AQR Diversified Arbitrage Fund
ADAIX
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- AQR Diversified Arbitrage Fund (ADAIX) is an open-end mutual fund managed by AQR Capital Management, LLC that seeks long-term absolute positive returns through diversified arbitrage strategies exploiting mispricings in related securities. The Fund pursues exposure across merger arbitrage, convertible arbitrage, and corporate event-driven strategies, including opportunities from initial public offerings, business financings, restructurings, and other market dislocations across the corporate lifecycle; it employs long and short positions in equities, convertible bonds, debt securities, derivatives such as swaps, futures, forwards, options, warrants, rights, loans, and close-end funds, with current allocations showing approximately 44% long/14% short in merger arbitrage, 46% long/26% short in convertible arbitrage, and 32% long/7% short in event-driven strategies as of September 30, 2025. Available in Class I (ADAIX), Class N (ADANX), and Class R6 (QDARX) share classes, the Fund targets institutional and high-net-worth investors with a $5 million minimum initial investment for individual investors, features a net expense ratio of 1.87% (adjusted to 1.38% for certain investment-related expenses), and maintains assets under management of approximately $2.1 billion, benchmarked against the ICE BofA U.S. 3-Month Treasury Bill Index. Headquartered in Greenwich, Connecticut, with AQR Capital Management founded in 1998 and additional offices in Bangalore, Dubai, Munich, Hong Kong, London, and Sydney, the Fund operates primarily in U.S. markets but invests globally in securities with low correlation to broader equity markets. In recent developments, AQR Funds announced estimated income and capital gain distributions for 2025 and launched the AQR Fusion Mutual Fund series, comprising the AQR LSE Fusion Fund, AQR CVX Fusion Fund, AQR MS Fusion Fund, and AQR MS Fusion HV Fund, expanding its alternative investment offerings. An AQR Capital Management affiliate joined Elliott Investment Management and others in reviving appraisal arbitrage strategies in the Delaware Chancery Court as of December 2025, signaling active pursuit of event-driven opportunities amid heightened deal scrutiny. The Fund's management team, led by principals Jordan Brooks, Ph.D., Rocky Bryant, Mark L. Mitchell, Ph.D., and Todd C. Pulvino, Ph.D., with inception on January 15, 2009, continues to emphasize low sensitivity to traditional market risks through diversified, quantitative approaches.