AQR Alternative Trends UCITS Fund IDE3 EUR Dist

The Fund implements an active trend-following strategy in a diversified set of alternative assets that are generally harder to access than those used by traditional trend-following strategies. As such, the investment objective of the Fund is to generate positive returns that are not tied to or affected by traditional markets. The Fund will invest six main categories of assets: credit (e.g., bonds), interest rates in developed and emerging markets, currencies, alternative commodities that are generally not included in major commodity indices, volatility instruments and equity factor portfolios (where companies are assessed on how attractive they are based on one or more factors and then ranked against other companies). The Fund will hold both “long” and “short” positions (to benefit from positive performance or negative performance). The Fund’s investments in “short” positions will be made through the use of financial derivative instruments (derivatives), rather than holding those assets directly. Derivatives may include contracts to buy or sell an asset at a future date and at a specific price as well as agreements to exchange a particular asset for the performance return over a set period, to gain exposure to a specific market or asset. The Fund does not have any specific geographic focus. The Fund is actively managed, which means that the investments are selected at the discretion of the investment manager. The Fund is not managed in reference to a benchmark. A portion of the Fund’s assets may be held in cash or cash equivalent investments, including, but not limited to, short-term investment funds, bank deposits and/or U.S. Government securities (including U.S. treasury bills). The investment policy of the Fund may involve a high level of trading and turnover of the investments of the Fund which may generate substantial transaction costs which will be borne by the Fund. Income may be payable on your shares. You may redeem your investment upon five business days’ notice. There can be no assurance that the Fund will meet its objectives.