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The Fund seeks to exploit mispricings in markets through a diversified investment approach across merger arbitrage, convertible arbitrage and a suite of event-driven strategies.

Arbitrage strategies look for two related assets that are trading at different prices, then buy the cheaper one and sell short the more expensive one. The difference between the prices is the expected profit of the trade. AQRs Diversified Arbitrage Fund invests in three primary arbitrage strategies:

Merger Arbitrage consists of buying shares of the target company in a proposed merger, and hedging the exposure to the acquirer by shorting the stock of the acquiring company

Convertible Arbitrage consists of buying convertible securities and attempting to mitigate the risks associated with the investment by shorting the stock of the issuer

Event-Driven Investments involves various corporate actions where very similar assets begin to trade at different prices (e.g., the different share classes of a public companys stock)

Over time, the Fund seeks to balance its exposure equally among the three strategies while maintaining the ability to make tactical tilts based on each strategys conditional attractiveness.

Why Invest in the AQR Diversified Arbitrage Fund?

The Fund uses a systematic investment process to capture the liquidity/risk premium of market dislocations caused by event-induced capital flows.

Based on opportunities presented by the market, the Fund will tactically adjust strategy exposure and fund leverage. In order to effectively execute the strategy, liquidity provision exists across the entire investment process, from execution style to dynamic strategy exposure.

The Fund invests across Merger Arbitrage, Convertible Arbitrage and a suite of Event-Driven strategies. Arbitrage strategies seek to generate returns that are uncorrelated to traditional asset classes on average, and can increase a portfolios diversification.

All Fund Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities.

AQR Diversified Arbitrage Fund:This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Funds advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call for most recent month-end performance.

Performance shown prior to a share classs inception date reflects the historical performance of the Funds Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

* The Net Expense Ratio per the Funds latest Prospectus. The Adviser has contractually agreed to reimburse operating expenses of the Fund at least through January 28, 2020.For certain Funds, the Net Expense Ratio includes expenses related to dividends on short sales and/or interest on any borrowings.

ICE Bank of America Merrill Lynch 3 Month T-Bill Index: An index that tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months. Indexes are unmanaged and one cannot invest directly in an index.

AQR Diversified Arbitrage Fund:This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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Less: Fee Waivers and/or Expense Reimbursements

+ As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit All Other Expenses in the table above at no more than 0.20% for Class I Shares at least through April 30, 2020. All Other Expenses include all Fund operating expenses other than management fees and 12b-1 fees and exclude interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense relating to short sales, expenses related to class action claims and extraordinary expenses. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

* The Net Expense Ratio per the Funds latest Prospectus. The Adviser has contractually agreed to reimburse operating expenses of the Fund at least through January 28, 2020.For certain Funds, the Net Expense Ratio includes expenses related to dividends on short sales and/or interest on any borrowings.

AQR Diversified Arbitrage Fund:This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

**Reflects the Net Expense Ratio adjusted for certain investment related expenses, such as interest expense from borrowing and repurchase agreements and dividend expenses from investments on short sales, incurred directly by the Fund, none of which are paid to the Advisor.

An investment in any of the AQR Funds involves risk, including loss of principal. The value of the Funds portfolio holdings may fluctuate in response to events specific to the companies in which the Fund invests, as well as economic, political or social events in the United States or abroad. Please refer to the prospectus for complete information regarding all risks associated with the Funds. An investor considering the Funds should be able to tolerate potentially wide price fluctuations. The Funds are subject to high portfolio turnover risk as a result of frequent trading, and thus, will incur a higher level of brokerage fees and commissions, and cause a higher level of tax liability to shareholders in the Funds. The Funds may attempt to increase its income or total return through the use of securities lending, and they may be subject to the possibility of additional loss as a result of this investment technique.

Information about how each Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 will be available no later than August 31. Pleaseclick here to viewthe most recent Form N-PX for the AQR Funds.

An investment in the Fund involves risk, including loss of principal. The Fund is not suitable for all investors.

The Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. The use of derivative instruments exposes the Fund to additional risks and transaction costs. The Fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund

Please refer to the Prospectus for complete information regarding all risks associated with the Fund. Risk Allocation and attribution are based on estimated data, and may be subject to change.

Volatility: a statistical measure of the dispersion of returns for a given security or index.

Beta: A measure of systematic risk of a portfolio

Sharpe Ratio: a ratio which measures risk-adjusted performance

Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus containing this and other important information, please call 1- or click here to view or download a prospectus online. Read the prospectus carefully before you invest.

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Funds advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call for most recent month-end performance.

Performance shown prior to a share classs inception date reflects the historical performance of the Funds Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

© AQR Funds are distributed by ALPS Distributors, Inc. AQR Capital Management, LLC is the Investment Manager of the Funds and a federally registered investment adviser. ALPS Distributors is not affiliated with AQR Capital Management.

Investors should carefully considerthe investment objectives, risks, charges and expenses of the Funds before investing.To obtain a prospectus containing this and other important information, please call 1- orclick here to view or download a prospectus online. Read the prospectus carefully before you invest.

View definitions of benchmarks and other terms usedhere.

Diversification does not eliminate risk. Indexes are unmanaged and one cannot invest directly in an index.

The Adviser has contractually agreed to reimburse operating expenses of the Funds at least through January 28, 2020 for, Large Cap Defensive Style Fund, International Defensive Style Fund, Emerging Defensive Style Fund, Large Cap Momentum Style Fund, Small Cap Momentum Style Fund, International Momentum Style Fund, TM Large Cap Momentum Style Fund, TM Small Cap Momentum Style Fund, TM International Momentum Style Fund, Large Cap Multi-Style Fund, Small Cap Multi-Style Fund, International Multi-Style Fund, Emerging Multi-Style Fund, TM Large Cap Multi-Style Fund, TM Small Cap Multi-Style Fund, TM International Multi-Style Fund, TM Emerging Multi-Style Fund, Large Cap Relaxed Constraint Equity Fund,International Relaxed Constraint Equity Fund, Emerging Relaxed Constraint Equity Fund, Global Equity Fund, International Equity Fund, Core Plus Bond Fund and April 30, 2020 for Diversified Arbitrage Fund, Equity Market Neutral Fund, Global Macro Fund, Long/Short Equity Fund, Managed Futures Strategy Fund, Managed Futures Strategy HV Fund, Multi-Strategy Alternative Fund, Risk-Balanced Commodities Strategy Fund, Style Premia Alternative Fund, Style Premia Alternative LV Fund, Volatility Risk, Premium Fund, Multi-Asset Fund, Risk Parity II HV Fund, Risk Parity II MV Fund. For additional details on annual fund operating expenses for each Fund, please see the underlying Funds prospectus.

The information provided herein (including any separate documents that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information about our products and services and to otherwise provide general investment education. No information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as none of AQR Capital Management, LLC (AQR Capital) nor any of its affiliates is undertaking to provide investment advice, act as an adviser to any plan or entity subject to the Employee Retirement Income Security Act of 1974, as amended, individual retirement account or individual retirement annuity, or give advice in a fiduciary capacity with respect to the materials presented herein. If you are an individual retirement investor, contact your financial advisor or other fiduciary unrelated to AQR about whether any given investment idea, strategy, product or service described herein may be appropriate for your circumstances.

There are risks involved with investing including the possible loss of principal.

Past performance does not guarantee future results.

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