Fund Evaluator:
AQR Alternative Risk Premia N (QRPNX)
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Best Performing in Multistrategy Over the Last Year
| 31.5% | AQR Alternative Risk Premia N (QRPNX) |
| 17.0% | AQR Style Premia Alternative N (QSPNX) |
| 14.2% | Goldman Sachs Multi-Strategy Alts Inv (GIMMX) |
| 12.9% | Blackstone Alternative Multi-Strategy Y (BXMYX) |
| 12.7% | Goldman Sachs Absolute Ret Trckr Inv (GSRTX) |
Fund Details
AQR Alternative Risk Premia N Overview
AQR Alternative Risk Premia N (QRPNX) is an actively managed Alternative Multistrategy fund. AQR Funds launched the fund in 2017.
The investment seeks positive absolute returns. The advisor pursues the fund's investment objective by aiming to provide exposure to five separate investment styles: value, momentum, carry, defensive and trend using both long and short positions within the following asset groups: stocks, equity indices, bonds, interest rates, currencies and commodities. The fund will achieve its exposure to any of the Asset Groups by using derivatives or holding those assets directly. It will also use derivatives for hedging purposes.
About AQR Alternative Risk Premia N (QRPNX)
There are 7 members of the management team with an average tenure of 3.17 years: Jordan Brooks (2022), John Huss (2022), Nathan Sosner (2019), Erik Stamelos (2024), Laura Serban (2026), Bryan Kelly (2024), Tobias Moskowitz (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 Alternative Risk Premia N has 6442 securities in its portfolio. The top 10 holdings constitute 180.6% 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 Alternative Risk Premia N is part of the Alternative Strategies global asset class and is within the Alternative fund group. AQR Alternative Risk Premia N has -157.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.5%. There is 9.9% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 11.0% (178.6% domestic bond, -167.5% foreign bond and 0.0% convertible bond). AQR Alternative Risk Premia N has 28.1% of the portfolio in cash.
Assets Under Management
The fund has $57 million in total assets, which is below the $499 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.
QRPNX 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 Alternative Risk Premia N expense ratio is high compared to funds in the Multistrategy category. AQR Alternative Risk Premia N has an expense ratio of 5.31%, which is 158% 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 Alternative Risk Premia N has a portfolio turnover rate of 199%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 292% for the Multistrategy category.
Recently, in the month of June 2026, AQR Alternative Risk Premia N returned -0.1%, which earned it a grade of C, as the Multistrategy 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 Alternative Risk Premia N has a trailing yield of 0.97%, which is below the 2.90% 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 Alternative Risk Premia N Grades
Year to date, the fund has returned 16.9%, 12.5 percentage points better than the category, which translates into a grade of A. The fund has returned 31.5% over the past year (grade of A), 20.5% over the past three years (grade of A) and 19.1% per year over the past five years (grade of A).
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QRPNX 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 |
|
| QRPNX Return (NAV) | -0.1% | 7.2% | 31.5% | 20.5% | 19.1% | na |
| QRPNX Grade | C | A | A | A | A | na |
| +/- Category | -0.0% | 3.8% | 21.1% | 12.9% | 13.9% | na |
| Multistrategy Avg | -0.1% | 3.4% | 10.4% | 7.7% | 5.2% | 3.7% |
| QRPNX Tax Cost Ratio | na | na | 0.5% | 0.9% | 0.8% | na |
QRPNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QRPNX Return (NAV) | 16.9% | 23.1% | 18.3% | 7.2% | 24.8% | 14.0% | -21.2% | -3.2% | -7.7% | na | na |
| QRPNX Grade | A | A | A | B | A | A | F | F | F | na | na |
| +/- Category | 12.5% | 15.2% | 12.2% | 0.8% | 25.2% | 7.8% | -23.2% | -10.2% | -2.9% | na | na |
| Multistrategy Avg | 4.4% | 7.9% | 6.1% | 6.4% | -0.4% | 6.2% | 2.0% | 7.0% | -4.9% | 5.0% | 2.0% |
| Risk Measures | |
| Standard Deviation: | 10.9% |
| Total Risk Index: | 0.89 - Average |
| Category Risk Index: | 1.97 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 0.05 |
| R-Squared: | 0% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $689 Mil |
| Fund Total Assets: | $ 58 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 199% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 7.2 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Sosner Nathan (2019), Brooks Jordan (2022), Huss John (2022), Stamelos Erik (2024), Kelly Bryan (2024), Moskowitz Tobias (2024), Serban Laura (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 6442 |
| % in Top 10 Holdings: | 180.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -157.7% |
Portfolio Allocation |
|
| Domestic Stock: | 2.5% |
| Foreign Stock: | 9.9% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 178.6% |
| Foreign Bond: | -167.5% |
| Convertible Bond: | 0.0% |
| Other: | 48.2% |
| Cash: | 28.1% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | September 19, 2017 |
| 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 (%): | 5.31% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.06% |
| Share Class: | AQR Alternative Risk Premia R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
