Fund Evaluator:
AQR LSE Fusion I (QLFIX)
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Best Performing in Multi-Asset Overlay Over the Last Year
| 29.6% | AQR Trend Total Return Class N (QNZNX) |
| 28.8% | AQR CVX Fusion N (QCFNX) |
| 28.3% | Standpoint Multi-Asset Investor (REMIX) |
| 27.8% | Catalyst/Aspect Enhanced Multi-Asset I (CASIX) |
| 26.6% | AMG Systematica Trend-Enhanced Markets N (STMBX) |
Fund Details
AQR LSE Fusion I Overview
AQR LSE Fusion I (QLFIX) 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 (the “Strategic Equity Portfolio”), and the potential gains from a long-short equity portfolio that is designed to be market or beta neutral (the “Market Neutral Portfolio”).
About AQR LSE Fusion I (QLFIX)
There are 5 members of the management team with an average tenure of 1.10 years: John Huss (2025), Michele Aghassi (2025), Nathan Sosner (2025), Laura Serban (2025), Clifford Asness (2025). Management tenure is more important for actively managed funds than passive index funds.
AQR LSE Fusion I has 1880 securities in its portfolio. The top 10 holdings constitute 178.7% 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 LSE Fusion I is part of the Alternative Strategies global asset class and is within the Alternative fund group. AQR LSE Fusion I has 21.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 101.4%. There is 21.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 15.5% (15.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AQR LSE Fusion I has -100.1% of the portfolio in cash.
Assets Under Management
The fund has $16 million in total assets, which is below the $369 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.
QLFIX 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 LSE Fusion I expense ratio is high compared to funds in the Multi-Asset Overlay category. AQR LSE Fusion I has an expense ratio of 7.09%, which is 101% 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 LSE Fusion I has a portfolio turnover rate of 373%, 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 July 2026, AQR LSE Fusion I returned 1.9%, which earned it a grade of A, as the Multi-Asset Overlay category had an average return of 0.1%. 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 LSE Fusion I has a trailing yield of 0.22%, which is below the 0.87% 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 LSE Fusion I Grades
Year to date, the fund has returned -2.7%, 11.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 16.4% over the past year (grade of F).
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QLFIX 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 |
|
| QLFIX Return (NAV) | 1.9% | 3.2% | 16.4% | na | na | na |
| QLFIX Grade | A | B | F | na | na | na |
| +/- Category | 1.9% | 1.2% | -6.0% | na | na | na |
| Multi-Asset Overlay Avg | 0.1% | 2.0% | 22.4% | 12.6% | 6.0% | 7.5% |
| QLFIX Tax Cost Ratio | na | na | 0.1% | na | na | na |
QLFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QLFIX Return (NAV) | -2.7% | na | na | na | na | na | na | na | na | na | na |
| QLFIX Grade | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -11.0% | na | na | na | na | na | na | na | na | na | na |
| Multi-Asset Overlay Avg | 8.2% | 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: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $20 Mil |
| Fund Total Assets: | $ 17 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 373% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Huss John (2025), Aghassi Michele (2025), Sosner Nathan (2025), Serban Laura (2025), Asness Clifford (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 1880 |
| % in Top 10 Holdings: | 178.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.7% |
Portfolio Allocation |
|
| Domestic Stock: | 101.4% |
| Foreign Stock: | 21.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 15.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 61.5% |
| Cash: | -100.1% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | June 25, 2025 |
| 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 (%): | 7.09% ( Rating : High ) |
| Category Average Expense Ratio (%): | 3.52% |
| Share Class: | AQR LSE Fusion R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
