Morningstar

AQR Style Premia Alternative Fund Class N QSPNX

Morningstar Medalist Rating
Medalist Rating as of | See AQR Investment Hub
  • NAV / 1-Day Return 9.75  /  +0.83 %
  • Total Assets 2.6B
  • Adj. Expense Ratio
    1.800%
  • Expense Ratio 6.350%
  • Distribution Fee Level High
  • Share Class Type No Load
  • Category Multistrategy
  • Investment Style Mid Value
  • Min. Initial Investment 2,500
  • Status Open
  • TTM Yield 2.14%
  • Turnover 142%

USD | NAV as of Jul 17, 2026 | 1-Day Return as of Jul 17, 2026, 11:04 PM GMT+0

Morningstar’s Analysis QSPNX

Will QSPNX 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 QSPNX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the QSPNX 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 QSPNX’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 Style Premia is a market-neutral, multi-asset long-short strategy designed to harvest four well-known risk premia—value, momentum, carry, and defensive—implemented across stocks and industries, equity indexes, fixed income, currencies, and commodities. Management targets long-run Sharpe ratios of 0.70 for the mutual fund and trust and 0.60 for the UCITS vehicle. Volatility targets differ by wrapper: The Australia-based trust targets 12% annualized volatility, while the other vehicles generally aim for 10%. The UCITS fund is more constrained, excluding commodities and promoting environmental, social, and governance characteristics.

by Jodi Lim
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings QSPNX

More QSPNX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 38.4
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

US DOLLAR

29.98 842M
Cash and Equivalents

Ois Sofr /3.5% Usd0928

25.75 723M
—

Ois Sofr /3.5% Usd0928

25.72 723M
—

Ois Tonar /1.5% Jpy0628

24.64 692M
—

Ois Tonar /1.5% Jpy0628

24.63 692M
—

IRSIM BBR /4.5 AUD0928 Pay

22.76 640M
Government

IRSIM BBR /4.5 AUD0928 Pay

22.76 640M
Government

IRSIM BBR /4.5 AUD0928 Pay

22.76 639M
Government

IRSIM BBR /4.5 AUD0928 Pay

22.76 639M
Government

IRSIM BBR /4 NZD0928 Pay

20.87 586M
Government

Sponsor Center