QMNIX Fees and Costs — AQR Equity Market Neutral Fund, Class I
Data updated: 2026-08-27
The net expense ratio is 6.03%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $978K in broker commissions, 0.0494% of average net assets, and portfolio turnover was 338%.
QMNIX Fees and Expenses
Annual operating expenses and sales charges of QMNIX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | — |
| Other expenses | 4.90% |
| Gross expense ratio | 6.03% |
| Fee waiver | — |
| Net expense ratio | 6.03% |
| 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 |
QMNIX Costs Over Time
On $10,000 invested in QMNIX, assuming 5% a year before costs, total costs come to $3,436 over 5 years, cutting the return by 6.38% 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 6.03%) | $633 | $1,873 | $3,079 |
| Trading costs (broker commissions) | $5 | $15 | $25 |
| Lost growth on money paid in costs | $0 | $97 | $331 |
| Total costs | $638 | $1,986 | $3,436 |
| Value after costs | $9,862 | $9,591 | $9,327 |
| Impact on return, per year | 6.38% | 6.38% | 6.38% |
QMNIX 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): 0.0494%
- Total broker commissions: $978K
- Bought from dealers (principal trades, not a cost): $12.9B
- Portfolio turnover (prospectus): 338%
- Securities on loan, average value: $252.8M
- Net income from securities lending: $163K (0.008% of average net assets)
QMNIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $184K | 19.18% |
| J.P. Morgan Securities LLC | $156K | 16.22% |
| Morgan Stanley & Co. LLC | $141K | 14.70% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $138K | 14.35% |
| Instinet, LLC | $113K | 11.73% |
| BNP Paribas Securities Corp. | $95K | 9.88% |
| UBS Securities LLC | $79K | 8.27% |
| National Financial Services LLC | $19K | 1.95% |
| Citigroup Global Markets Inc. | $18K | 1.92% |
| SG Americas Securities, LLC | $17K | 1.79% |
QMNIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $10.9B | 84.56% |
| Deutsche Bank Securities Inc. | $967.6M | 7.51% |
| Nomura Securities International, Inc. | $348.3M | 2.70% |
| HSBC Securities (USA) Inc. | $293.8M | 2.28% |
| Morgan Stanley & Co. LLC | $198.8M | 1.54% |
| TD SECURITIES (USA) LLC | $62.7M | 0.49% |
| Citigroup Global Markets Inc. | $47.2M | 0.37% |
| BofA Securities, Inc. | $36.2M | 0.28% |
| Goldman Sachs & Co. LLC | $27.4M | 0.21% |
| BMO Nesbitt Burns Securities Ltd. | $7.9M | 0.06% |
AQR Equity Market Neutral Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QMNRX | Class R6 | 5.91% | — |
| QMNIX | Class I | 6.03% | — |
| QMNNX | Class N | 6.31% | — |
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.