QHFIX Fees and Costs — AQR MS Fusion HV Fund, Class I
Data updated: 2026-08-27
The net expense ratio is 8.69% (9.59% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $46K in broker commissions, 0.1583% of average net assets, and portfolio turnover was 278%.
QHFIX Fees and Expenses
Annual operating expenses and sales charges of QHFIX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 3.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 6.05% |
| Gross expense ratio | 9.59% |
| Fee waiver | −0.90% |
| Net expense ratio | 8.69% |
| 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 |
QHFIX Costs Over Time
On $10,000 invested in QHFIX, assuming 5% a year before costs, total costs come to $4,732 over 5 years, cutting the return by 9.29% 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 8.69%) | $912 | $2,622 | $4,187 |
| Trading costs (broker commissions) | $17 | $48 | $76 |
| Lost growth on money paid in costs | $0 | $140 | $468 |
| Total costs | $929 | $2,809 | $4,732 |
| Value after costs | $9,571 | $8,767 | $8,031 |
| Impact on return, per year | 9.29% | 9.29% | 9.29% |
QHFIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1583%
- Total broker commissions: $46K
- Bought from dealers (principal trades, not a cost): $291.0M
- Portfolio turnover (prospectus): 278%
- Securities on loan, average value: $14.4M
- Net income from securities lending: $3K (0.011% of average net assets)
QHFIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $26K | 56.35% |
| J.P. Morgan Securities LLC | $8K | 17.54% |
| Morgan Stanley & Co. LLC | $6K | 12.18% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $2K | 3.75% |
| Instinet, LLC | $1K | 3.06% |
| BNP Paribas Securities Corp. | $1K | 2.72% |
| UBS Securities LLC | $1K | 2.61% |
| BofA Securities, Inc. | $336 | 0.73% |
| Citigroup Global Markets Inc. | $275 | 0.60% |
| National Financial Services LLC | $208 | 0.45% |
QHFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $268.7M | 92.55% |
| Morgan Stanley & Co. LLC | $6.1M | 2.10% |
| Deutsche Bank Securities Inc. | $4.4M | 1.51% |
| TD SECURITIES (USA) LLC | $4.2M | 1.46% |
| BofA Securities, Inc. | $3.5M | 1.19% |
| BMO Capital Markets Corp. | $1.3M | 0.46% |
| Barclays Capital, Inc. | $923K | 0.32% |
| Citadel Securities LLC | $684K | 0.24% |
| BNP Paribas Securities Corp. | $267K | 0.09% |
| Goldman Sachs & Co. LLC | $252K | 0.09% |
AQR MS Fusion HV Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QHFRX | Class R6 | 8.54% | — |
| QHFIX | Class I | 8.69% | — |
| QHFNX | Class N | 8.94% | — |
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.