Fund Evaluator:
AQR Macro Opportunities N (QGMNX)
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Best Performing in Macro Trading Over the Last Year
| 22.8% | Dynamic Alpha Macro Institutional (DYMIX) |
| 13.6% | Quantified Alternative Investment Inv (QALTX) |
| -0.9% | AQR Macro Opportunities N (QGMNX) |
Fund Details
AQR Macro Opportunities N Overview
AQR Macro Opportunities N (QGMNX) is an actively managed Alternative Macro Trading fund. AQR Funds launched the fund in 2014.
The investment seeks positive absolute returns. The fund invests globally across a wide range of asset classes, including equities, fixed income, currencies and commodities, and may take both long and short positions in each of the asset classes or Instruments. The advisor has the flexibility to shift its allocation across asset classes and markets around the world, including emerging markets, based on the Adviser's assessment of their relative attractiveness.
About AQR Macro Opportunities N (QGMNX)
There are 6 members of the management team with an average tenure of 6.48 years: John Liew (2014), Jordan Brooks (2014), John Huss (2024), Jonathan Fader (2021), Erik Stamelos (2022), Bryan Kelly (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 ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. AQR Macro Opportunities N has 6766 securities in its portfolio. The top 10 holdings constitute 367.0% 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 Macro Opportunities N is part of the Alternative Strategies global asset class and is within the Alternative fund group. AQR Macro Opportunities N has -120.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 12.5%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 14.4% (135.2% domestic bond, -120.8% foreign bond and 0.0% convertible bond). AQR Macro Opportunities N has 18.6% of the portfolio in cash.
Assets Under Management
The fund has $4 million in total assets, which is below the $296 million average for the Macro Trading 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.
QGMNX 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 Macro Opportunities N expense ratio is high compared to funds in the Macro Trading category. AQR Macro Opportunities N has an expense ratio of 1.77%, which is 11% higher than its category average, making the fund expense ratio grade a D. 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 Macro Opportunities N has a portfolio turnover rate of 158%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 95% for the Macro Trading category.
Recently, in the month of July 2026, AQR Macro Opportunities N returned 0.2%, which earned it a grade of D, as the Macro Trading category had an average return of 0.3%. 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 Macro Opportunities N has a trailing yield of 1.21%, which is below the 1.90% 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 Macro Opportunities N Grades
Year to date, the fund has returned -0.5%, 5.9 percentage points worse than the category, which translates into a grade of F. The fund has returned -0.9% over the past year (grade of F), 1.6% over the past three years (grade of F) and 4.7% per year over the past five years (grade of D) and 3.3% per year over the past 10 years (grade of F).
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QGMNX 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 |
|
| QGMNX Return (NAV) | 0.2% | -2.2% | -0.9% | 1.6% | 4.7% | 3.3% |
| QGMNX Grade | D | D | F | F | D | F |
| +/- Category | -0.1% | -2.0% | -9.1% | -4.8% | -0.2% | -1.5% |
| Macro Trading Avg | 0.3% | -0.2% | 8.3% | 6.5% | 4.9% | 4.8% |
| QGMNX Tax Cost Ratio | na | na | 0.5% | 1.5% | 1.5% | 1.1% |
QGMNX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QGMNX Return (NAV) | -0.5% | 3.7% | -0.9% | -0.5% | 28.9% | -4.8% | 1.5% | 4.6% | 7.6% | -3.7% | -0.2% |
| QGMNX Grade | F | D | F | F | A | F | D | F | A | F | C |
| +/- Category | -5.9% | -3.0% | -7.4% | -4.9% | 24.5% | -7.6% | -2.9% | -4.3% | 8.1% | -10.3% | 0.6% |
| Macro Trading Avg | 5.4% | 6.6% | 6.5% | 4.4% | 4.4% | 2.8% | 4.4% | 8.9% | -0.5% | 6.7% | -0.8% |
| Risk Measures | |
| Standard Deviation: | 7.8% |
| Total Risk Index: | 0.63 - Below Average |
| Category Risk Index: | 1.17 - High |
| Category Risk Grade: | F (81% Rank) |
| Beta: | 0.03 |
| R-Squared: | 0% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1136 Mil |
| Fund Total Assets: | $ 4 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 158% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 12.3 years | |||
| Average Tenure: 6.5 years | |||
| Managers (Year): Liew John (2014), Brooks Jordan (2014), Fader Jonathan (2021), Stamelos Erik (2022), Kelly Bryan (2024), Huss John (2024) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 6766 |
| % in Top 10 Holdings: | 367.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -120.8% |
Portfolio Allocation |
|
| Domestic Stock: | 12.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 135.2% |
| Foreign Bond: | -120.8% |
| Convertible Bond: | 0.0% |
| Other: | 54.5% |
| Cash: | 18.6% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | April 8, 2014 |
| 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 (%): | 1.77% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.59% |
| Share Class: | AQR Macro Opportunities I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
