AQR Adaptive Global Equity UCITS Fund IAU1F USD

The Fund seeks to outperform the MSCI World Index (total return net dividends, unhedged) (the “Benchmark”) by investing in equity and equity-related instruments. The Fund is actively managed in reference to the Benchmark and pursues its investment objective through an adaptive and diversified portfolio of equities or equity related securities of global issuers. An issuer will be considered global if it is based in a country that is part of the Benchmark, or if an instrument provides exposure to a company that meets this definition. The Fund promotes a combination of environmental and social characteristics while investing in companies with good governance. It discloses in accordance with Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”). The Fund promotes these characteristics by selecting stocks with lower carbon intensity to achieve a reduction of carbon emission, as well as a higher ESG score as compared to the Benchmark. The Fund also employs negative screening by applying sectoral exclusions, eliminating fossil-fuel-related issuers, tobacco, and controversial weapons, and applies positive tilts. The Fund’s positions in the portfolio are chosen so that it maintains a beta of 1 to the Benchmark. Beta is a measure of how much systematic risk an asset has when compared to a global equity market index. The portfolio is constructed using an innovative research-based approach to identify which industries, sectors and companies are conditionally attractive or unattractive. The Fund’s performance will be primarily driven by (1) specific stock selection, accounting for the largest proportion of the strategy’s outperformance; and (2) industry selection accounting for the remainder. The instruments used by the Fund may include, but are not limited to, equities and other derivate products such as currency forwards and futures contracts. The Fund is actively managed, meaning the investments are selected at the discretion of AQR Capital Management, LLC (the “Investment Manager”). While the Fund is managed in reference to the Benchmark, the Fund may also invest in issuers based in other countries that are not part of the Benchmark to meet the Fund’s investment objective. The Investment Manager will impose operational limits on the extent that the Fund may deviate from the Benchmark but may not observe these limits in certain circumstances, for example, where movements in the market so require or in the case of corporate actions (e.g. stock splits, mergers). Over extended periods, the Fund’s performance may be correlated with that of the Benchmark. No income will be paid on your units. You may redeem your investment upon one business day notice. There can be no assurance that the Fund will meet its objectives.