AQR Multi-Asset Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, AQR Multi-Asset Fund held 903 positions with $2.75B in net assets. Its ten largest holdings made up 37.3% of the fund. The AQRNX share class costs 1.32% a year. Over the 12 months to May 2026, AQRNX returned 23.1%, with dividends reinvested. In 2026 Q2 it added 200 new positions and exited 129.
The AQR Multi-Asset Fund (the Fund) seeks total return . Total return consists of capital appreciation and income.
The fund allocates assets across developed market equities, government bonds, currencies, and commodities based on the adviser's assessment of risk and opportunity, using long and short positions in direct securities and derivatives including futures, swaps, and forwards. The adviser targets an annualized volatility of 7% to 13% and seeks to balance risk across asset classes, with lower-risk assets typically receiving higher notional allocations than higher-risk ones. The fund employs financial leverage through derivatives and short sales, which magnifies both gains and losses and increases volatility beyond what unlevered exposure would produce. Commodity exposure is obtained through a wholly-owned Cayman Islands subsidiary, into which the fund may invest up to 25% of its assets.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Limited Purpose Cash Investment Fund | 19.96% | $549.03M | — | — |
NVDANVIDIA Corp. | 2.43% | $66.82M | 334.0K | $200.09 |
United States of America | 2.14% | $58.93M | — | — |
United States of America 1.88% · due 2035-07-15 | 1.93% | $53.14M | — | — |
United States of America 2.13% · due 2035-01-15 | 1.88% | $51.80M | — | — |
United States of America 1.88% · due 2036-01-15 | 1.85% | $50.86M | — | — |
United States of America | 1.81% | $49.70M | — | — |
United States of America | 1.79% | $49.38M | — | — |
United States of America 1.88% · due 2034-07-15 | 1.77% | $48.64M | — | — |
United States of America 0.13% · due 2032-01-15 | 1.70% | $46.87M | — | — |
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 903 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%.
| Stocks | 39.99% |
| Cash & short-term | 30.91% |
| Bonds | 23.96% |
| Other | 0.53% |
| Derivatives | 0.40% |
Derivatives are shown at market value, not notional exposure.
By sector
- Cash
- 27.9%
- Government
- 21.6%
- International
- 16.0%
- Information Technology
- 12.8%
- 11 other sectors
- 21.8%
- Cash
- 27.9%
- Government
- 21.6%
- International
- 16.0%
- Information Technology
- 12.8%
- Financials
- 5.0%
- Consumer Discretionary
- 3.8%
- Health Care
- 3.7%
- Industrials
- 3.4%
- Communication Services
- 2.3%
- Energy
- 1.3%
- Consumer Staples
- 0.7%
- Other
- 0.6%
- Materials
- 0.5%
- Utilities
- 0.4%
- Real Estate
- 0.0%
How it has done
AQRNX share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.36%. 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 |
|---|---|---|---|---|---|
| 1.32% | +23.07% | +57.16% | +50.00% | -5.32% | |
| 1.05% | +23.39% | +58.35% | +51.86% | -5.30% | |
| 0.93% | +23.52% | +58.84% | +52.51% | -5.20% |
These classes hold the same portfolio, so the 2.51pp spread over 5 years is the cost difference between them — roughly 0.50pp a year — not a difference in what they own.
Fees & fund details
AQR Multi-Asset 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
- 0.93% – 1.32%· AQRNX 1.32%
- Portfolio turnover
- 110.00% 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.
200 new· the largest 2
129 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 3-5y | 3.6% |
| 5-10y | 87.4% |
| 10y+ | 9.0% |
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
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
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 | 90% |
| Credit spreads | 10% |
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 the fund's spread duration carried by each credit tier.
| Investment grade | +0.73 yr |
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 | 0.03 yr | 0% |
| 1 yr | 0.23 yr | 3% |
| 5 yr | 2.27 yr | 34% |
| 10 yr | 3.42 yr | 51% |
| 30 yr | 0.72 yr | 11% |
| 5 yr | 0.17 yr | 23% |
| 10 yr | 0.56 yr | 77% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.23 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +2.27 | +0.17 | +0.00 | $46.5k | $0 |
| 10 yr | +3.42 | +0.56 | +0.00 | $154.6k | $0 |
| 30 yr | +0.72 | +0.00 | +0.00 | $105 | $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 6.67 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.
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