Fund Evaluator:
AQR Trend Total Return Class N (QNZNX)
Follow This Fund
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 Trend Total Return Class N Overview
AQR Trend Total Return Class N (QNZNX) is an actively managed Alternative Multi-Asset Overlay fund. AQR Funds launched the fund in 2021.
The investment seeks capital appreciation. The fund pursues its investment objective by allocating assets among four major asset classes (commodities, currencies, equities and fixed income). The fund may either invest directly in the Instruments or indirectly by investing in the subsidiary that invests in the Instruments.
About AQR Trend Total Return Class N (QNZNX)
There are 7 members of the management team with an average tenure of 2.49 years: John Liew (2021), Jordan Brooks (2024), John Huss (2025), Erik Stamelos (2024), Fred Liu (2024), James Lofton (2024), Clifford Asness (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. AQR Trend Total Return Class N has 5536 securities in its portfolio. The top 10 holdings constitute 183.3% 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 Trend Total Return Class N is part of the Alternative Strategies global asset class and is within the Alternative fund group. AQR Trend Total Return Class N has -249.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.9%. There is -3.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 24.8% (270.9% domestic bond, -246.2% foreign bond and 0.0% convertible bond). AQR Trend Total Return Class N has 18.9% of the portfolio in cash.
Assets Under Management
The fund has $85 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.
QNZNX 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 Trend Total Return Class N expense ratio is high compared to funds in the Multi-Asset Overlay category. AQR Trend Total Return Class N has an expense ratio of 3.57%, which is 1% 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 Trend Total Return Class N has a portfolio turnover rate of 461%, 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 Trend Total Return Class N returned -3.0%, which earned it a grade of D, 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 Trend Total Return Class N has a trailing yield of 0.76%, 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 Trend Total Return Class N Grades
Year to date, the fund has returned 12.4%, 4.1 percentage points better than the category, which translates into a grade of B. The fund has returned 30.0% over the past year (grade of A) and 28.5% over the past three years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about AQR Trend Total Return Class N, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
QNZNX 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 |
|
| QNZNX Return (NAV) | -3.0% | 5.1% | 30.0% | 28.5% | na | na |
| QNZNX Grade | D | F | A | A | na | na |
| +/- Category | -1.1% | -5.5% | 6.5% | 14.9% | na | na |
| Multi-Asset Overlay Avg | -1.9% | 10.6% | 23.5% | 13.6% | 6.5% | 8.1% |
| QNZNX Tax Cost Ratio | na | na | 0.4% | 4.6% | na | na |
QNZNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QNZNX Return (NAV) | 12.4% | 22.9% | 34.5% | 23.3% | 15.1% | na | na | na | na | na | na |
| QNZNX Grade | B | A | A | B | A | na | na | na | na | na | na |
| +/- Category | 4.1% | 13.6% | 19.6% | 13.4% | 17.5% | 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: | 9.3% |
| Total Risk Index: | 0.76 - Below Average |
| Category Risk Index: | 0.74 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | 0.39 |
| R-Squared: | 29% |
| 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: | $391 Mil |
| Fund Total Assets: | $ 86 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 461% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 4.5 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Liew John (2021), Asness Clifford (2021), Brooks Jordan (2024), Stamelos Erik (2024), Liu Fred (2024), Lofton James (2024), Huss John (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 5536 |
| % in Top 10 Holdings: | 183.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -249.3% |
Portfolio Allocation |
|
| Domestic Stock: | 4.9% |
| Foreign Stock: | -3.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 270.9% |
| Foreign Bond: | -246.2% |
| Convertible Bond: | 0.0% |
| Other: | 54.5% |
| Cash: | 18.9% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | December 16, 2021 |
| 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 (%): | 3.57% ( Rating : High ) |
| Category Average Expense Ratio (%): | 3.52% |
| Share Class: | AQR Trend Total Return Class R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
