Fund Evaluator:
AQR Style Premia Alternative R6 (QSPRX)
Follow This Fund
Best Performing in Multistrategy Over the Last Year
| 35.9% | AQR Alternative Risk Premia N (QRPNX) |
| 21.4% | AQR Style Premia Alternative N (QSPNX) |
| 14.2% | Goldman Sachs Multi-Strategy Alts Inv (GIMMX) |
| 13.0% | AQR Diversifying Strategies N (QDSNX) |
| 12.7% | Blackstone Alternative Multi-Strategy Y (BXMYX) |
Fund Details
AQR Style Premia Alternative R6 Overview
AQR Style Premia Alternative R6 (QSPRX) is an actively managed Alternative Multistrategy fund. AQR Funds launched the fund in 2014.
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 R6 (QSPRX)
There are 6 members of the management team with an average tenure of 2.99 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 R6 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 R6 is part of the Alternative Strategies global asset class and is within the Alternative fund group. AQR Style Premia Alternative R6 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 R6 has 23.1% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $511 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.
QSPRX 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 R6 expense ratio is high compared to funds in the Multistrategy category. AQR Style Premia Alternative R6 has an expense ratio of 6.02%, which is 193% 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 R6 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 289% for the Multistrategy category.
Recently, in the month of July 2026, AQR Style Premia Alternative R6 returned 5.7%, which earned it a grade of A, as the Multistrategy category had an average return of 0.8%. 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 Style Premia Alternative R6 has a trailing yield of 2.23%, which is below the 2.97% 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 Style Premia Alternative R6 Grades
Year to date, the fund has returned 18.0%, 12.8 percentage points better than the category, which translates into a grade of A. The fund has returned 21.7% over the past year (grade of A), 20.9% over the past three years (grade of A) and 20.3% per year over the past five years (grade of A) and 7.9% per year over the past 10 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 Style Premia Alternative R6, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
QSPRX 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 |
|
| QSPRX Return (NAV) | 5.7% | 7.4% | 21.7% | 20.9% | 20.3% | 7.9% |
| QSPRX Grade | A | A | A | A | A | A |
| +/- Category | 4.9% | 5.6% | 10.9% | 13.2% | 14.9% | 4.2% |
| Multistrategy Avg | 0.8% | 1.8% | 10.8% | 7.7% | 5.3% | 3.7% |
| QSPRX Tax Cost Ratio | na | na | 1.1% | 3.8% | 4.7% | 2.8% |
QSPRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QSPRX Return (NAV) | 18.0% | 14.9% | 21.2% | 12.8% | 30.8% | 25.0% | -21.9% | -8.1% | -12.3% | 12.1% | -0.4% |
| QSPRX Grade | A | A | A | A | A | A | F | F | F | A | D |
| +/- Category | 12.8% | 7.1% | 15.0% | 6.4% | 31.2% | 18.8% | -23.9% | -15.1% | -7.5% | 7.1% | -2.3% |
| Multistrategy Avg | 5.3% | 7.8% | 6.1% | 6.4% | -0.4% | 6.2% | 2.0% | 7.0% | -4.9% | 5.0% | 2.0% |
| Risk Measures | |
| Standard Deviation: | 11.0% |
| Total Risk Index: | 0.89 - Average |
| Category Risk Index: | 1.97 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | -0.21 |
| R-Squared: | 6% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $2893 Mil |
| Fund Total Assets: | $1,452 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 142% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 4.6 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Brooks Jordan (2022), Huss John (2022), Asness Clifford (2022), Kelly Bryan (2024), Moskowitz Tobias (2024), Serban Laura (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 6264 |
| % in Top 10 Holdings: | 239.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 22.0% |
Portfolio Allocation |
|
| Domestic Stock: | -0.2% |
| Foreign Stock: | 21.2% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 14.3% |
| Foreign Bond: | 0.8% |
| Convertible Bond: | 0.0% |
| Other: | 40.5% |
| Cash: | 23.1% |
Purchase Information
| Fund Family: | AQR Funds |
| Phone Number: | 866-290-2688 |
| Website: | www.aqrfunds.com |
| Status: | Open |
| Inception Date: | September 2, 2014 |
| Min. Initial Purchase: | $50,000,000 |
| 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 (%): | 6.02% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.05% |
| Share Class: | AQR Style Premia Alternative I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
