QLEIX Fees and Costs — AQR Long-Short Equity Fund, Class I
Data updated: 2026-08-27
The net expense ratio is 5.78%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.2M in broker commissions, 0.0450% of average net assets, and portfolio turnover was 296%.
QLEIX Fees and Expenses
Annual operating expenses and sales charges of QLEIX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | — |
| Other expenses | 4.66% |
| Gross expense ratio | 5.78% |
| Fee waiver | — |
| Net expense ratio | 5.78% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
QLEIX Costs Over Time
On $10,000 invested in QLEIX, assuming 5% a year before costs, total costs come to $3,309 over 5 years, cutting the return by 6.12% 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 5.78%) | $607 | $1,800 | $2,968 |
| Trading costs (broker commissions) | $5 | $14 | $23 |
| Lost growth on money paid in costs | $0 | $93 | $318 |
| Total costs | $612 | $1,907 | $3,309 |
| Value after costs | $9,888 | $9,669 | $9,454 |
| Impact on return, per year | 6.12% | 6.12% | 6.12% |
QLEIX 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): 0.0450%
- Total broker commissions: $2.2M
- Bought from dealers (principal trades, not a cost): $38.1B
- Portfolio turnover (prospectus): 296%
- Securities on loan, average value: $479.5M
- Net income from securities lending: $470K (0.010% of average net assets)
QLEIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $431K | 20.16% |
| J.P. Morgan Securities LLC | $318K | 14.89% |
| Morgan Stanley & Co. LLC | $317K | 14.81% |
| Instinet, LLC | $233K | 10.90% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $232K | 10.86% |
| UBS Securities LLC | $183K | 8.58% |
| BNP Paribas Securities Corp. | $175K | 8.20% |
| Barclays Capital, Inc. | $162K | 7.58% |
| BofA Securities, Inc. | $45K | 2.13% |
| Citigroup Global Markets Inc. | $41K | 1.91% |
QLEIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $32.9B | 86.76% |
| Deutsche Bank Securities Inc. | $1.4B | 3.68% |
| Morgan Stanley & Co. LLC | $967.1M | 2.55% |
| Nomura Securities International, Inc. | $829.7M | 2.19% |
| HSBC Securities (USA) Inc. | $809.9M | 2.13% |
| Citigroup Global Markets Inc. | $400.5M | 1.06% |
| Natwest Markets Securities Inc. | $336.8M | 0.89% |
| BofA Securities, Inc. | $114.3M | 0.30% |
| Goldman Sachs & Co. LLC | $88.6M | 0.23% |
| TD SECURITIES (USA) LLC | $80.3M | 0.21% |
AQR Long-Short Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QLERX | Class R6 | 5.68% | — |
| QLEIX | Class I | 5.78% | — |
| QLENX | Class N | 6.06% | — |
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.