Fund Evaluator:
AQR International Multi-Style I (QICLX)
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Best Performing in Foreign Large Value Over the Last Year
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Fund Details
AQR International Multi-Style I Overview
AQR International Multi-Style I (QICLX) is an actively managed International Equity Foreign Large Value fund. AQR Funds launched the fund in 2013.
The investment seeks long-term capital appreciation. The fund pursues its investment objective by investing, under normal market conditions, in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity swaps, equity index swaps, depositary receipts, and real estate investment trusts (“REITs”) or REIT-like entities) of non-U.S. companies.
About AQR International Multi-Style I (QICLX)
There are 4 members of the management team with an average tenure of 6.94 years: John Huss (2022), Michele Aghassi (2020), Laura Serban (2023), Clifford Asness (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI World ex USA NR USD index with a weighting of 100%. AQR International Multi-Style I has 291 securities in its portfolio. The top 10 holdings constitute 20.2% 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 International Multi-Style I is part of the Equity global asset class and is within the International Equity fund group. AQR International Multi-Style I has 91.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.5%. There is 91.5% allocated to foreign stock, and 2.5% 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 International Multi-Style I has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $281 million in total assets, which is below the $976 million average for the Foreign Large Value 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.
QICLX 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 International Multi-Style I expense ratio is high compared to funds in the Foreign Large Value category. AQR International Multi-Style I has an expense ratio of 1.37%, which is 31% 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 International Multi-Style I has a portfolio turnover rate of 67%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Value category.
Recently, in the month of July 2026, AQR International Multi-Style I returned 2.5%, which earned it a grade of D, as the Foreign Large Value category had an average return of 3.8%. 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 International Multi-Style I has a trailing yield of 2.56%, which is below the 2.78% 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 International Multi-Style I Grades
Year to date, the fund has returned 12.3%, 2.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 27.0% over the past year (grade of D), 20.6% over the past three years (grade of B) and 12.0% per year over the past five years (grade of C) and 10.6% per year over the past 10 years (grade of B).
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QICLX 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 |
|
| QICLX Return (NAV) | 2.5% | 3.8% | 27.0% | 20.6% | 12.0% | 10.6% |
| QICLX Grade | D | F | D | B | C | B |
| +/- Category | -1.3% | -2.1% | -4.0% | 1.3% | -0.3% | 0.9% |
| Foreign Large Value Avg | 3.8% | 5.9% | 30.9% | 19.3% | 12.2% | 9.8% |
| QICLX Tax Cost Ratio | na | na | 2.4% | 1.7% | 1.5% | 1.3% |
QICLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QICLX Return (NAV) | 12.3% | 42.9% | 4.9% | 19.5% | -12.2% | 12.2% | 6.1% | 20.4% | -14.7% | 25.0% | -4.0% |
| QICLX Grade | D | B | C | B | D | C | B | B | B | B | F |
| +/- Category | -2.6% | 4.2% | 0.5% | 1.7% | -2.7% | -0.1% | 3.4% | 1.4% | 1.7% | 1.9% | -6.9% |
| Foreign Large Value Avg | 14.9% | 38.6% | 4.4% | 17.8% | -9.5% | 12.4% | 2.6% | 19.0% | -16.4% | 23.0% | 3.0% |
| Risk Measures | |
| Standard Deviation: | 12.2% |
| Total Risk Index: | 0.99 - Average |
| Category Risk Index: | 0.93 - Low |
| Category Risk Grade: | A (18% Rank) |
| Beta: | 0.79 |
| R-Squared: | 80% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1001 Mil |
| Fund Total Assets: | $ 282 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 67% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 13.4 years | |||
| Average Tenure: 6.9 years | |||
| Managers (Year): Asness Clifford (2013), Aghassi Michele (2020), Huss John (2022), Serban Laura (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 291 |
| % in Top 10 Holdings: | 20.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 91.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.5% |
| Foreign Stock: | 91.5% |
| Preferred Stock: | 2.5% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 4.8% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | March 26, 2013 |
| 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 (%): | 1.37% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | AQR International Multi-Style I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
