# EDGAR Filing Document

**Accession Number:** 0001444822
**File Stem:** 0001193125-25-159685
**Filing Date:** 2025-7
**Character Count:** 15685
**Document Hash:** 10152b5763ac84885dfa8e097b204cdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-159685.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001193125-25-159685

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**EFFECTIVENESS DATE**: 20250716

**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:** 251126561

**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 Risk-Balanced Commodities Strategy Fund (Series ID: S000037432)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115559 | Class N      | ARCNX           |
| C000115560 | Class I      | ARCIX           |
| C000145941 | Class R6     | QRCRX           |

**AQR FUNDS** 

**Supplement dated July 16, 2025 ("Supplement")** 

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

**each dated May 1, 2025 ("Summary Prospectus" and "Prospectus", respectively),** 

**of the AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund,** 

**AQR Risk-Balanced Commodities Strategy Fund and AQR Trend Total Return Fund** 

**(each a "Fund")** 

*This Supplement updates certain information contained in the Summary Prospectus 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;*1.* *Effective August 1, 2025, the section titled "Fund Summary—Portfolio Managers" of AQR Managed Futures Strategy Fund's Summary Prospectus and Prospectus, beginning on page 8 and 53, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager<br>of the Fund Since** | **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | January 5, 2010 | Managing and Founding Principal of the *Adviser*<br>|
| John M. Liew, Ph.D., M.B.A. | January 5, 2010 | Founding Principal of the *Adviser* |
| Jordan Brooks, Ph.D., M.A. | March 1, 2022 | Principal of the *Adviser* |
| John J. Huss | August 1, 2025 | Principal of the *Adviser* |
| Erik Stamelos | January 1, 2022 | Managing Director of the *Adviser* |
| James Lofton | June 3, 2024 | Executive Director of the *Adviser* |
| Fred Liu, M.S. | June 3, 2024 | Vice President 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 98 of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Effective August 1, 2025, the section titled "Fund Summary—Portfolio Managers" of AQR Managed Futures Strategy HV Fund's Summary Prospectus and Prospectus, beginning on page 8 and 62, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager<br>of the Fund Since** | **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | July 16, 2013 | Managing and Founding Principal of the *Adviser* |
| John M. Liew, Ph.D., M.B.A. | July 16, 2013 | Founding Principal of the *Adviser* |

---

------

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager<br>of the Fund Since** | **Title** |
| Jordan Brooks, Ph.D., M.A. | March 1, 2022 | Principal of the *Adviser* |
| John J. Huss | August 1, 2025 | Principal of the *Adviser* |
| Erik Stamelos | January 1, 2022 | Managing Director of the *Adviser* |
| James Lofton | June 3, 2024 | Executive Director of the *Adviser* |
| Fred Liu, M.S. | June 3, 2024 | Vice President 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 98 of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Effective August 1, 2025, the section titled "Fund Summary—Portfolio Managers" of AQR Risk-Balanced Commodities Strategy Fund's Summary Prospectus and Prospectus, beginning on page 7 and 79, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager<br>of the Fund Since** | **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | January 1, 2022 | Managing and Founding Principal of the *Adviser* |
| John M. Liew, Ph.D., M.B.A. | January 31, 2023 | Founding Principal of the *Adviser* |
| Jordan Brooks, Ph.D., M.A. | January 1, 2022 | Principal of the *Adviser* |
| John J. Huss | August 1, 2025 | Principal of the *Adviser* |
| Erik Stamelos | May 1, 2023 | Managing Director of the *Adviser* |
| James Lofton | June 3, 2024 | Executive Director of the *Adviser* |
| Fred Liu, M.S. | June 3, 2024 | Vice President 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 98 of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Effective August 1, 2025, the section titled "Fund Summary—Portfolio Managers" of AQR Trend Total Return Fund's Summary Prospectus and Prospectus, beginning on page 9 and 97, respectively, is restated in its entirety as follows:* 

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager<br>of the Fund Since** | **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | December 2021 | Managing and Founding Principal of the *Adviser* |
| John M. Liew, Ph.D., M.B.A. | December 2021 | Founding Principal of the *Adviser* |
| Jordan Brooks, Ph.D., M.A. | August 19, 2024 | Principal of the *Adviser* |
| John J. Huss | August 1, 2025 | Principal of the *Adviser* |
| Erik Stamelos | August 19, 2024 | Managing Director of the *Adviser* |
| James Lofton | June 3, 2024 | Executive Director of the *Adviser* |
| Fred Liu, M.S. | June 3, 2024 | Vice President 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 98 of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *Effective August 1, 2025, the section titled "Management of the Funds—Portfolio Managers of the Adviser" of the Prospectus, beginning on page 147, is restated in its entirety as follows:* 

***Portfolio Managers of the Adviser***

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 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** |
| AQR Alternative Risk Premia Fund | Jordan Brooks, Ph.D., M.A. |
|  | Andrea Frazzini, Ph.D., M.S. |
|  | John J. Huss |
|  | Nathan Sosner, Ph.D. |
|  | Bryan Kelly, Ph.D. |
|  | Tobias Moskowitz, Ph.D., M.S.<br> Erik Stamelos |
| AQR Diversified Arbitrage Fund | Jordan Brooks, Ph.D., M.A. |
| AQR Equity Market Neutral Fund | Clifford S. Asness, Ph.D., M.B.A. |
|  | Michele L. Aghassi, Ph.D. |
|  | Andrea Frazzini, Ph.D., M.S. |
|  | John J. Huss |
|  | Laura Serban, Ph.D. |
| AQR Long-Short Equity Fund | Clifford S. Asness, Ph.D., M.B.A. |
|  | Michele L. Aghassi, Ph.D. |
|  | Andrea Frazzini, Ph.D., M.S. |
|  | John J. Huss |
|  | Laura Serban, Ph.D. |
| AQR Macro Opportunities Fund | John M. Liew, Ph.D., M.B.A |
|  | Jordan Brooks, Ph.D., M.A. |
|  | John J. Huss |
|  | Bryan Kelly, Ph.D. |
|  | Jonathan Fader |

---

------

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
|  | Erik Stamelos |
| AQR Managed Futures Strategy 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 |
|  | Erik Stamelos |
|  | James Lofton |
|  | Fred Liu, M.S. |
| AQR Managed Futures Strategy HV 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 |
|  | Erik Stamelos |
|  | James Lofton |
|  | Fred Liu, M.S. |
| AQR Multi-Asset Fund | Clifford S. Asness, Ph.D., M.B.A. |
|  | John M. Liew, Ph.D., M.B.A. |
|  | Jordan Brooks, Ph.D., M.A. |
|  | Andrea Frazzini, Ph.D., M.S. |
|  | John J. Huss |
|  | Bryan Kelly, Ph.D. |
| AQR Risk-Balanced Commodities Strategy 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 |
|  | Erik Stamelos |
|  | James Lofton |
|  | Fred Liu, M.S. |
| AQR Style Premia Alternative Fund | Clifford S. Asness, Ph.D., M.B.A<br>Jordan Brooks, Ph.D., M.A. |
|  | Andrea Frazzini, Ph.D., M.S. |
|  | John J. Huss |
|  | Bryan Kelly, Ph.D.<br>Tobias Moskowitz, Ph.D., M.S. |
| AQR Trend Total Return Fund | Clifford S. Asness, Ph.D., M.B.A. |
|  | John M. Liew, Ph.D., M.B.A. |

---

------

---

| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
|  | Jordan Brooks, Ph.D., M.A. |
|  | John J. Huss |
|  | Erik Stamelos |
|  | James Lofton |
| | Fred Liu, M.S. |

---

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.

**Andrea Frazzini, Ph.D., M.S.,** is a Principal of the *Adviser*. Dr. Frazzini joined the *Adviser* in 2008 and is the Head of the *Adviser's* Global Stock Selection team. He earned a B.S. in economics from the University of Rome III, an M.S. in economics from the London School of Economics and a Ph.D. in economics from Yale University.

**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.

**Bryan Kelly, Ph.D.,** is a Principal of the *Adviser*. Dr. Kelly joined the Adviser in 2018 and is Head of Machine Learning and a portfolio manager on the Global Stock selection team of the *Adviser*. He earned an A.B. in economics from the University of Chicago, an M.A. in economics from the University of California, San Diego and a Ph.D. in finance from New York University.

**Tobias Moskowitz, Ph.D., M.S.,** is a Principal of the *Adviser*. Dr. Moskowitz joined the *Adviser* in 2014 and is a senior member of the Research team, where he contributes to research on asset pricing and investment issues related to domestic and international strategies. He earned a B.S. in industrial management/industrial engineering with honors and an M.S. in finance from Purdue University, as well as a Ph.D. in finance from the University of California at Los Angeles.

**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.

------

**Nathan Sosner, Ph.D.** is a Principal of the *Adviser*. Dr. Sosner joined the *Adviser* in June 2015 is Head of the Specialized Investments Group, which focuses on situations where laws and regulations have meaningful effects on trading decisions, portfolio design and the choice of investment vehicles. He earned a B.A. and M.A. in economics from Tel Aviv University and a Ph.D. in economics from Harvard University.

**Jonathan Fader,** is a Managing Director of the *Adviser.* Mr. Fader joined the *Adviser* in 2014 and is a portfolio manager for the Global Macro strategy and a member of the discretionary macro research team. Mr. Fader earned a B.S. in applied mathematics-economics from Brown University.

**Erik Stamelos** is a Managing Director of the *Adviser.* Mr. Stamelos joined the *Adviser* in 2014 and is a portfolio manager on the Macro Strategies team. Mr. Stamelos earned an A.B. in economics from Harvard University.

**James Lofton** is an Executive Director of the *Adviser*. Mr. Lofton joined the *Adviser* in 2018 and is a portfolio manager on the Macro Strategies team. Mr. Lofton earned a B.S. in economics and a B.A. in computer science from the University of Pennsylvania.

**Fred Liu, M.S.,** is a Vice President of the *Adviser*. Mr. Liu joined the *Adviser* in 2019 and is a portfolio manager on the Macro Strategies team. Mr. Liu earned a B.B.A. in finance from The University of Texas at Austin and a Master of Engineering in financial engineering from Cornell University.

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