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AQR launches three funds that target 'positive momentum' securities
By Toni Weeks
San Diego, Jan. 13 - AQR Funds announced in an N-1A filing with the Securities and Exchange Commission that it has launched three new funds, all using a momentum approach. The filing covers class L shares of the funds.
Portfolio managers for the funds will be Clifford S. Asness, Jacques A. Friedman, Ronen Israel and Lars Nielsen.
The AQR Tax-Managed Momentum Fund (Symbol: ATMOX) seeks long-term after-tax capital appreciation by investing primarily in equity or equity-related securities of large and mid-sized companies traded on a principal U.S. exchange or over-the-counter market. The adviser will select securities with "positive momentum," meaning the security has a return over the prior 12 months that ranks in the top third of its relevant universe at time of purchase.
The AQR Tax-Managed Small Cap Momentum Fund (Symbol: ATSMX) seeks long-term after-tax capital appreciation and will invest primarily in equity or equity-related securities of small capitalization companies. Again, the securities must be deemed to have positive momentum.
The AQR Tax-Managed International Momentum Fund (Symbol: ATIMX) also seeks long-term after-tax capital appreciation and will invest in equity or equity-related securities of non-U.S. companies that are deemed to have positive momentum.
The funds will not asses a maximum sales charge. The management fee is 0.3%; along with other fees and taking into account the adviser's fee waiver, total annual fund operating expenses will be held to 0.54% through April 30, 2013 for the AQR Tax-Managed Momentum Fund. The other two funds will have a management fee of 0.4%, and total annual fund operating expenses will be held to 0.7% to the same date.
The funds' investment manager is Greenwich, Conn.-based AQR Capital Management, LLC.
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