Fund Evaluator:
AQR Multi-Asset N (AQRNX)
Follow This Fund
Best Performing in Tactical Allocation Over the Last Year
| 62.5% | Quantified Evolution Plus Investor (QEVOX) |
| 35.2% | Teberg (TEBRX) |
| 30.8% | Potomac Defensive Bull - Instl (CRDBX) |
| 25.7% | ACR Opportunity Fund I Shares (ACROX) |
| 24.4% | Invesco Balanced-Risk Allocation Y (ABRYX) |
Fund Details
AQR Multi-Asset N Overview
AQR Multi-Asset N (AQRNX) is an actively managed Allocation Tactical Allocation fund. AQR Funds launched the fund in 2010.
The investment seeks total return. The adviser allocates the fund's assets among major asset classes. It will generally have some level of investment in the majority of asset classes and Instruments but there is no stated limit on the percentage of assets the fund can invest in a particular Instrument or the percentage of assets the adviser will allocate to any one asset class, and at times the adviser may focus on a small number of Instruments or asset classes. It is non-diversified.
About AQR Multi-Asset N (AQRNX)
There are 6 members of the management team with an average tenure of 6.09 years: John Liew (2010), Jordan Brooks (2022), John Huss (2015), Laura Serban (2026), Bryan Kelly (2024), Clifford Asness (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. AQR Multi-Asset N has 4660 securities in its portfolio. The top 10 holdings constitute 41.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
AQR Multi-Asset N is part of the Allocation global asset class and is within the Allocation fund group. AQR Multi-Asset N has 18.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 22.5%. There is 9.8% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 29.4% (21.1% domestic bond, 8.3% foreign bond and 0.0% convertible bond). AQR Multi-Asset N has 8.8% of the portfolio in cash.
Assets Under Management
The fund has $22 million in total assets, which is below the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AQRNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AQR Multi-Asset N expense ratio is high compared to funds in the Tactical Allocation category. AQR Multi-Asset N has an expense ratio of 1.32%, which is 25% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AQR Multi-Asset N has a portfolio turnover rate of 110%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, AQR Multi-Asset N returned 0.5%, which earned it a grade of A, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
AQR Multi-Asset N has a trailing yield of 3.38%, which is above the 2.86% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AQR Multi-Asset N Grades
Year to date, the fund has returned 8.7%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 18.1% over the past year (grade of B), 13.2% over the past three years (grade of A) and 7.3% per year over the past five years (grade of B) and 7.7% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about AQR Multi-Asset N, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
AQRNX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AQRNX Return (NAV) | 0.5% | 1.5% | 18.1% | 13.2% | 7.3% | 7.7% |
| AQRNX Grade | A | C | B | A | B | A |
| +/- Category | 1.4% | -0.0% | 1.9% | 2.6% | 2.0% | 1.4% |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| AQRNX Tax Cost Ratio | na | na | 1.5% | 0.9% | 1.6% | 1.9% |
AQRNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AQRNX Return (NAV) | 8.7% | 18.5% | 10.5% | 10.9% | -10.7% | 14.1% | 2.4% | 20.7% | -7.2% | 16.1% | 9.7% |
| AQRNX Grade | B | A | B | C | B | B | F | A | D | A | B |
| +/- Category | 0.3% | 5.8% | 1.6% | 0.2% | 2.4% | 1.4% | -7.8% | 7.1% | -1.0% | 2.9% | 4.0% |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 9.2% |
| Total Risk Index: | 0.75 - Below Average |
| Category Risk Index: | 0.89 - Average |
| Category Risk Grade: | C (45% Rank) |
| Beta: | 0.84 |
| R-Squared: | 73% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2994 Mil |
| Fund Total Assets: | $ 23 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 110% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 15.8 years | |||
| Average Tenure: 6.1 years | |||
| Managers (Year): Liew John (2010), Huss John (2015), Brooks Jordan (2022), Kelly Bryan (2024), Asness Clifford (2024), Serban Laura (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 4660 |
| % in Top 10 Holdings: | 41.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 18.1% |
Portfolio Allocation |
|
| Domestic Stock: | 22.5% |
| Foreign Stock: | 9.8% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 21.1% |
| Foreign Bond: | 8.3% |
| Convertible Bond: | 0.0% |
| Other: | 29.4% |
| Cash: | 8.8% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | September 30, 2010 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.32% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | AQR Multi-Asset I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
