Fund Evaluator:

AQR Style Premia Alternative N Overview

AQR Style Premia Alternative N (QSPNX) is an actively managed Alternative Multistrategy fund. AQR Funds launched the fund in 2013.

The investment seeks positive absolute returns. The fund pursues its investment objective by aiming to provide exposure to four separate investment styles ("Styles"): value, momentum, carry and defensive, using both "long" and "short" positions within the following asset groups ("Asset Groups"): equities, bonds, interest rates, commodities and currencies. It will achieve its exposure to any of the Asset Groups by using derivatives or holding those assets directly.

About AQR Style Premia Alternative N (QSPNX)

There are 6 members of the management team with an average tenure of 2.91 years: Jordan Brooks (2022), John Huss (2022), Laura Serban (2026), Bryan Kelly (2024), Tobias Moskowitz (2024), Clifford Asness (2022). 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 Style Premia Alternative N has 6264 securities in its portfolio. The top 10 holdings constitute 239.9% 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 Style Premia Alternative N is part of the Alternative Strategies global asset class and is within the Alternative fund group. AQR Style Premia Alternative N has 22.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.2%. There is 21.2% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 15.1% (14.3% domestic bond, 0.8% foreign bond and 0.0% convertible bond). AQR Style Premia Alternative N has 23.1% of the portfolio in cash.

Assets Under Management

The fund has $102 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.

QSPNX 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 Style Premia Alternative N expense ratio is high compared to funds in the Multistrategy category. AQR Style Premia Alternative N has an expense ratio of 6.40%, which is 211% 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 Style Premia Alternative N has a portfolio turnover rate of 142%, 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 Style Premia Alternative N returned 0.6%, which earned it a grade of B, 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 Style Premia Alternative N has a trailing yield of 2.14%, which is below the 2.90% 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 Style Premia Alternative N Grades

Year to date, the fund has returned 11.6%, 7.2 percentage points better than the category, which translates into a grade of A. The fund has returned 17.0% over the past year (grade of A), 18.0% over the past three years (grade of A) and 19.0% per year over the past five years (grade of A) and 6.9% per year over the past 10 years (grade of A).

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