible if those forecasts prove incorrect. The fund employs financial leverage through derivatives, which magnifies both gains and losses.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Limited Purpose Cash Investment Fund | 24.66% | $708.74M | — | — |
United States of America | 6.55% | $188.19M | — | — |
United States of America | 5.18% | $148.82M | — | — |
United States of America | 5.17% | $148.71M | — | — |
United States of America | 4.44% | $127.56M | — | — |
United States of America | 3.95% | $113.58M | — | — |
United States of America | 2.73% | $78.57M | — | — |
United States of America | 2.39% | $68.64M | — | — |
Sanofi SA | 1.40% | $40.18M | 469.9K | $85.50 |
Siemens Energy AG | 1.37% | $39.27M | 206.0K | $190.64 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,876 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Cash & short-term | 56.34% |
| Stocks | 6.97% |
| Other | 0.26% |
| Derivatives | 0.19% |
These positions come to 63.77% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
Derivatives are shown at market value, not notional exposure.
By sector
- International
- 34.2%
- Cash
- 19.5%
- Financials
- 8.7%
- Industrials
- 8.3%
- 9 other sectors
- 29.3%
- International
- 34.2%
- Cash
- 19.5%
- Financials
- 8.7%
- Industrials
- 8.3%
- Information Technology
- 7.1%
- Consumer Discretionary
- 5.9%
- Health Care
- 5.0%
- Energy
- 2.1%
- Consumer Staples
- 2.1%
- Real Estate
- 1.9%
- Utilities
- 1.9%
- Communication Services
- 1.8%
- Materials
- 1.5%
How it has done
QMNIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.98%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 6.03% | +3.62% | +72.67% | +118.93% | -7.05% | |
| 6.31% | +3.34% | +71.22% | +116.52% | -7.13% | |
| 5.91% | +3.76% | +73.20% | +120.11% | -7.00% |
These classes hold the same portfolio, so the 3.59pp spread over 5 years is the cost difference between them — roughly 0.72pp a year — not a difference in what they own.
Fees & fund details
AQR Equity Market Neutral Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 5.91% – 6.31%· QMNIX 6.03%
- Portfolio turnover
- 338.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
135 new· the largest 3
71 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.08 yr | 85% |
| 1 yr | 0.01 yr | 15% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.08 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.01 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.09 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — QMNIX, QQQ and the fund in my 401(k)?”
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