Morningstar

AQR Alternative Risk Premia Fund Class I QRPIX

Morningstar Medalist Rating
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  • NAV / 1-Day Return$17.82  /  +0.62%
  • Fund Size$1.1B
  • Adjusted Expense Ratio1.480%
  • Net Expense Ratio4.970%
  • Fee Level: DistributionAbove Average
  • Share Class TypeInstitutional
  • Morningstar CategoryMultistrategy
  • Alternative Style Box (Funds)Low/High
  • Minimum Initial Investment$5M
  • Investment StatusOpen
  • TTM Yield1.09%
  • Turnover Ratio199%
NAV and 1-Day Return as of

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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Portfolio Holdings QRPIX

More QRPIX Holdings
  • Current Portfolio Date
  • Equity Holdings—
  • Bond Holdings—
  • Other Holdings—
  • % Assets in Top 10 Holdings47.0
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

US DOLLAR

34.71212M
Cash and Equivalents

Limited Purpose Cash Investment

28.83176M
—

Ubs Relationship Fds

18.12111M
—

Ois Sofr /3.5% Usd0928

17.23105M
—

Ois Sofr /3.5% Usd0928

17.21105M
—

Ois Tonar /1.5% Jpy0628

16.2099M
—

Ois Tonar /1.5% Jpy0628

16.1899M
—

IRSIM BBR /4.5 AUD0928 Pay

14.9291M
Government

IRSIM BBR /4.5 AUD0928 Pay

14.9291M
Government

IRSIM BBR /4.5 AUD0928 Pay

13.5383M
Government

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