AQR Style Premia Alternative Fund
QSPIX
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- AQR Style Premia Alternative Fund (QSPIX) is an open-end mutual fund managed by AQR Capital Management, LLC that seeks positive absolute returns through long-short investments across global asset classes based on established styles including value, momentum (trend), carry, and defensive. The Fund implements these styles systematically via liquid instruments such as futures, forwards, and swaps in five primary asset groups: stocks and industries (covering approximately 2,000 stocks across major markets), equity indices (20 developed and emerging market countries), fixed income (10-year and short-term interest rate futures in developed markets), currencies (22 developed and emerging market currencies), and commodities (eight futures contracts); it maintains market-neutral positioning with risk-balanced exposures, low realized beta to the S&P 500 (0.00 since inception), and targeted volatility around 12-13%. Headquartered in Greenwich, Connecticut, the Fund was incepted on October 30, 2013, with assets under management of approximately $1.82 billion as of late 2025; it primarily serves institutional investors and high-net-worth individuals with a $5 million minimum for individual investors, operates in the multistrategy alternative category domiciled in the United States, and distributes shares through ALPS Distributors, Inc. Recent developments include AQR Capital Management's contractual agreement to reimburse operating expenses through at least April 30, 2026 (retaining a net expense ratio of 5.89%, adjusted to 1.52% for certain investment costs like short-sale dividends and borrowing interest), ongoing portfolio adjustments reflected in Q3 2025 exposures (e.g., 199.77% long/177.70% short in stocks & industries, 198.62% long/173.80% short in fixed income), and sustained annualized returns since inception of 6.92% as of November 2025 (gross) versus the ICE BofA US 3M T-Bill Index benchmark.