Fund Evaluator:
AQR Small Cap Multi-Style I (QSMLX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
AQR Small Cap Multi-Style I Overview
AQR Small Cap Multi-Style I (QSMLX) is an actively managed U.S. Equity Small Blend 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, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity swaps, equity index swaps and real estate investment trusts or REIT-like entities) of small-cap companies. It generally invests in small-cap U.S. companies, which the Adviser generally considers to be those companies with market capitalizations within the range of the Russell 2000® Index at the time of purchase.
About AQR Small Cap Multi-Style I (QSMLX)
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 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. AQR Small Cap Multi-Style I has 552 securities in its portfolio. The top 10 holdings constitute 15.0% 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 Small Cap Multi-Style I is part of the Equity global asset class and is within the U.S. Equity fund group. AQR Small Cap Multi-Style I has 3.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.9%. There is 3.2% allocated to foreign stock, and 0.0% 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 Small Cap Multi-Style I has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $178 million in total assets, which is below the $685 million average for the Small Blend 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.
QSMLX 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 Small Cap Multi-Style I expense ratio is high compared to funds in the Small Blend category. AQR Small Cap Multi-Style I has an expense ratio of 0.94%, which is 10% lower than its category average, making the fund expense ratio grade a C. 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 Small Cap Multi-Style I has a portfolio turnover rate of 66%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, AQR Small Cap Multi-Style I returned -4.9%, which earned it a grade of F, as the Small Blend category had an average return of -2.8%. 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 Small Cap Multi-Style I has a trailing yield of 0.25%, which is below the 0.42% 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 Small Cap Multi-Style I Grades
Year to date, the fund has returned 21.8%, 3.7 percentage points better than the category, which translates into a grade of A. The fund has returned 38.2% over the past year (grade of A), 19.0% over the past three years (grade of A) and 11.5% per year over the past five years (grade of A) and 11.8% per year over the past 10 years (grade of A).
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QSMLX 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 |
|
| QSMLX Return (NAV) | -4.9% | 5.1% | 38.2% | 19.0% | 11.5% | 11.8% |
| QSMLX Grade | F | C | A | A | A | A |
| +/- Category | -2.0% | -0.1% | 10.0% | 5.6% | 3.9% | 1.5% |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| QSMLX Tax Cost Ratio | na | na | 2.4% | 2.3% | 1.8% | 1.7% |
QSMLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QSMLX Return (NAV) | 21.8% | 17.5% | 11.2% | 24.0% | -18.3% | 26.5% | 18.0% | 20.4% | -14.0% | 9.3% | 22.5% |
| QSMLX Grade | A | A | C | A | D | B | B | F | D | F | B |
| +/- Category | 3.7% | 9.6% | -0.3% | 7.5% | -1.8% | 3.3% | 3.6% | -5.1% | -2.2% | -4.8% | 2.3% |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 20.1% |
| Total Risk Index: | 1.64 - High |
| Category Risk Index: | 1.08 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 1.17 |
| R-Squared: | 58% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $363 Mil |
| Fund Total Assets: | $ 179 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 66% |
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: | 552 |
| % in Top 10 Holdings: | 15.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.2% |
Portfolio Allocation |
|
| Domestic Stock: | 88.9% |
| Foreign Stock: | 3.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 7.2% |
| 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 (%): | 0.94% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | AQR Small Cap Multi-Style I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
