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Trending ETFs

AQR International Defensive Style Fund

mutual fund
ANDNX
Payout Change
Pending
Price as of:
$14.61 +0.02 +0.14%
primary theme
International Large-Cap Blend Equity
share class
R6 (ANDRX) N (ANDNX) I (ANDIX)
ANDNX (Mutual Fund)

AQR International Defensive Style Fund

Payout Change
Pending
Price as of:
$14.61 +0.02 +0.14%
primary theme
International Large-Cap Blend Equity
share class
R6 (ANDRX) N (ANDNX) I (ANDIX)
ANDNX (Mutual Fund)

AQR International Defensive Style Fund

Payout Change
Pending
Price as of:
$14.61 +0.02 +0.14%
primary theme
International Large-Cap Blend Equity
share class
R6 (ANDRX) N (ANDNX) I (ANDIX)

Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AQR International Defensive Style Fund

ANDNX | Fund

$14.61

$241 M

1.93%

$0.28

0.89%

Vitals

YTD Return

2.8%

1 yr return

3.6%

3 Yr Avg Return

0.4%

5 Yr Avg Return

2.7%

Net Assets

$241 M

Holdings in Top 10

15.7%

52 WEEK LOW AND HIGH

$14.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.89%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

AQR International Defensive Style Fund

ANDNX | Fund

$14.61

$241 M

1.93%

$0.28

0.89%

ANDNX - Profile

Distributions

  • YTD Total Return 2.8%
  • 3 Yr Annualized Total Return 0.4%
  • 5 Yr Annualized Total Return 2.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.69%
DIVIDENDS
  • Dividend Yield 1.9%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    AQR International Defensive Style Fund
  • Fund Family Name
    AQR FUNDS
  • Inception Date
    Jul 09, 2012
  • Shares Outstanding
    N/A
  • Share Class
    N
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrea Frazzini

Fund Description

The Fund pursues a “defensive” investment style, seeking to provide downside protection with upside potential through active stock selection, risk management and diversification.The Fund pursues its objective by investing, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) in Equity Instruments of International Issuers. Equity Instruments include common stock, preferred stock, warrants, exchange-traded funds that invest in equity securities, stock index futures, depositary receipts, real estate investment trusts ("REITs") or REIT-like entities, and other derivative instruments where the reference asset is an equity security. An issuer will be considered an International Issuer if it is organized, domiciled, or has a principal place of business in a country that is part of the MSCI World ex-USA Index, or if an instrument provides exposure to the change in value of a company that meets that definition. However, the Fund may also invest in issuers organized, domiciled, or with a principal place of business in other countries if the Adviser considers it advisable to achieve the Fund’s investment objective. There is no guarantee that the Fund’s objective will be met.The Fund generally invests in large-cap companies, which the Adviser generally considers to be those companies with market capitalizations within the range of the MSCI World ex-USA Index at the time of purchase. The Fund may also invest in small- and mid-cap companies from time to time in the discretion of the Adviser.The Fund may engage in currency transactions with counterparties primarily in order to mitigate the volatility associated with particular currencies in which portfolio holdings are denominated and to provide temporary exposure to a particular currency in lieu of leaving cash inflows uninvested. Currency transactions include forward currency contracts and exchange listed currency futures. A forward currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The Fund seeks to diversify currency exposures and to avoid the risk of high exposures to any one currency, including U.S. dollars.The Fund pursues a defensive investment style, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In other words, the Fund is generally expected to lag the performance of traditional international equity funds when these markets are rising, but to generally exceed the performance of traditional international equity funds during international equity market declines. To achieve this result, the Fund will be broadly diversified across companies, industries and countries and will invest in companies that the Adviser has identified to have low measures of risk and high quality (e.g., stable companies in good business health). The Adviser believes that the stocks of these types of companies may tend to be lower “beta” stocks and that lower “beta” stocks generally are less volatile than higher “beta” stocks (that is, their value has a lower sensitivity to fluctuations in the securities markets). The Adviser expects low “beta” and high quality stocks to produce higher risk-adjusted returns over a full market cycle than high “beta” or poor quality stocks.The Fund is actively managed and the Adviser will vary the Fund’s exposures to issuers, industries, countries and currencies based on the Adviser’s evaluation of investment opportunities within and across markets. In constructing the portfolio, the Adviser uses quantitative models, which combine active management to identify quality companies and statistical measures of risk to assure diversification by issuer, country, currency and industry, as well as additional criteria that form part of the Adviser’s security selection process. The Adviser uses volatility and correlation forecasting and other portfolio construction methodologies to manage the Fund. The Adviser utilizes quantitative risk models in furtherance of the Fund’s investment objective, which seek to control portfolio level risk. Shifts in allocations among issuers, industries, countries or currencies will be determined using the quantitative models based on the Adviser’sdeterminations of risk and quality, as well as other factors including, but not limited to, managing industry and sector exposures. The Fund bears the risk that the quantitative models used by the portfolio managers will not be successful in forecasting market returns or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.When selecting securities for the portfolio, the Adviser will employ tax management strategies which consider the potential impact of federal income tax on shareholders’ investment return. These tax management strategies are generally designed to both (i) reduce the Fund’s overall realization of capital gains, and (ii) minimize the Fund’s realized short-term capital gains as a percentage of the Fund’s total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund’s short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders’ investment returns include:•when believed by the Adviser to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;•deferring realizations of net capital gains;•limiting portfolio turnover that may result in taxable gains; and•choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward currency contracts as well as exchange-traded funds and similar pooled investment vehicles for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. The Fund may invest in short-term instruments, including U.S. Government securities, bank certificates of deposit, money market instruments or funds, and such other liquid investments deemed appropriate by the Adviser. The Fund may invest in these securities without limit for temporary defensive purposes.There is no assurance that the Fund’s use of Equity Instruments providing enhanced exposure will enable the Fund to achieve its investment objective.The Adviser utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each Equity Instrument.
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ANDNX - Performance

Return Ranking - Trailing

Period ANDNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -12.5% 24.0% 75.32%
1 Yr 3.6% -11.8% 28.6% 73.89%
3 Yr 0.4%* -15.0% 44.7% 62.11%
5 Yr 2.7%* -34.2% 73.2% 89.30%
10 Yr 3.9%* 0.9% 31.8% 78.74%

* Annualized

Return Ranking - Calendar

Period ANDNX Return Category Return Low Category Return High Rank in Category (%)
2023 9.4% -1.4% 22.0% 89.62%
2022 -15.9% -43.6% 71.3% 19.39%
2021 5.1% -28.5% 18.9% 46.58%
2020 6.6% -90.1% 992.1% 61.98%
2019 15.5% -1.9% 38.8% 88.81%

Total Return Ranking - Trailing

Period ANDNX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -12.5% 24.0% 75.32%
1 Yr 3.6% -11.8% 28.6% 73.89%
3 Yr 0.4%* -15.0% 44.7% 62.11%
5 Yr 2.7%* -34.2% 73.2% 89.30%
10 Yr 3.9%* 0.9% 31.8% 78.74%

* Annualized

Total Return Ranking - Calendar

Period ANDNX Return Category Return Low Category Return High Rank in Category (%)
2023 12.1% 3.2% 23.8% 89.15%
2022 -14.5% -43.6% 144.8% 32.37%
2021 7.3% -22.6% 56.0% 76.87%
2020 8.2% -89.7% 1010.8% 65.33%
2019 18.1% 4.3% 38.8% 92.01%

NAV & Total Return History

ANDNX - Holdings

Concentration Analysis

ANDNX Category Low Category High ANDNX % Rank
Net Assets 241 M 3.3 M 443 B 72.97%
Number of Holdings 252 1 10898 39.38%
Net Assets in Top 10 39.1 M 1.01 M 47.5 B 82.03%
Weighting of Top 10 15.66% 4.6% 147.7% 76.26%

Top 10 Holdings

  1. Limited Purpose Cash Investment Fund 2.73%
  2. Beiersdorf AG 1.53%
  3. Oversea-Chinese Banking Corp. Ltd. 1.50%
  4. Loblaw Cos. Ltd. 1.47%
  5. Swisscom AG (Registered) 1.44%
  6. Telstra Group Ltd. 1.43%
  7. British American Tobacco plc 1.42%
  8. Japan Tobacco, Inc. 1.41%
  9. Novartis AG (Registered) 1.37%
  10. SAP SE 1.36%

Asset Allocation

Weighting Return Low Return High ANDNX % Rank
Stocks 		95.55% 0.00% 102.32% 81.56%
Cash 		3.14% 0.00% 44.84% 23.75%
Preferred Stocks 		1.27% -0.16% 6.89% 12.97%
Other 		0.04% -2.12% 47.54% 30.16%
Convertible Bonds 		0.00% 0.00% 4.18% 49.37%
Bonds 		0.00% 0.00% 95.29% 52.19%

ANDNX - Expenses

Operational Fees

ANDNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.89% 0.01% 19.62% 60.88%
Management Fee 0.40% 0.00% 1.65% 22.80%
12b-1 Fee 0.25% 0.00% 1.00% 39.79%
Administrative Fee N/A 0.01% 1.00% N/A

Sales Fees

ANDNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

ANDNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ANDNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 247.00% 38.02%

ANDNX - Distributions

Dividend Yield Analysis

ANDNX Category Low Category High ANDNX % Rank
Dividend Yield 1.93% 0.00% 17.49% 41.72%

Dividend Distribution Analysis

ANDNX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly SemiAnnual

Net Income Ratio Analysis

ANDNX Category Low Category High ANDNX % Rank
Net Income Ratio 1.69% -0.93% 6.38% 46.31%

Capital Gain Distribution Analysis

ANDNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Monthly Annually

Distributions History

View More +

ANDNX - Fund Manager Analysis

Managers

Andrea Frazzini

Start Date

Tenure

Tenure Rank

Jul 09, 2012

9.9

9.9%

Andrea Frazzini is a Principal at AQR Capital Management, where he is the Head of our Global Stock Selection team. He is also an Adjunct Professor of Finance at New York University’s Stern School of Business. He has published in top academic journals and won several awards for his research, including the Smith Breeden Award, the Fama-DFA Prize, the BGI Michael Brennan Award, several Bernstein Fabozzi/Jacobs Levy Awards and the PanAgora Crowell Memorial Prize. Prior to joining AQR, Andrea was an associate professor of finance at the University of Chicago’s Graduate School of Business and a Research Associate at the National Bureau of Economic Research. He also served as a consultant for DKR Capital Partners and J.P. Morgan Securities and was on the board of directors of the Center for Research in Security Prices at the University of Chicago. He earned a B.S. in economics from the University of Roma Tre, an M.S. in economics from the London School of Economics and a Ph.D. in economics from Yale University.

Michele Aghassi

Start Date

Tenure

Tenure Rank

Mar 16, 2016

6.21

6.2%

Michele Aghassi is a Principal at AQR Capital Management, where she serves as a portfolio manager for the firm's equity strategies. Throughout her tenure at AQR, she has been a leader in research and strategy development, contributing to the advancement of the stock selection investment process. She played a key role in launching the firm’s emerging equities strategy in 2008 and developed the proprietary robust optimization technology that AQR uses to build portfolios. In addition to her responsibilities at AQR, she serves on the Editorial Advisory Board of The Journal of Portfolio Management. Earlier in her career, Michele worked as a quantitative analyst in the proprietary equities department of D.E. Shaw & Co. Michele graduated magna cum laude from Brown University with a B.Sc. in applied mathematics and subsequently earned a Ph.D. in operations research from the Massachusetts Institute of Technology, where she was a National Science Foundation Graduate Research Fellow and an MIT Presidential Graduate Fellow.

Lars Nielsen

Start Date

Tenure

Tenure Rank

Jan 01, 2020

2.41

2.4%

Nielsen is a Principal of AQR Capital Management. Mr. Nielsen joined AQR in 2000 and currently serves as the co-head of portfolio management, research, risk and trading. He earned a B.Sc. and an M.Sc. in economics from the University of Copenhagen. Prior to joining the Adviser in 2000, he was an Analyst in the Quantitative Research Group of Danske Invest.

John Huss

Start Date

Tenure

Tenure Rank

Jan 01, 2022

0.41

0.4%

John J. Huss, Principal, rejoined AQR in 2013 and oversees multi-asset class strategies as a researcher and portfolio manager. Mr. Huss rejoined the AQR Capital Management in 2013 and is a portfolio manager for the firm’s World Allocation strategy where he focuses on macroeconomic and portfolio construction research for risk parity and other asset allocation strategies. Prior to rejoining the firm, where he first worked from 2004 to 2008, Mr. Huss was a vice president in RBC’s Global Arbitrage and Trading division and a systematic portfolio manager for Tudor Investment Corp. Mr. Huss earned a B.S. in mathematics from the Massachusetts Institute of Technology.

Clifford Asness

Start Date

Tenure

Tenure Rank

Jan 01, 2022

0.41

0.4%

Dr. Asness is a Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. He is an research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. Dr. Asness is on the editorial board of The Journal of Portfolio Management, the governing board of the Courant Institute of Mathematical Finance at NYU, the Board of Directors of the Q-Group.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.35 6.32 3.25

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