QMFIX Fees and Costs — AQR MS Fusion Fund, Class I
Data updated: 2026-08-27
The net expense ratio is 5.34% (6.74% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $19K in broker commissions, 0.0936% of average net assets, and portfolio turnover was 251%.
QMFIX Fees and Expenses
Annual operating expenses and sales charges of QMFIX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 4.86% |
| Gross expense ratio | 6.74% |
| Fee waiver | −1.40% |
| Net expense ratio | 5.34% |
| 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 |
QMFIX Costs Over Time
On $10,000 invested in QMFIX, assuming 5% a year before costs, total costs come to $3,111 over 5 years, cutting the return by 5.71% 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 5.34%) | $561 | $1,670 | $2,764 |
| Trading costs (broker commissions) | $10 | $29 | $48 |
| Lost growth on money paid in costs | $0 | $87 | $298 |
| Total costs | $571 | $1,786 | $3,111 |
| Value after costs | $9,929 | $9,790 | $9,652 |
| Impact on return, per year | 5.71% | 5.71% | 5.71% |
QMFIX 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): 0.0936%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): $189.8M
- Portfolio turnover (prospectus): 251%
- Securities on loan, average value: $5.7M
- Net income from securities lending: $1K (0.005% of average net assets)
QMFIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $11K | 56.36% |
| J.P. Morgan Securities LLC | $3K | 15.77% |
| Morgan Stanley & Co. LLC | $2K | 13.11% |
| Instinet, LLC | $664 | 3.56% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $617 | 3.31% |
| BNP Paribas Securities Corp. | $585 | 3.14% |
| UBS Securities LLC | $507 | 2.72% |
| BofA Securities, Inc. | $202 | 1.08% |
| Citigroup Global Markets Inc. | $97 | 0.52% |
| National Financial Services LLC | $81 | 0.44% |
QMFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $176.6M | 93.20% |
| Deutsche Bank Securities Inc. | $4.4M | 2.31% |
| HSBC Securities (USA) Inc. | $2.2M | 1.14% |
| BofA Securities, Inc. | $2.0M | 1.07% |
| Morgan Stanley & Co. LLC | $1.5M | 0.77% |
| TD SECURITIES (USA) LLC | $1.2M | 0.63% |
| BMO Capital Markets Corp. | $729K | 0.38% |
| Barclays Capital, Inc. | $634K | 0.33% |
| BNP Paribas Securities Corp. | $161K | 0.08% |
| Goldman Sachs & Co. LLC | $143K | 0.08% |
AQR MS Fusion Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QMFRX | Class R6 | 5.19% | — |
| QMFIX | Class I | 5.34% | — |
| QMFNX | Class N | 5.59% | — |
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.