Total return: distributions reinvested. In USD, the currency of the share class shown. Fund history to 29.09.2026. Benchmark history to 28.09.2026. The table shows each series at its own ending date; the comparison periods are not identical. Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
1M
3M
6M
YTD
2025
2024
2023
1Y
3Y
5Y
Volatility
Sharpe R.
Max DD
FundISIN LU1532679443, currency USD, retail share class
3.11
6.35
4.10
4.94
15.52
21.22
13.04
12.11
15.05
17.40
7.22
1.36
-4.05
BenchmarkUSD 3-month deposit + 6%
0.82
2.46
4.97
6.63
10.78
11.82
11.63
10.27
11.11
10.19
–
–
–
Differencefund minus benchmark, in percentage points
2.29
3.90
-0.87
-1.69
4.74
9.40
1.41
1.83
3.94
7.21
–
–
–
Within the list: OpenList — Alternatives
Compared with the alternative funds on OpenList — Alternatives (25 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
This fund
Group median
Position
Return 1Y
12.11
9.40
9 of 25
Return 3Y p.a.
15.05
11.35
4 of 25
3Y p.a. over its own benchmark
3.94
2.46
9 of 25
Volatility 3Y
7.22
5.42
21 of 25
Sharpe ratio 3Y
1.36
1.34
11 of 25
Max drawdown 3Y
-4.05
-3.40
19 of 25
Management fee
1.20%
1.01%
14 of 23 (2 without a value)
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
WSP commentary
Draft commentary, machine-generated from the fund's key investor information document dated 09.02.2026, not yet reviewed by WSP.
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.
Investment strategy
The stated 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.
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.
The 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.
Strengths
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.
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. Risks specifically named include 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; the fund further states that investment is not guaranteed and may lose some or all capital.
WSP report
Ask WSP which research is available for this fund and what it covers.
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years. Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle – means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero. Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's key investor information document dated 09.02.2026, not yet reviewed by WSP.
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.
Investment strategy
The stated 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.
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.
The 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.
Strengths
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.
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. Risks specifically named include 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; the fund further states that investment is not guaranteed and may lose some or all capital.