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AQR Alternative Risk Premia Fund Class I QRPIX Fund Analysis

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Morningstar’s Analysis QRPIX

Will QRPIX outperform in the future?

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

  • Process Pillar

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

  • People Pillar

    The People Pillar is our evaluation of the QRPIX 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 QRPIX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Strong 2025 results extend the recovery from the strategy’s historical bias for the value factor and ensuing drawdown, but style balance across cycles remains a watchpoint.

Senior Analyst Jodi Lim

Jodi Lim

Senior Analyst

Summary

AQR Alternative Risk Premia is a market-neutral, multi-asset long-short strategy constructed around five risk premia across major asset groups. It is built around four well-known style premia: value, momentum, carry, and defensive—alongside a separate trend-following sleeve that draws more heavily on macro inputs than style-factor momentum. Management targets a long-run Sharpe ratio of 0.7 and a volatility target of 8% annualized.

by Jodi Lim
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