Fund Evaluator:
AQR Large Cap Defensive Style I (AUEIX)
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Best Performing in Large Blend Over the Last Year
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Fund Details
AQR Large Cap Defensive Style I Overview
AQR Large Cap Defensive Style I (AUEIX) is an actively managed U.S. Equity Large Blend fund. AQR Funds launched the fund in 2012.
The investment seeks total return. The fund’s portfolio will be managed by both overweighting and underweighting securities, industries, and sectors relative to the Russell 1000® Total Return Index. The manager will take both long and short positions in the equity securities in which it invests, as opposed to a traditional “long-only” portfolio which does not establish short positions.
About AQR Large Cap Defensive Style I (AUEIX)
There are 4 members of the management team with an average tenure of 5.79 years: John Huss (2022), Michele Aghassi (2016), Laura Serban (2023), Clifford Asness (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Russell 1000 TR USD index with a weighting of 100%. AQR Large Cap Defensive Style I has 179 securities in its portfolio. The top 10 holdings constitute 16.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
AQR Large Cap Defensive Style I is part of the Equity global asset class and is within the U.S. Equity fund group. AQR Large Cap Defensive Style I has 1.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.4%. There is 1.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AQR Large Cap Defensive Style I has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $801 million in total assets, which is below the $6 billion average for the Large Blend 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.
AUEIX 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 Large Cap Defensive Style I expense ratio is average compared to funds in the Large Blend category. AQR Large Cap Defensive Style I has an expense ratio of 0.59%, which is 27% 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 Large Cap Defensive Style I has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of August 2026, AQR Large Cap Defensive Style I returned 1.7%, which earned it a grade of D, as the Large Blend category had an average return of 2.1%. 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 Large Cap Defensive Style I has a trailing yield of 1.48%, which is above the 0.55% 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 Large Cap Defensive Style I Grades
Year to date, the fund has returned 10.0%, 1.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.3% over the past year (grade of F), 11.9% over the past three years (grade of F) and 5.8% per year over the past five years (grade of F) and 11.0% per year over the past 10 years (grade of F).
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AUEIX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AUEIX Return (NAV) | 1.7% | 3.5% | 9.3% | 11.9% | 5.8% | 11.0% |
| AUEIX Grade | D | B | F | F | F | F |
| +/- Category | -0.4% | 1.2% | -8.4% | -6.9% | -5.1% | -2.9% |
| Large Blend Avg | 2.1% | 2.3% | 17.6% | 18.8% | 11.0% | 13.9% |
| AUEIX Tax Cost Ratio | na | na | 4.5% | 4.7% | 3.5% | 2.1% |
AUEIX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AUEIX Return (NAV) | 10.0% | 7.0% | 13.9% | 9.4% | -13.8% | 23.5% | 13.1% | 28.6% | -0.3% | 22.1% | 12.3% |
| AUEIX Grade | D | F | F | F | A | F | F | D | A | B | B |
| +/- Category | -1.6% | -8.9% | -8.2% | -14.3% | 3.5% | -3.0% | -4.4% | -1.2% | 5.6% | 0.8% | 2.1% |
| Large Blend Avg | 11.6% | 15.8% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 8.8% |
| Total Risk Index: | 0.73 - Below Average |
| Category Risk Index: | 0.67 - Low |
| Category Risk Grade: | A (0% Rank) |
| Beta: | 0.47 |
| R-Squared: | 47% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1053 Mil |
| Fund Total Assets: | $ 801 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 10.5 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): Aghassi Michele (2016), Huss John (2022), Asness Clifford (2022), Serban Laura (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 179 |
| % in Top 10 Holdings: | 16.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.6% |
Portfolio Allocation |
|
| Domestic Stock: | 96.4% |
| Foreign Stock: | 1.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.8% |
| Cash: | 0.2% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | July 9, 2012 |
| Min. Initial Purchase: | $5,000,000 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.59% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | AQR Large Cap Defensive Style I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
