QMHNX Fees and Costs — AQR Managed Futures Strategy HV Fund, Class N
Data updated: 2026-08-27
The net expense ratio is 4.67% (4.68% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.4M in broker commissions, 0.2205% of average net assets, and portfolio turnover was 455%.
QMHNX Fees and Expenses
Annual operating expenses and sales charges of QMHNX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.45% |
| 12b-1 fee | 0.25% |
| Other expenses | 2.96% |
| Gross expense ratio | 4.68% |
| Fee waiver | −0.01% |
| Net expense ratio | 4.67% |
| 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 |
QMHNX Costs Over Time
On $10,000 invested in QMHNX, assuming 5% a year before costs, total costs come to $2,830 over 5 years, cutting the return by 5.14% 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 4.67%) | $490 | $1,469 | $2,445 |
| Trading costs (broker commissions) | $23 | $69 | $115 |
| Lost growth on money paid in costs | $0 | $78 | $270 |
| Total costs | $514 | $1,617 | $2,830 |
| Value after costs | $9,986 | $9,960 | $9,933 |
| Impact on return, per year | 5.14% | 5.14% | 5.14% |
QMHNX 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): 0.2205%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $6.7B
- Portfolio turnover (prospectus): 455%
- Securities on loan, average value: $62.7M
- Net income from securities lending: $115K (0.018% of average net assets)
QMHNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $398K | 28.38% |
| Barclays Capital, Inc. | $312K | 22.23% |
| J.P. Morgan Securities LLC | $283K | 20.13% |
| Goldman Sachs & Co. LLC | $245K | 17.46% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $59K | 4.18% |
| Instinet, LLC | $33K | 2.34% |
| BofA Securities, Inc. | $27K | 1.94% |
| UBS Securities LLC | $23K | 1.61% |
| BNP Paribas Securities Corp. | $19K | 1.36% |
| Citigroup Global Markets Inc. | $5K | 0.38% |
QMHNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $6.0B | 89.27% |
| Morgan Stanley & Co. LLC | $173.8M | 2.59% |
| Deutsche Bank Securities Inc. | $123.5M | 1.84% |
| Nomura Securities International, Inc. | $119.7M | 1.78% |
| Natwest Markets Securities Inc. | $119.1M | 1.77% |
| HSBC Securities (USA) Inc. | $105.9M | 1.58% |
| TD SECURITIES (USA) LLC | $35.2M | 0.53% |
| Citigroup Global Markets Inc. | $22.3M | 0.33% |
| BofA Securities, Inc. | $16.0M | 0.24% |
| Barclays Capital, Inc. | $4.5M | 0.07% |
AQR Managed Futures Strategy 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 |
|---|---|---|---|
| QMHRX | Class R6 | 4.27% | — |
| QMHIX | Class I | 4.41% | — |
| QMHNX | Class N | 4.67% | — |
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.