# EDGAR Filing Document

**Accession Number:** 0001444822
**File Stem:** 0001193125-26-012436
**Filing Date:** 2026-1
**Character Count:** 18571
**Document Hash:** f7f66f22e4e7cfe338c88657789a5719
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-012436.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001193125-26-012436

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260114

**DATE AS OF CHANGE**: 20260114

**EFFECTIVENESS DATE**: 20260114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AQR Funds
- **CENTRAL INDEX KEY:** 0001444822

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-153445
- **FILM NUMBER:** 26531887

**BUSINESS ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-742-3600

**MAIL ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Series and Classes Contracts Data

### AQR Small Cap Multi-Style Fund (Series ID: S000040064)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124383 | Class I      | QSMLX           |
| C000124384 | Class N      | QSMNX           |
| C000144291 | Class R6     | QSERX           |

**AQR FUNDS** 

**Supplement dated January 14, 2026 ("Supplement")** 

**to the Class I, Class N and Class R6 Summary Prospectuses and Prospectus,** 

**each dated January 29, 2025 ("Summary Prospectus" and "Prospectus", respectively),** 

**of the AQR Large Cap Multi-Style Fund, AQR Small Cap Multi-Style Fund, AQR International Multi-Style Fund, AQR Emerging Multi-Style II Fund, AQR Large Cap Momentum Style Fund, AQR Small Cap Momentum Style Fund, AQR International Momentum Style Fund, AQR Large Cap Defensive Style Fund, AQR International Defensive Style Fund and AQR Global Equity Fund (each a "Fund")** 

*This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds' Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290-2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of AQR Large Cap Multi-Style Fund's Summary Prospectus and Prospectus, in each case beginning on page 5, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio**<br> **Manager of**<br> **the Fund**<br> **Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | March 26, 2013 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of AQR Small Cap Multi-Style Fund's Summary Prospectus and Prospectus, beginning on page 5 and 10, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | March 26, 2013 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of AQR International Multi-Style Fund's Summary Prospectus and Prospectus, beginning on page 6 and 16, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | March 26, 2013 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of AQR Emerging Multi-Style II Fund's Summary Prospectus and Prospectus, beginning on page 6 and 22, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | February 11, 2015 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of AQR Large Cap Momentum Style Fund's Summary Prospectus and Prospectus, beginning on page 5 and 27, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | July 9, 2009 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of AQR Small Cap Momentum Style Fund's Summary Prospectus and Prospectus, beginning on page 5 and 32, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | July 9, 2009 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of' AQR International Momentum Style Fund's Summary Prospectus and Prospectus, beginning on page 5 and 38, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | July 9, 2009 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of' AQR Large Cap Defensive Style Fund's Summary Prospectus and Prospectus, beginning on page 6 and 44, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | January 1, 2022 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | March 16, 2016 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of' AQR International Defensive Style Fund's Summary Prospectus and Prospectus, beginning on page 6 and 50, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | January 1, 2022 | Managing and Founding Principal of the *Adviser* |
|  Michelle L. Aghassi, Ph.D. | March 16, 2016 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.* *Effective immediately, the section titled "Fund Summary—Portfolio Managers" of' AQR Global Equity Fund's Summary Prospectus and Prospectus, beginning on page 6 and 57, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio<br>Manager of<br>the Fund<br>Since** | **Title** |
|  Clifford S. Asness, Ph.D., M.B.A. | December 31, 2009 | Managing and Founding Principal of the *Adviser* |
|  John M. Liew, Ph.D., M.B.A. | December 31, 2009 | Founding Principal of the *Adviser* |
|  Jordan Brooks, Ph.D., M.A. | January 1, 2022 | Principal of the *Adviser* |
|  John J. Huss | January 1, 2022 | Principal of the *Adviser* |
|  Laura Serban, Ph.D. | May 1, 2023 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 58 of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*11.* *Effective immediately, the section titled "Management of the Funds—Portfolio Managers" of the Prospectus, beginning on page 86, is restated in its entirety as follows:* 

***Portfolio Managers***

The *Adviser* utilizes a team-based and integrated approach to its investment management process, including strategy development, research, portfolio implementation, risk management and trading execution. The *Adviser's* investment decisions are based on quantitative analysis of a specified universe of securities or other assets. This quantitative analysis relies on proprietary models to generate views on securities or other assets and applies them in a disciplined and systematic process. The *Adviser's* research, portfolio implementation and trading teams supervise the day-to-day execution of these models and continuously research ways to enhance their efficiency. Senior portfolio managers oversee this process while junior portfolio managers and portfolio implementation specialists provide appropriate oversight of the day to day details of each Fund's portfolio.

------

Each of the portfolio managers listed below is a senior member of the applicable portfolio management team that oversees the *Adviser's* investment management process for one or more of the investment strategies employed by the applicable Fund.

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| <u>Multi-Style Funds</u> |  |
| AQR Large Cap Multi-Style Fund | Clifford S. Asness, Ph.D., M.B.A. |
| AQR Small Cap Multi-Style Fund | Michele L. Aghassi, Ph.D. |
| AQR International Multi-Style Fund | John J. Huss |
| AQR Emerging Multi-Style II Fund | Laura Serban, Ph.D. |
| <u>Momentum Style Funds</u> |  |
| AQR Large Cap Momentum Style Fund | Clifford S. Asness, Ph.D., M.B.A. |
| AQR Small Cap Momentum Style Fund | Michele L. Aghassi, Ph.D. |
| AQR International Momentum Style Fund | John J. Huss |
|  | Laura Serban, Ph.D. |
| <u>Defensive Style Funds</u> |  |
| AQR Large Cap Defensive Style Fund | Clifford S. Asness, Ph.D., M.B.A. |
| AQR International Defensive Style Fund | Michele L. Aghassi, Ph.D. |
|  | John J. Huss |
|  | Laura Serban, Ph.D. |
| <u>Global Equity Fund</u> |  |
| AQR Global Equity Fund | Clifford S. Asness, Ph.D., M.B.A. |
|  | John M. Liew, Ph.D., M.B.A. |
|  | Jordan Brooks, Ph.D., M.A. |
|  | John J. Huss |
|  | Laura Serban, Ph.D. |

---

Information regarding the portfolio managers of each Fund is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is available in the Funds' SAI.

**Clifford S. Asness, Ph.D., M.B.A.,** is the Managing and Founding Principal of the *Adviser*. Dr. Asness cofounded the *Adviser* in 1998 and serves as its chief investment officer. He earned a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an M.B.A. and a Ph.D. in finance from the University of Chicago.

**John M. Liew, Ph.D., M.B.A.,** is a Founding Principal of the *Adviser*. Dr. Liew cofounded the *Adviser* in 1998 where he oversees research and portfolio management and is a member of the firm's Executive Committee. Dr. Liew earned a B.A. in economics, and an M.B.A. and a Ph.D. in finance, each from the University of Chicago.

**Michele L. Aghassi, Ph.D.,** is a Principal of the *Adviser*. Dr. Aghassi joined the *Adviser* in 2005 and serves as a portfolio manager for the firm's equity strategies. Dr. Aghassi earned a B.Sc. in applied mathematics from Brown University and a Ph.D. in operations research from the Massachusetts Institute of Technology.

------

**Jordan Brooks, Ph.D., M.A.,** is a Principal of the *Adviser*. Dr. Brooks joined the *Adviser* in August 2009 and is Co-Head of the Macro Strategies Group. He earned a B.A. in economics and mathematics from Boston College, and an M.A. and a Ph.D., both in economics, from New York University in 2009.

**John J. Huss** is a Principal of the *Adviser.* Mr. Huss rejoined the *Adviser* in 2013 and is Head of Integrated Research and Co-Head of the Macro Strategies Group. Mr. Huss earned an S.B. in mathematics from the Massachusetts Institute of Technology.

**Laura Serban, Ph.D.,** is a Principal of the *Adviser*. Dr. Serban joined the *Adviser* in 2011 and is a senior member of the *Adviser's* Global Stock Selection team. She earned a B.A. in applied mathematics and economics, an S.M. in computer science and a Ph.D. in business economics, all from Harvard University.

From time to time, a manager, analyst, or other employee of the *Adviser* or any of their affiliates may express views regarding a particular asset class, company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of the *Adviser* or any other person within the *Adviser's* organization. Any such views are subject to change at any time based upon market or other conditions and the *Adviser* disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of a Fund.

The *Adviser* has developed the AQR Momentum Index, the AQR Small Cap Momentum Index and the AQR International Momentum Index (collectively, the "AQR Momentum Indices"), each of which has a methodology similar to that of the AQR Large Cap Momentum Style Fund, the AQR Small Cap Momentum Style Fund and the AQR International Momentum Style Fund, respectively. The AQR Momentum Index is a capitalization-weighted index designed to measure the performance of large- and mid-cap U.S. stocks with positive momentum. The AQR Small Cap Momentum Index is a capitalization-weighted index designed to measure the performance of small-cap U.S. stocks with positive momentum and the AQR International Momentum Index is a capitalization-weighted index designed to measure the performance of stocks with positive momentum in developed markets outside of the U.S. You cannot invest directly in the AQR Momentum Indices. For additional information regarding the AQR Momentum Indices, please see www.aqr.com/Insights/Datasets/Momentum-Indices-Monthly.

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE**