AQR Managed Futures Strategy Fund: Platform Profile

Overview

AQR Managed Futures Strategy Fund is a registered mutual fund using proprietary quantitative trend signals across global asset classes.

Current primary Class I disclosures show:

• Ticker: AQMIX
• Investment adviser: AQR Capital Management, LLC
• Registered open end fund: Yes
• Inception: 2010-01-05
• Fund AUM: $3.53B
• Fund AUM as of: 2026-09-03

May fit better for

• investors seeking managed futures through a mutual fund;
• investors able to satisfy the applicable share-class/channel requirements;
• users wanting a broad futures-related opportunity set;
• portfolios seeking both price-trend and economic-trend signals;
• investors comfortable with short-sale and financing expenses;
• users who can interpret statutory versus adjusted expense ratios.

May fit less well for

• small individual Class I investors;
• users who assume the adjusted expense ratio is the SEC statutory expense ratio;
• investors who want an ETF;
• clients seeking one simple all-in fee number;
• users who assume past negative beta guarantees future hedging;
• investors uncomfortable with short positions and derivative leverage.

AQR combines price and economic trend signals

Current first-party description:

• Systematic: Yes
• Trend following: Yes
• Price trend signals: Yes
• Economic trend signals: Yes
• Long short: Yes

The strategy spans:

• equities;
• fixed income;
• currencies;
• commodities.

AQR states it trades several hundred futures-related instruments, including alternative markets.

Class I individual minimum is $5 million

Current AQMIX page:

• Individual investor minimum: $5M

Class I statutory expenses are 3.09%

Current AQMIX first-party table:

• Management fee: 1.05%
• Short sale dividend and or interest expense: 1.84%
• All other expenses: 0.19%
• Acquired fund fees: 0.01%
• Gross expense: 3.09%
• Net expense: 3.09%

There is currently no numerical expense reimbursement reducing the 3.09% statutory net ratio.

The adjusted expense ratio is 1.25%

AQR separately publishes:

• Class i adjusted expense ratio: 1.25%

The adjusted ratio removes certain investment-related expenses such as:

• interest expense;
• borrowing/repurchase financing;
• dividends on short sales.

The 1.25% figure is useful for strategy-cost comparison only when clearly labeled as AQR's adjusted measure.

Other share classes have different ratios

Current fund finder:

• Class n AQMNX:
• Gross: 3.39%
• Net: 3.39%
• Adjusted: 1.55%
• Class r6 AQMRX:
• Gross: 3.01%
• Net: 3.01%
• Adjusted: 1.17%

Current expense-limitation agreement runs at least through April 30, 2027

Current disclosure:

• Expense limitation end: 2027-04-30

The agreement limits specified expenses, but excludes several investment-related items including those responsible for much of the difference between statutory and adjusted ratios.

No sales load or redemption fee

Current Class I page:

Broker/intermediary charges can still exist outside fund shareholder fees.

AQR's low historical beta is not a guarantee

Current first-party portfolio statistics show negative realized beta since inception to the S&P 500.

Third-party award is not an ROIStreet rating

AQR states AQMIX won an external 2026 alternative mutual-fund award.

Assessment

AQR's review lives or dies on expense labeling.

The current Class I statutory number is 3.09%.

AQR also reports an adjusted 1.25% ratio that removes certain investment-related expenses, especially costs associated with shorting and financing.

Both figures matter.

Using only 3.09% can obscure the strategy-cost distinction.

Using only 1.25% understates the statutory fund expense disclosed to investors.