C000175712 Fees and Costs — AQR International Relaxed Constraint Equity Fund, Class N
Data updated: 2019-12-16
The net expense ratio is 2.19%: a 0.75% management fee, a 0.25% 12b-1 fee plus 1.38% other expenses, less a 0.19% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $16K in broker commissions, 0.0475% of average net assets, and portfolio turnover was 106%.
C000175712 Fees and Expenses
Annual operating expenses and sales charges of C000175712. Prospectus, as of January 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.38% |
| Gross expense ratio | 2.38% |
| Fee waiver | −0.19% |
| Net expense ratio | 2.19% |
| 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 |
C000175712 Costs Over Time
On $10,000 invested in C000175712, assuming 5% a year before costs, total costs come to $1,365 over 5 years, cutting the return by 2.35% 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 2.19%) | $230 | $708 | $1,212 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $0 | $36 | $127 |
| Total costs | $235 | $760 | $1,365 |
| Value after costs | $10,265 | $10,816 | $11,397 |
| Impact on return, per year | 2.35% | 2.35% | 2.35% |
C000175712 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): 0.0475%
- Total broker commissions: $16K
- Bought from dealers (principal trades, not a cost): $49.5M
- Portfolio turnover (prospectus): 106%
- Securities lending: none during the year
C000175712 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Deutsche Bank Securities Inc. | $3K | 17.67% |
| J.P. Morgan Securities LLC | $3K | 16.07% |
| Goldman Sachs & Co. LLC | $3K | 16.04% |
| Morgan Stanley & Co. LLC | $3K | 15.59% |
| Credit Suisse Securities (USA) LLC | $2K | 13.71% |
| BofA Securities, Inc. | $2K | 9.77% |
| UBS Securities LLC | $1K | 7.60% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $563 | 3.42% |
| Royal Bank of Scotland Group PLC | $19 | 0.12% |
C000175712 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $49.5M | 100.00% |
| Morgan Stanley & Co. LLC | $53 | 0.00% |
| UBS Securities LLC | $53 | 0.00% |
| Goldman Sachs & Co. LLC | $40 | 0.00% |
| Deutsche Bank Securities Inc. | $40 | 0.00% |
| Credit Suisse Securities (USA) LLC | $18 | 0.00% |
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.