C000175709 Fees and Costs — AQR Small Cap Relaxed Constraint Equity Fund, Class N
Data updated: 2019-12-16
The net expense ratio is 1.98%: a 0.80% management fee, a 0.25% 12b-1 fee plus 4.53% other expenses, less a 3.61% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $444 in broker commissions, 0.0187% of average net assets, and portfolio turnover was 135%.
C000175709 Fees and Expenses
Annual operating expenses and sales charges of C000175709. Prospectus, as of January 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.25% |
| Other expenses | 4.53% |
| Gross expense ratio | 5.59% |
| Fee waiver | −3.61% |
| Net expense ratio | 1.98% |
| 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 |
C000175709 Costs Over Time
On $10,000 invested in C000175709, assuming 5% a year before costs, total costs come to $1,225 over 5 years, cutting the return by 2.10% 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 1.98%) | $208 | $642 | $1,102 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $32 | $113 |
| Total costs | $210 | $680 | $1,225 |
| Value after costs | $10,290 | $10,896 | $11,537 |
| Impact on return, per year | 2.10% | 2.10% | 2.10% |
C000175709 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0187%
- Total broker commissions: $444
- Bought from dealers (principal trades, not a cost): $2.8M
- Portfolio turnover (prospectus): 135%
- Securities lending: none during the year
C000175709 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $143 | 32.27% |
| Credit Suisse Securities (USA) LLC | $123 | 27.66% |
| J.P. Morgan Securities LLC | $52 | 11.77% |
| Morgan Stanley & Co. LLC | $41 | 9.18% |
| Citigroup Global Markets Inc. | $40 | 9.01% |
| BofA Securities, Inc. | $26 | 5.87% |
| Deutsche Bank Securities Inc. | $19 | 4.25% |
C000175709 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $2.7M | 96.45% |
| Morgan Stanley & Co. LLC | $34K | 1.24% |
| Deutsche Bank Securities Inc. | $24K | 0.87% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $19K | 0.67% |
| BofA Securities, Inc. | $15K | 0.53% |
| Citigroup Global Markets Inc. | $3K | 0.11% |
| Credit Suisse Securities (USA) LLC | $3K | 0.10% |
| Goldman Sachs & Co. LLC | $769 | 0.03% |
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.