C000102352 Fees and Costs — AQR Multi-Strategy Alternative Fund, Class I
Data updated: 2020-11-20
The net expense ratio is 2.77% (2.81% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $2.0M in broker commissions, 0.2567% of average net assets, and portfolio turnover was 173%.
C000102352 Fees and Expenses
Annual operating expenses and sales charges of C000102352. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.97% |
| Gross expense ratio | 2.81% |
| Fee waiver | −0.04% |
| Net expense ratio | 2.77% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
C000102352 Costs Over Time
On $10,000 invested in C000102352, assuming 5% a year before costs, total costs come to $1,818 over 5 years, cutting the return by 3.18% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 2.77%) | $291 | $889 | $1,508 |
| Trading costs (broker commissions) | $27 | $82 | $140 |
| Lost growth on money paid in costs | $0 | $49 | $170 |
| Total costs | $318 | $1,020 | $1,818 |
| Value after costs | $10,182 | $10,557 | $10,945 |
| Impact on return, per year | 3.18% | 3.18% | 3.18% |
C000102352 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.2567%
- Total broker commissions: $2.0M
- Bought from dealers (principal trades, not a cost): $6.1B
- Portfolio turnover (prospectus): 173%
- Securities lending: none during the year
C000102352 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $965K | 48.62% |
| J.P. Morgan Securities LLC | $609K | 30.70% |
| Morgan Stanley & Co. LLC | $161K | 8.10% |
| Barclays Capital, Inc. | $152K | 7.65% |
| Deutsche Bank Securities Inc. | $72K | 3.61% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $15K | 0.75% |
| BofA Securities, Inc. | $7K | 0.33% |
| Credit Suisse Securities (USA) LLC | $2K | 0.12% |
| Cantor Fitzgerald & Co. | $2K | 0.09% |
| Citigroup Global Markets Inc. | $542 | 0.03% |
C000102352 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $5.3B | 88.66% |
| Citigroup Global Markets Inc. | $276.8M | 4.64% |
| Barclays Capital, Inc. | $97.7M | 1.64% |
| Morgan Stanley & Co. LLC | $68.4M | 1.15% |
| Goldman Sachs & Co. LLC | $49.2M | 0.82% |
| Deutsche Bank Securities Inc. | $48.9M | 0.82% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $44.2M | 0.74% |
| Wells Fargo Securities, LLC | $34.1M | 0.57% |
| Nomura Securities International, Inc. | $31.8M | 0.53% |
| The Toronto-Dominion Bank | $25.2M | 0.42% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.