Fund Evaluator:
AQR CVX Fusion N (QCFNX)
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Best Performing in Multi-Asset Overlay Over the Last Year
| 30.6% | AQR CVX Fusion N (QCFNX) |
| 30.0% | AQR Trend Total Return Class N (QNZNX) |
| 29.5% | AMG Systematica Trend-Enhanced Markets N (STMBX) |
| 26.9% | Standpoint Multi-Asset Investor (REMIX) |
| 26.3% | Catalyst/Aspect Enhanced Multi-Asset I (CASIX) |
Fund Details
AQR CVX Fusion N Overview
AQR CVX Fusion N (QCFNX) is an actively managed Alternative Multi-Asset Overlay fund. AQR Funds launched the fund in 2025.
The investment seeks capital appreciation. The fund seeks to provide investors with two different sources of return: strategic exposure to equity markets, and the potential gains from a trend-following approach (the “Trend-following Portfolio”). Within the exposure to equity markets, the adviser, on average, intends to target a portfolio beta of approximately 1.0 to the equity markets in which the fund invests over a normal business cycle.
About AQR CVX Fusion N (QCFNX)
There are 8 members of the management team with an average tenure of 1.03 years: John Liew (2025), Jordan Brooks (2025), John Huss (2025), Nathan Sosner (2025), Erik Stamelos (2025), Fred Liu (2025), James Lofton (2025), Clifford Asness (2025). Management tenure is more important for actively managed funds than passive index funds.
AQR CVX Fusion N has 4899 securities in its portfolio. The top 10 holdings constitute 162.4% 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 CVX Fusion N is part of the Alternative Strategies global asset class and is within the Alternative fund group. AQR CVX Fusion N has -2.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 9.9%. There is -7.9% allocated to foreign stock, and -0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -1.1% (-6.2% domestic bond, 5.1% foreign bond and 0.0% convertible bond). AQR CVX Fusion N has 40.5% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $368 million average for the Multi-Asset Overlay 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.
QCFNX 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 CVX Fusion N expense ratio is high compared to funds in the Multi-Asset Overlay category. AQR CVX Fusion N has an expense ratio of 2.65%, which is 25% lower than its category average, making the fund expense ratio grade a C. 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 CVX Fusion N has a portfolio turnover rate of 317%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 155% for the Multi-Asset Overlay category.
Recently, in the month of June 2026, AQR CVX Fusion N returned -2.8%, which earned it a grade of C, as the Multi-Asset Overlay category had an average return of -1.9%. 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 CVX Fusion N has a trailing yield of 0.80%, which is below the 0.85% 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 CVX Fusion N Grades
Year to date, the fund has returned 13.3%, 5.0 percentage points better than the category, which translates into a grade of A. The fund has returned 30.6% over the past year (grade of A).
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QCFNX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| QCFNX Return (NAV) | -2.8% | 12.2% | 30.6% | na | na | na |
| QCFNX Grade | C | B | A | na | na | na |
| +/- Category | -0.9% | 1.7% | 7.1% | na | na | na |
| Multi-Asset Overlay Avg | -1.9% | 10.6% | 23.5% | 13.6% | 6.5% | 8.1% |
| QCFNX Tax Cost Ratio | na | na | 2.0% | na | na | na |
QCFNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QCFNX Return (NAV) | 13.3% | na | na | na | na | na | na | na | na | na | na |
| QCFNX Grade | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 5.0% | na | na | na | na | na | na | na | na | na | na |
| Multi-Asset Overlay Avg | 8.3% | 9.3% | 14.9% | 9.8% | -2.4% | 18.4% | 7.9% | 18.5% | -4.9% | 11.9% | 14.2% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $52 Mil |
| Fund Total Assets: | $ 9 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 317% |
Management Team
| Number of Managers: 8 | |||
| Longest Tenure: 1.0 years | |||
| Average Tenure: 1.0 years | |||
| Managers (Year): Liew John (2025), Brooks Jordan (2025), Huss John (2025), Sosner Nathan (2025), Stamelos Erik (2025), Liu Fred (2025), Lofton James (2025), Asness Clifford (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 4899 |
| % in Top 10 Holdings: | 162.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -2.9% |
Portfolio Allocation |
|
| Domestic Stock: | 9.9% |
| Foreign Stock: | -7.9% |
| Preferred Stock: | -0.2% |
| Domestic Bond: | -6.2% |
| Foreign Bond: | 5.1% |
| Convertible Bond: | 0.0% |
| Other: | 58.9% |
| Cash: | 40.5% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | June 18, 2025 |
| 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 (%): | 2.65% ( Rating : High ) |
| Category Average Expense Ratio (%): | 3.52% |
| Share Class: | AQR CVX Fusion R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
