AQR Capital Management LLC

Item 5 – Fees and Compensation

AQR is compensated through various fee structures, including asset-based fees and performance-based fees.5
Asset-based fees are typically annual fixed fees based on AUM. A performance fee is based upon a percentage
of the net profits of the account being managed. Typically, when calculating net profits, performance fees are based
on absolute or benchmark-relative returns over an agreed upon time period, and are subject to high water marks
or loss carryforwards. As more fully described below, AQR either bills or deducts fees in advance or in arrears,
according to the terms of the pertinent investment management agreement or other governing documentation.
Under certain circumstances, fees are negotiable.
AQR Mutual Funds
Advisory fees for the AQR Mutual Funds range up to 3.50% of AUM (generally including, but not limited to, cash
balances and cash invested in money market funds, closed end funds, and ETFs). Additional operating expenses
apply as described more fully in the relevant offering materials. With respect to a Series Fund that allocates to
other Series Funds, AQR receives compensation for managing the Series Fund indirectly through advisory fees
received from the underlying Series Funds. If AQR selects underlying Series Funds with higher advisory fees, then
AQR will receive more compensation. Detailed information concerning the AQR Mutual Funds is contained in each
Series Fund’s prospectus, which can be downloaded from https://funds.aqr.com. Each Series Fund is distributed
by ALPS Distributors, Inc.
AQR UCITS
Advisory fees for the AQR UCITS range up to 1.80% of AUM (generally including, but not limited to, cash balances
and cash invested in money market funds, closed end funds, and ETFs). Additional operating expenses apply as
described more fully in the relevant offering materials. Certain AQR UCITS also include a performance fee of up
to 30% of net profits. AQR and its affiliates reserve the right to enter into written agreements with investors (“Side
Letters”) in AQR UCITS sub-funds to waive or modify the standard fee terms of such sub-fund in respect to a
particular investor. More information about the AQR UCITS can be found at https://ucits.aqr.com/.
Sponsored Funds
The basic fee schedule for Sponsored Funds includes an annual fixed fee (or, in certain cases, a tiered fee
schedule) of up to 2.90% of AUM (generally including, but not limited to, cash balances and cash invested in money
market funds, closed end funds, and ETFs), typically payable either monthly or quarterly in advance. Certain fee
schedules also include a performance fee of up to 36% of net profits.6 Additional operating expenses apply as
described more fully in the relevant offering materials. Investors in certain Sponsored Funds may be subject to
“lock-up” periods or gates with respect to withdrawals/redemptions and incur withdrawal/redemption fees, in
accordance with the provisions of the applicable fund documentation.
AQR and its affiliates enter into Side Letters with investors in Sponsored Funds (“Subscribers”) to waive or modify
the standard terms of such Sponsored Fund in respect of a particular Subscriber. Certain Subscribers are not
charged any management fees, are not charged any performance fees, are charged fees in arrears rather than in
advance or have a differing fee structure because of their overall relationship with AQR or its affiliates or their
investment approach. In particular, certain Subscribers in a Private Fund that are employees (including certain
former employees), business associates and other “friends and family” of AQR, its affiliates or their personnel will
typically not pay management fees or performance fees in connection with their investment in a Private Fund or
may pay a reduced rate. Consequently, fees charged to certain Subscribers may deviate from the standard fees
disclosed in a Sponsored Fund’s offering documents.
For its Sponsored Funds, AQR has the absolute discretion, subject to its fiduciary duty, to agree with Subscribers,
particularly with respect to those Subscribers who are large or strategic investors, to waive or modify the application
of any provision of a Sponsored Fund agreement (including, but not limited to, those relating to liquidity, investment
capacity, fees, and transparency). Moreover, with respect to such Subscribers, AQR remains subject to its fiduciary

    Throughout this Brochure, the term “performance fee” means performance fee or performance allocation, as applicable.

    For the avoidance of doubt, no Client is charged a combination of the highest advisory and performance fees set forth herein.

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obligations, its duties under the Investment Advisers Act of 1940 (“Advisers Act”) and any terms negotiated through
Side Letters. In some instances, Side Letters grant such Subscribers materially favorable terms relating to, among
other things, liquidity, investment capacity, economic rights, fees, expenses, information and reporting rights, co-
investment rights, certain rights or terms necessary in light of particular legal, regulatory or policy requirements of
a particular investor, veto rights, transfer rights and transparency. In addition, AQR reserves the right to waive or
rebate all or a portion of its management fees and/or performance fees with respect to a Subscriber. Prospective
Subscribers and existing Subscribers should consider these possible conflicts of interest in making their decision
to invest or remain invested in a Sponsored Fund, as certain Side Letters can result in favoring some Subscribers
over others and affect a Subscriber’s expectations as to future return and risk.
AQR has agreed to provide certain Subscribers enhanced disclosure with respect to specific security positions, risk
...

Item 7 – Types of Clients

AQR provides investment management services to institutional clients including, but not limited to, investment
companies, pooled investment vehicles, pension and profit sharing plans, charitable organizations, state or
municipal government entities, other investment advisers, insurance companies, sovereign wealth funds and
foreign official institutions, corporations or other business entities. AQR also provides investment management
services to independent registered investment advisors, family offices, high net worth individuals and other
individual investor clients. Additionally, AQR provides investment management services to Sponsored Funds, AQR
Mutual Funds and AQR UCITS, whose participants may include, but are not limited to, institutional investors as
described above, as well as individuals and other investors.
AQR’s investment minimums may vary according to investment strategy and vehicle (i.e., Institutional Managed
Account versus investment in a Sponsored Fund), and AQR maintains the ability to waive such minimums at its
discretion, as applicable. Generally, AQR’s Institutional Managed Account minimums range from $50 million to
$100 million depending on the investment strategy. Independent / RIA Account minimums are typically $1 million.
The standard minimum investment required to invest in a Sponsored Fund is described in each Sponsored Fund’s
offering memorandum. The minimum investment required to invest in a Series Fund or in an AQR UCITS is
described in each fund’s prospectus. In addition, AQR reserves the right to waive investment minimums for
particular Clients or Subscribers.

                                                     AQR Capital Management LLC | Part 2A of Form ADV: Firm Brochure   12