Fund Evaluator:
AQR Diversifying Strategies N (QDSNX)
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Best Performing in Multistrategy Over the Last Year
| 35.9% | AQR Alternative Risk Premia N (QRPNX) |
| 21.4% | AQR Style Premia Alternative N (QSPNX) |
| 14.2% | Goldman Sachs Multi-Strategy Alts Inv (GIMMX) |
| 13.0% | AQR Diversifying Strategies N (QDSNX) |
| 12.7% | Blackstone Alternative Multi-Strategy Y (BXMYX) |
Fund Details
AQR Diversifying Strategies N Overview
AQR Diversifying Strategies N (QDSNX) is an actively managed Alternative Multistrategy fund. AQR Funds launched the fund in 2020.
The investment seeks capital appreciation. The fund pursues its investment objective by investing in a portfolio of mutual funds that are each managed by the Adviser (the "affiliated funds"). Through its investments in the affiliated funds, it will have exposure across global markets, including developed and emerging markets, and across several asset classes, including equities, fixed-income, commodities and currencies. The affiliated funds take long and short positions in a wide range of securities, derivatives and other instruments.
About AQR Diversifying Strategies N (QDSNX)
There are 6 members of the management team with an average tenure of 3.10 years: John Liew (2023), Jordan Brooks (2022), John Huss (2022), Erik Stamelos (2024), Laura Serban (2026), Bryan Kelly (2023). 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 ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. AQR Diversifying Strategies N has 39 securities in its portfolio. The top 10 holdings constitute 100.0% 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 Diversifying Strategies N is part of the Alternative Strategies global asset class and is within the Alternative fund group. AQR Diversifying Strategies N has -82.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 8.5%. There is 9.0% allocated to foreign stock, and -0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 21.2% (112.7% domestic bond, -91.4% foreign bond and 3.6% convertible bond). AQR Diversifying Strategies N has 22.6% of the portfolio in cash.
Assets Under Management
The fund has $325 million in total assets, which is below the $511 million average for the Multistrategy 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.
QDSNX 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 Diversifying Strategies N expense ratio is high compared to funds in the Multistrategy category. AQR Diversifying Strategies N has an expense ratio of 3.48%, which is 69% higher than its category average, making the fund expense ratio grade a F. 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 Diversifying Strategies N has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 289% for the Multistrategy category.
Recently, in the month of July 2026, AQR Diversifying Strategies N returned 1.7%, which earned it a grade of A, as the Multistrategy category had an average return of 0.8%. 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 Diversifying Strategies N has a trailing yield of 1.89%, which is below the 2.97% category average. The fund normally distributes its income 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 Diversifying Strategies N Grades
Year to date, the fund has returned 5.5%, 0.3 percentage points better than the category, which translates into a grade of C. The fund has returned 13.0% over the past year (grade of B), 13.1% over the past three years (grade of A) and 11.7% per year over the past five years (grade of A).
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QDSNX 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 |
|
| QDSNX Return (NAV) | 1.7% | 1.2% | 13.0% | 13.1% | 11.7% | na |
| QDSNX Grade | A | D | B | A | A | na |
| +/- Category | 0.9% | -0.6% | 2.2% | 5.4% | 6.4% | na |
| Multistrategy Avg | 0.8% | 1.8% | 10.8% | 7.7% | 5.3% | 3.7% |
| QDSNX Tax Cost Ratio | na | na | 0.8% | 2.0% | 2.2% | na |
QDSNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QDSNX Return (NAV) | 5.5% | 16.1% | 13.0% | 8.5% | 14.5% | 10.4% | na | na | na | na | na |
| QDSNX Grade | C | A | A | B | A | A | na | na | na | na | na |
| +/- Category | 0.3% | 8.3% | 6.8% | 2.1% | 14.9% | 4.1% | na | na | na | na | na |
| Multistrategy Avg | 5.3% | 7.8% | 6.1% | 6.4% | -0.4% | 6.2% | 2.0% | 7.0% | -4.9% | 5.0% | 2.0% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.46 - Low |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (56% Rank) |
| Beta: | 0.08 |
| R-Squared: | 4% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $9024 Mil |
| Fund Total Assets: | $ 325 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 8% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 3.1 years | |||
| Managers (Year): Brooks Jordan (2022), Huss John (2022), Liew John (2023), Kelly Bryan (2023), Stamelos Erik (2024), Serban Laura (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 39 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -82.4% |
Portfolio Allocation |
|
| Domestic Stock: | 8.5% |
| Foreign Stock: | 9.0% |
| Preferred Stock: | -0.1% |
| Domestic Bond: | 112.7% |
| Foreign Bond: | -91.4% |
| Convertible Bond: | 3.6% |
| Other: | 35.2% |
| Cash: | 22.6% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | June 8, 2020 |
| 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 (%): | 3.48% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.05% |
| Share Class: | AQR Diversifying Strategies R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
