AQR Apex UCITS Fund

Investment rationale

The fund seeks diversified long-term returns through a multi-strategy approach that combines long and short positions across single-name stocks and macro derivatives. With a synthetic risk and reward indicator of 5, and an expected target volatility generally ranging from 5% to 15%, it sits in a higher-risk segment driven by frequent and potentially large price movements in its underlying investments. Its use of lowly correlated sub-strategies, market-neutral elements, and arbitrage exposures makes it a distinct choice for investors seeking systematic, diversified alternatives rather than a traditional long-only allocation. Investors may redeem on five business days’ notice.

2026-02-09

How the strategy works

The objective is to provide diversified returns over the long term using a data-driven, systematic multi-strategy process. The fund invests directly or indirectly in long and short opportunities in single-name stocks and macro derivatives, and implements three sub-strategies: macro, stock selection, and arbitrage. Instruments include global equities and equity-like securities, including China A shares and SPACs, contracts for difference, swaps, total return swaps, bond futures, interest rate swaps, credit default swaps, credit default index swaps, volatility futures, currency forwards including emerging-market and non-deliverable forwards, and fixed income securities including government and corporate bonds, inflation-linked bonds, structured notes, and asset-backed and mortgage-backed securities up to 20% of net assets. The fund is actively managed and is not managed in reference to a benchmark, although the ML 3 Month T Bill Index is used as the reference for the performance fee; income is retained for reinvestment, and short positions are implemented using financial derivatives.

2026-02-09

Investment philosophy

• The portfolio is built through a data-driven, systematic investment process that seeks diversified returns from a wide range of lowly correlated sub-strategies.

• The macro sub-strategy expresses directional and market-neutral views across equity indices, fixed income, currencies and commodities.

• The stock selection sub-strategy expresses market-neutral views across thousands of single-name stocks within a variety of peer comparison groups.

• The arbitrage sub-strategy seeks to harvest liquidity premia associated with supply and demand imbalances across mergers, converts and event-driven sub-strategies.

• The fund uses financial derivatives extensively, including total return swaps and short positions, may use reverse repurchase agreements for efficient portfolio management, and limits asset-backed and mortgage-backed securities to up to 20% of net assets.

2026-02-09

Distinctive features

The fund combines three distinct sub-strategies—macro, stock selection and arbitrage—within one vehicle, aiming to diversify return sources through lowly correlated exposures. It invests across both long and short opportunities and uses market-neutral as well as directional positions, which differentiates it from traditional long-only funds. Its investable universe is broad, spanning global single-name equities, macro derivatives, currencies, commodities and fixed income instruments, including Chinese equity securities such as China A shares. The fund also promotes ESG characteristics and discloses under Article 8 of Regulation (EU) 2019/2088.

2026-02-09

Risks

The fund is in risk category 5 because of the high range and frequency of price movements in the underlying investments referenced by the fund. The fund is exposed to derivatives risk, as derivatives used for hedging, investment purposes or currency management may be unsuccessful and lead to losses; leverage risk, where leveraged exposure can amplify losses; and counterparty risk from derivative contracts if a counterparty fails to make payments or becomes insolvent. The fund is also exposed to currency market risk, including potentially sharp short-term price swings, and emerging-markets risk, where lower levels of regulation and supervision and higher settlement default risk can affect investment value. Bond risk is also relevant, particularly where issuers fail to make payments or where holdings are below investment grade, unrecognised, or backed by riskier assets such as mortgages. Investment is not guaranteed and investors may lose some or all capital.

2026-02-09

Asset manager

The management company for the fund is FundRock Management Company S.A. The fund is a sub-fund of AQR UCITS Funds. FundRock Management Company S.A. is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.

2026-02-09