AQR Long-Short Equity N
QLENX
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- AQR Long-Short Equity Fund (QLENX) is an actively managed mutual fund that seeks capital appreciation through a systematic, quantitative long-short equity strategy, going long on stocks expected to outperform and short on those anticipated to underperform while maintaining moderate net market exposure of approximately 3%. The fund employs proprietary models analyzing hundreds of investment signals across stocks and sectors to derive views for security selection; it invests globally in equities across developed markets including the United States, Japan, France, the United Kingdom, Canada, Switzerland, Australia, Germany, and others, with significant long and short positions in sectors such as financials, industrials, health care, information technology, and consumer discretionary, as reflected in its portfolio of roughly 946 long holdings and 894 short holdings. QLENX, the Class N share of the broader AQR Long-Short Equity Fund family managed by AQR Capital Management, LLC, was incepted on July 16, 2013, with headquarters in Greenwich, Connecticut. The fund offers investors access to this hedge fund-like strategy in a mutual fund structure, featuring no sales loads, deferred sales loads, or redemption fees; a minimum investment of $2,500 for individual investors; and share classes distinguished by distribution (12b-1) fees, with Class N carrying a 0.25% fee alongside a 1.10% management fee, resulting in a net expense ratio of 5.58% (adjusted to 1.56% for certain investment-related costs like short-sale dividends and interest). Recent developments include sustained strong performance with year-to-date returns of 28.22% through November 2025, surpassing its benchmark of 50% MSCI World Index/50% 3-Month Treasury Bill Index by a wide margin, and assets under management growing to over $7.4 billion; AQR Capital Management extended its contractual expense limitation agreement through at least April 30, 2026, reimbursing operating expenses to cap net costs. The fund continues to evolve its global portfolio exposures quarterly, with notable net overweight positions in financials (13.41%) and information technology (6.14%) as of September 30, 2025, alongside top long holdings such as Novartis, Walmart, and FedEx, and top shorts including EchoStar and Starbucks. No major acquisitions, mergers, or strategic alliances specific to QLENX have been reported in the past 1-2 years, underscoring the fund's focus on consistent quantitative execution amid volatile equity markets.