AQR Style Premia Alternative Fund
AQR Funds · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
AQR Style Premia Alternative Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q2
The AQR Style Premia Alternative Fund (the Fund) seeks positive absolute returns. As further described under Details About the AQR Style Premia Alternative 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 employs a systematic bottom-up process that ranks investments across five asset groups—equities, bonds, interest rates, commodities, and currencies—according to four styles: value (favoring cheap assets), momentum (favoring recent outperformers), carry (favoring high-yielding assets), and defensive (favoring low-risk assets). Each style contributes equally to risk within each asset group, and asset groups are sized to maintain risk balance across the fund; the fund targets 10% annualized volatility and uses long and short positions in equities, futures, forwards, and swaps to implement these exposures globally. Commodity exposure is obtained through a wholly-owned Cayman Islands subsidiary, which may hold up to 25% of the fund's total assets. Because the fund's actual volatility may materially exceed or fall short of its 8–15% forecasted range depending on market conditions, realized returns will diverge from the target.
| Share class | Expense ratio |
|---|---|
| QSPIX | 6.13% |
| QSPNX | 6.40% |
| QSPRX | 6.02% |
Portfolio turnover 142.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Cash & short-term | 43.78% |
| Stocks | 8.87% |
| Other | 0.49% |
| Derivatives | 0.33% |
These positions come to 53.47% 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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| International | 32.4% |
| Cash | 16.7% |
| Information Technology | 11.4% |
| Financials | 8.2% |
| 10 smaller | 31.3% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +19.57% | +68.07% | +137.67% | 4.87% | -7.30% | |
| +19.21% | +66.74% | +134.42% | 4.82% | -7.28% | |
| +19.67% | +68.39% | +138.58% | 4.88% | -7.26% |
These classes hold the same portfolio, so the 4.15pp spread over 5 years is the cost difference between them — roughly 0.83pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
| 1 yr | 1.45 yr | 88% |
| 10 yr | 0.20 yr | 12% |
3 mo and 5 yr and 30 yr are NEGATIVE (-0.06 yr, -0.48 yr, -0.37 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.06 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +1.45 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | -0.48 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.20 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | -0.37 | +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 0.74 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Limited Purpose Cash Investment Fund | 20.16% | — | $511.56M | — |
| — | United States of America | 3.11% | — | $78.88M | — |
| — | United States of America | 2.58% | — | $65.53M | — |
| — | United States of America | 2.33% | — | $59.25M | — |
| — | Goldman Sachs Financial Square Funds - Treasury Instruments Fund | 2.23% | — | $56.45M | — |
| — | United States of America | 2.03% | — | $51.49M | — |
| — | United States of America | 1.94% | — | $49.18M | — |
| — | United States of America | 1.56% | — | $39.56M | — |
| — | United States of America | 1.47% | — | $37.38M | — |
| CNC | Centene Corp.CNC | 1.45% | $64.19 | $36.77M | 572.9K |
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.
Top 10 positions are 38.87% of net assets, top 25 55.81%, across 2.0K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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