ADAIX – Fund Analysis – AQR Diversified Arbitrage I | Morningstar

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Will ADAIX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

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Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable ADAIX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar

The People Pillar is our evaluation of the ADAIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar

The Parent Pillar is our rating of ADAIX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Diversifying strategy with evolving trade-offs.

Senior Analyst David Reyna

David Reyna

Senior Analyst

Summary

AQR Diversified Arbitrage mutual fund and Sustainable Corporate Arbitrage UCITS remain viable diversifiers within a broader portfolio, supported by a disciplined framework and an experienced team. However, the strategy’s elevated leverage, persistent net long exposure, and more complex implementation support a Process Pillar downgrade to Average from Above Average.

by David Reyna

Rated on Apr 27, 2026 Published on Apr 27, 2026

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