AQR International Defensive Style Fund June 30, 2021
Portfolio Exposures
NAV: $258,067,750
Asset Class Security Description Exposure Quantity
Equity ABC Mart Ord Shs 642,797 11,200
Equity Admiral Group Ord Shs 1,899,012 43,723
Equity Adyen Ord Shs 503,371 206
Equity Afterpay Ord Shs 111,516 1,257
Equity Ageas Ord Shs 515,818 9,294
Equity AGL Energy Ord Shs 102,050 16,577
Equity Agnico Eagle Mines Ord Shs 260,601 4,305
Equity Ajinomoto Ord Shs 116,929 4,500
Equity Akzo Nobel Ord Shs 401,976 3,253
Equity Algonquin Power Utilities Ord Shs 70,685 4,739
Equity Alimentation Couche Tard Sub Voting Ord Shs Class B 1,138,327 30,946
Equity Allianz Ord Shs 1,024,015 4,106
Equity Amada Ord Shs 147,723 14,600
Equity Aristocrat Leisure Ord Shs 218,361 6,750
Equity Asahi Group Holdings Ord Shs 173,049 3,700
Equity Ashtead Group Ord Shs 180,732 2,439
Equity ASML Holding Ord Shs 1,562,489 2,274
Equity Assicurazioni Generali Ord Shs 277,379 13,836
Equity Associated British Foods Ord Shs 816,171 26,661
Equity Astellas Pharma Ord Shs 1,587,827 91,100
Equity ASTRAZENECA 1,550,131 12,923
Equity Atco Ord Shs Class I 89,354 2,517
Equity Atlas Copco Ord Shs Class A 516,087 8,423
Equity AusNet Services Ord Shs 457,320 348,086
Equity Auto Trader Group Ord Shs 181,722 20,768
Equity Aviva Ord Shs 588,868 105,018
Equity Axa Ord Shs 74,915 2,954
Equity Azbil Ord Shs 99,577 2,400
Equity Bandai Namco Holdings Ord Shs 916,710 13,200
Equity Bank Of Kyoto Ord Shs 36,328 800
Equity Bank of Montreal Ord Shs 202,344 1,972
Equity Bank of Nova Scotia Ord Shs 726,055 11,152
Equity Barrick Gold Ord Shs 390,719 18,870
Equity Barry Callebaut Ord Shs 353,546 152
Equity BCE Ord Shs 2,671,445 54,115
Equity Beiersdorf Ord Shs 917,298 7,602
Equity Biomerieux Ord Shs 254,867 2,193
Equity Bluescope Steel Ord Shs 414,223 25,125 rrid-4206436 AQR Capital Management, LLC | Two Greenwich Plaza | Greenwich, CT 06830 | p: +1.203.742.3600 | f: +1.203.742.3100 | w: aqr.com AQR International Defensive Style Fund
Equity BOC Hong Kong Holdings Ord Shs 1,119,710 330,000
Equity Boliden Ord Shs 73,324 1,906
Equity Bouygues Ord Shs 194,225 5,251
Equity Brambles Ord Shs 111,274 12,956
Equity Bridgestone Ord Shs 801,586 17,600
Equity BRITISH AMERICAN TOBACCO 373,190 9,648
Equity Budweiser Brewing Company APAC Ord Shs (Proposed) 195,600 62,000
Equity Burberry Group Ord Shs 80,656 2,826
Equity Calbee Ord Shs 1,502,714 65,100
Equity Canadian Imperial Bank of Commerce Ord Shs 2,178,242 19,115
Equity Canadian National Railway Ord Shs 859,541 8,138
Equity Canadian Pacific Railway Ord Shs 971,059 12,615
Equity Canadian Utilities Ord Shs Class A 507,180 18,257
Equity CANON Ord Shs 215,096 9,500
Equity Capcom Ord Shs 105,415 3,600
Equity Carl Zeiss Meditec Ord Shs 232,277 1,202
Equity Carlsberg Ord Shs Class B 191,461 1,027
Equity Casio Computer Ord Shs 140,542 8,400
Equity CGI Ord Shs 111,637 1,230
Equity Chiba Bank Ord Shs 92,222 15,300
Equity Chocoladefabriken Lindt & Spruengli Par Shs 348,542 35
Equity Chugai Pharmaceutical Ord Shs 928,073 23,400
Equity Chugoku Electric Power Ord Shs 42,025 4,600
Equity CLP Holdings Ord Shs 1,987,780 201,000
Equity Coca Cola HBC Ord Shs 632,847 17,525
Equity Cochlear Ord Shs 1,155,376 6,115
Equity Coloplast Ord Shs Class B 2,751,308 16,766
Equity Compagnie Generale des Etablissements Michelin Ord Shs 108,303 679
Equity Constellation Software Ord Shs 788,382 520
Equity COSMOS Pharmaceutical Ord Shs 146,860 1,000
Equity CSL Ord Shs 1,506,881 7,038
Equity Cyber Agent Ord Shs 118,186 5,500
Equity Dainippon Sumitomo Pharma Ord Shs 155,214 7,400
Equity Danone Ord Shs 650,700 9,242
Equity Danske Bank Ord Shs 1,221,258 69,397
Equity Dassault Systemes Ord Shs 1,130,127 4,660
Equity DBS Group Holdings Ord Shs 1,692,087 76,300
Equity Diageo Ord Shs 2,007,482 41,987
Equity Diasorin Ord Shs 2,196,989 11,615
Equity Direct Line Insurance Ord Shs 1,345,751 341,810
Equity Disco Ord Shs 183,530 600
Equity DSV Panalpina Ord Shs 417,954 1,792
Equity Edenred Ord Shs 125,760 2,207
Equity Eisai Ord Shs 1,043,382 10,600 rrid-4206436 AQR Capital Management, LLC | Two Greenwich Plaza | Greenwich, CT 06830 | p: +1.203.742.3600 | f: +1.203.742.3100 | w: aqr.com AQR International Defensive Style Fund
Equity Electricite de France Ord Shs 558,936 40,913
Equity Elisa Ord Shs 728,387 12,206
Equity Ems-Chemie Holding Ord Shs 580,202 590
Equity Endeavour Group Ord Shs 481,331 101,929
Equity Endesa Ord Shs 267,651 11,031
Equity Enel Ord Shs 786,970 84,730
Equity Engie Ord Shs 791,599 57,773
Equity Ericsson Ord Shs Class B 86,064 6,843
Equity Essity Ord Shs Class B 1,542,123 46,471
Equity Etablissementen Franz Colruyt Ord Shs 1,444,148 25,822
Equity Eurofins Scientific Ord Shs 105,747 925
Equity Evolution Mining Ord Shs 145,804 43,158
Equity Evonik Industries Ord Shs 159,939 4,769
Equity Fast Retailing Ord Shs 602,793 800
Equity Ferguson Ord Shs 436,777 3,146
Equity First Quantum Minerals Ord Shs 539,030 23,363
Equity Fortescue Metals Group Ord Shs 1,711,213 97,658
Equity Fortis Ord Shs 157,968 3,565
Equity Fortum Ord Shs 223,100 8,088
Equity Franco Nevada Ord Shs 2,025,524 13,943
Equity Fresenius Medical Care Ord Shs 1,252,717 15,082
Equity Fuchs Petrolub Pref Shs 632,247 12,997
Equity Fujifilm Holdings Ord Shs 1,484,638 20,000
Equity Fujitsu Ord Shs 168,664 900
Equity Galaxy Entertainment Group Ord Shs 256,096 32,000
Equity Geberit Ord Shs 350,623 467
Equity Genting Singapore Ord Shs 273,819 440,800
Equity George Weston Ord Shs 125,468 1,315
Equity Givaudan Ord Shs 144,310 31
Equity Gjensidige Forsikring Ord Shs 723,142 32,786
Equity GLAXOSMITHKLINE 348,361 17,766
Equity Groupe Bruxelles Lambert Ord Shs 39,577 354
Equity Groupe Bruxelles Lambert Ord Shs 722,954 6,462
Equity Hakuhodo Dy Holdings Ord Shs 254,740 16,400
Equity Halma Ord Shs 476,944 12,825
Equity Hamamatsu Photonics Ord Shs 621,768 10,300
Equity Hang Seng Bank Ord Shs 317,556 15,900
Equity Hannover Rueck Ord Shs 175,864 1,051
Equity HelloFresh Ord Shs 154,969 1,594
Equity Henkel & KGAA Pref Shs 1,618,522 15,328
Equity Hermes International Ord Shs 2,779,724 1,908
Equity Hino Motors Ord Shs 136,440 15,500
Equity Hisamitsu Pharmaceutical Ord Shs 364,700 7,400
Equity HK Electric Investments Units 1,763,336 1,740,000 rrid-4206436 AQR Capital Management, LLC | Two Greenwich Plaza | Greenwich, CT 06830 | p: +1.203.742.3600 | f: +1.203.742.3100 | w: aqr.com AQR International Defensive Style Fund
Equity HKT Trust And HKT Units 104,903 77,000
Equity Holcim Ltd Ord Shs 174,062 2,899
Equity Hong Kong and China Gas Ord Shs 1,351,825 870,487
Equity Hoya Ord Shs 2,800,279 21,100
Equity Hydro One Ord Shs 2,463,722 101,830
Equity Iberdrola Ord Shs 887,972 72,838
Equity ICA Gruppen Ord Shs 411,147 8,828
Equity Iida Group Holdings Ord Shs 95,342 3,700
Equity Industria De Diseno Textil Inditex Ord Shs 96,715 2,745
Equity Industrivarden Ord Shs Class A 887,205 22,799
Equity Infineon Technologies Ord Shs 242,929 6,057
Equity Intact Financial Ord Shs 1,599,915 11,764
Equity Intertek Group Ord Shs 76,700 1,004
Equity Investor Ord Shs Class B 2,098,950 91,004
Equity Ipsen Ord Shs 425,159 4,087
Equity Itochu Ord Shs 648,707 22,500
Equity Japan Post Bank Ord Shs 1,788,831 212,800
Equity JAPAN TOBACCO 1,508,787 79,800
Equity Kakaku.com Ord Shs 223,687 7,400
Equity Kansai Paint Ord Shs 311,183 12,200
Equity Kao Ord Shs 658,929 10,700
Equity KDDI Ord Shs 3,125,025 100,100
Equity Keyence Ord Shs 757,771 1,500
Equity Kikkoman Ord Shs 204,730 3,100
Equity Kingfisher Ord Shs 583,631 115,906
Equity Kirin Holdings Ord Shs 316,147 16,200
Equity Kobayashi Pharmaceutical Ord Shs 949,086 11,100
Equity Koito Manufacturing Ord Shs 180,548 2,900
Equity Kone Ord Shs 1,206,225 14,784
Equity Koninklijke Ahold Delhaize Ord Shs 1,235,095 41,543
Equity KOSE Ord Shs 283,485 1,800
Equity Kubota Ord Shs 172,083 8,500
Equity Kuehne und Nagel International Ord Shs 1,518,694 4,434
Equity Kyocera Ord Shs 674,486 10,900
Equity Kyowa Kirin Ord Shs 780,971 22,000
Equity L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes George Ord Shs 1,323,306 7,557
Equity L'Oreal Ord Shs 3,592,475 8,061
Equity Lawson Ord Shs 236,183 5,100
Equity Lion Ord Shs 503,608 29,700
Equity Loblaw Companies Ord Shs 2,259,806 36,680
Equity Logitech International Ord Shs 415,365 3,425
Equity Lonza Group Ord Shs 333,452 470
Equity Lundbergforetagen Ord Shs Class B 650,076 10,068
Equity Lundin Mining Ord Shs 875,548 96,976 rrid-4206436 AQR Capital Management, LLC | Two Greenwich Plaza | Greenwich, CT 06830 | p: +1.203.742.3600 | f: +1.203.742.3100 | w: aqr.com AQR International Defensive Style Fund
Equity Magellan Financial Group Ord Shs 151,511 3,747
Equity Magna International Ord Shs 1,006,080 10,855
Equity Makita Ord Shs 103,667 2,200
Equity Manulife Financial Ord Shs 71,803 3,644
Equity McDonalds Holdings (Japan) Ord Shs 437,066 9,900
Equity Medipal Holdings Ord Shs 1,410,970 73,800
Equity MEIJI Holdings Ord Shs 383,458 6,400
Equity Merck Ord Shs 201,348 1,050
Equity Metro Ord Shs 1,563,667 32,581
Equity Mitsubishi Electric Ord Shs 88,623 6,100
Equity Mitsui Ord Shs 177,980 7,900
Equity Mizuho Financial Group Ord Shs 515,054 36,010
Equity Mondi Ord Shs 647,973 24,674
Equity Morrison(Wm.)Supermarkets Ord Shs 149,960 44,002
Equity Mowi Ord Shs 592,928 23,298
Equity MTR Corporation Ord Shs 832,604 149,500
Equity Murata Manufacturing Ord Shs 114,632 1,500
Equity National Grid Ord Shs 905,374 71,175
Equity Neste Ord Shs 1,320,699 21,566
Equity NESTLE 2,547,218 20,435
Equity Newcrest Mining Ord Shs 327,653 17,264
Equity NEXON Ord Shs 1,418,809 63,600
Equity Next Ord Shs 572,153 5,272
Equity NH Foods Ord Shs 81,737 2,100
Equity Nintendo Ord Shs 2,095,973 3,600
Equity Nippon Paint Holdings Ord Shs 74,727 5,500
Equity Nippon Telegraph And Telephone Ord Shs 2,905,192 111,400
Equity Nissan Chemical Ord Shs 254,870 5,200
Equity Nisshin Seifun Group Ord Shs 98,094 6,700
Equity NISSIN FOODS HOLDINGS Ord Shs 511,758 7,100
Equity Nitori Holdings Ord Shs 867,952 4,900
Equity Nitto Denko Ord Shs 829,075 11,100
Equity Nokia Ord Shs 425,246 79,412
Equity Nomura Research Institute Ord Shs 687,419 20,761
Equity Norsk Hydro Ord Shs 228,438 35,780
Equity Novartis Ord Shs 971,593 10,651
Equity NOVO-NORDISK 3,334,699 39,799
Equity Novozymes Ord Shs Class B 1,058,695 14,044
Equity Obayashi Ord Shs 69,214 8,700
Equity Obic Ord Shs 186,593 1,000
Equity Ocado Group Ord Shs 126,675 4,578
Equity OMRON Ord Shs 1,000,144 12,600
Equity Ono Pharmaceutical Ord Shs 75,940 3,400
Equity Oracle Japan Ord Shs 344,626 4,500 rrid-4206436 AQR Capital Management, LLC | Two Greenwich Plaza | Greenwich, CT 06830 | p: +1.203.742.3600 | f: +1.203.742.3100 | w: aqr.com AQR International Defensive Style Fund
Equity Orion Ord Shs Class B 993,860 23,119
Equity Orkla Ord Shs 1,314,838 129,013
Equity Orsted Ord Shs 791,790 5,642
Equity Osaka Gas Ord Shs 1,342,175 72,000
Equity Otsuka Holdings Ord Shs 523,004 12,600
Equity Otsuka Ord Shs 619,822 11,800
Equity Oversea-Chinese Banking Ord Shs 2,538,108 285,500
Equity Pan American Silver Ord Shs 397,739 13,913
Equity Pandora Ord Shs 439,747 3,271
Equity Partners Group Holding Ord Shs 597,383 394
Equity Peptidream Ord Shs 417,380 8,500
Equity Pernod Ricard Ord Shs 684,871 3,085
Equity Persimmon Ord Shs 810,360 19,831
Equity Pigeon Ord Shs 93,062 3,300
Equity Pola Orbis Holdings Ord Shs 642,366 24,300
Equity Power Assets Holdings Ord Shs 2,669,090 435,000
Equity Proximus Ord Shs 466,228 24,134
Equity Qiagen Ord Shs 467,567 9,673
Equity Randstad Ord Shs 1,645,618 21,514
Equity REA Group Ord Shs 2,156,526 16,994
Equity Reckitt Benckiser Group Ord Shs 1,734,730 19,630
Equity Recruit Holdings Ord Shs 655,473 13,300
Equity Red Electrica Ord Shs 1,015,204 54,683
Equity Renesas Electronics Ord Shs 1,050,699 97,100
Equity Rinnai Ord Shs 1,123,759 11,800
Equity Rio Tinto Ord Shs 543,144 6,609
Equity ROCHE HOLDING 2,448,353 6,493
Equity Rogers Communications Non-Voting Ord Shs Class B 570,019 10,711
Equity Royal Bank of Canada Ord Shs 1,258,740 12,411
Equity Ryohin Keikaku Ord Shs 146,950 7,000
Equity Sainsbury(J) Ord Shs 863,829 230,061
Equity SANOFI 718,728 6,859
Equity SAP Ord Shs 1,702,745 12,082
Equity Saputo Ord Shs 576,300 19,303
Equity Schindler Holding Par Shs 631,916 2,064
Equity Secom Ord Shs 593,416 7,800
Equity Securitas Ord Shs Class B 456,239 28,881
Equity Sekisui House Ord Shs 114,962 5,600
Equity Seven & I Holdings Ord Shs 1,971,043 41,300
Equity SGS Ord Shs 574,289 186
Equity Shimamura Ord Shs 585,873 6,100
Equity Shin Etsu Chemical Ord Shs 100,441 600
Equity Shionogi Ord Shs 746,115 14,300
Equity Shizuoka Bank Ord Shs 962,786 124,400 rrid-4206436 AQR Capital Management, LLC | Two Greenwich Plaza | Greenwich, CT 06830 | p: +1.203.742.3600 | f: +1.203.742.3100 | w: aqr.com AQR International Defensive Style Fund
Equity Siemens Healthineers Ord Shs 1,291,446 21,072
Equity Sika Ord Shs 546,846 1,671
Equity Singapore Telecommunications Ord Shs 948,914 557,000
Equity SMC (Japan) Ord Shs 295,747 500
Equity Smith and Nephew Ord Shs 583,468 27,031
Equity Softbank Ord Shs 2,019,368 154,200
Equity Sonic Healthcare Ord Shs 1,097,657 38,075
Equity Sonova Holding Ord Shs 1,650,115 4,383
Equity South32 Ord Shs 294,592 133,924
Equity Square Enix Hldg Ord Shs 357,438 7,200
Equity Straumann Holding Ord Shs 116,487 73
Equity Suez Ord Shs 782,249 32,899
Equity Sun Life Financial Ord Shs 247,875 4,802
Equity Sundrug Ord Shs 1,017,749 32,000
Equity Suntory Beverage & Food Ord Shs 1,924,480 51,100
Equity Suzuken Ord Shs 38,125 1,300
Equity Suzuki Motor Ord Shs 76,239 1,800
Equity Svenska Cellulosa Aktiebolaget SCA Ord Shs Class B 150,448 9,174
Equity Swedish Match Ord Shs 888,169 104,080
Equity Swisscom Ord Shs 1,661,714 2,908
Equity Symrise Ord Shs 78,450 563
Equity Sysmex Ord Shs 1,367,691 11,500
Equity T&D Holdings Ord Shs 279,463 21,600
Equity Taisho Pharmaceutical Holdings Ord Shs 214,434 4,000
Equity Tele2 Ord Shs Class B 311,182 22,824
Equity Telefonica Deutschland Holding Ord Shs 907,136 343,791
Equity Telenor Ord Shs 1,059,382 62,827
Equity Teleperformance Ord Shs 129,899 320
Equity Telia Company Ord Shs 462,529 104,150
Equity Telstra Corporation Ord Shs 3,188,680 1,129,608
Equity TESCO 212,839 69,105
Equity Thomson Reuters Ord Shs 496,975 4,998
Equity Tis Ord Shs 759,158 29,700
Equity Toho Gas Ord Shs 499,937 10,200
Equity Tohoku Electric Power Ord Shs 90,927 11,600
Equity Tokyo Electron Ord Shs 476,511 1,100
Equity Tokyo Gas Ord Shs 549,804 29,100
Equity Toromont Industries Ord Shs 180,451 2,069
Equity Toronto Dominion Ord Shs 1,342,862 19,142
Equity Toyo Suisan Ord Shs 1,425,128 37,000
Equity Toyota Motor Ord Shs 332,444 3,800
Equity Treasury Wine Estates Ord Shs 1,581,235 180,326
Equity Trend Micro Ord Shs 99,631 1,900
Equity UCB Ord Shs 180,556 1,727 rrid-4206436 AQR Capital Management, LLC | Two Greenwich Plaza | Greenwich, CT 06830 | p: +1.203.742.3600 | f: +1.203.742.3100 | w: aqr.com AQR International Defensive Style Fund
Equity Unicharm Ord Shs 1,486,107 36,900
Equity Unilever Ord Shs 523,701 8,961
Equity Uniper Ord Shs 819,816 22,257
Equity United Internet Ord Shs 102,020 2,495
Equity United Overseas Bank Ord Shs 1,532,834 79,800
Equity UPM-Kymmene Ord Shs 378,416 10,003
Equity USS Ord Shs 427,795 24,500
Equity Venture Corporation Ord Shs 107,183 7,500
Equity Vivendi Ord Shs 196,641 5,853
Equity Volvo Ord Shs Class B 693,672 28,812
Equity Washington H Soul Pattinson & Company Ord Shs 669,003 26,419
Equity Wesfarmers Ord Shs 2,040,368 45,986
Equity WH Group Ord Shs 1,007,563 1,121,000
Equity Wheaton Precious Metals Ord Shs 445,398 10,094
Equity Wilmar International Ord Shs 971,172 290,100
Equity Woolworths Group Ord Shs 2,917,829 101,929
Equity Worldline Ord Shs 305,278 3,261
Equity Yakult Honsha Ord Shs 192,684 3,400
Equity Yamada Holdings Ord Shs 336,947 72,900
Equity Yamazaki Baking Ord Shs 93,122 6,600
Equity Yara International Ord Shs 810,106 15,382
Equity Zurich Insurance Group Ord Shs 242,152 603
Equity MSCI EAFE 10,602,632 92
Disclosures:
© AQR Funds are distributed by ALPS Distributors, Inc. AQR Capital Management, LLC is the Investment Manager of the Funds and a federally registered investment adviser. ALPS Distributors is not affiliated with AQR Capital Management.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. To obtain a prospectus or summary prospectus containing this and other important information, please call 1-866-290-2688 or visit funds.aqr.com to view or download a prospectus online. Read the prospectus carefully before you invest. There are risks involved with investing including the possible loss of principal. Past performance does not guarantee future results. © AQR Funds. All rights reserved. AQR008090 1/31/2023
Holdings are subject to change.
The information set forth herein has been obtained or derived from sources believed by AQR Capital Management, LLC ("AQR") to be reliable. However, AQR does not make any representation or warranty, express or implied, as to the information's accuracy or completeness, nor does AQR recommend that the attached information serve as the basis of any investment decision. This document is intended exclusively for the use of the person to whom it has been delivered by AQR and it is not to be reproduced or redistributed to any other person without AQR's written consent.
rrid-4206436 AQR Capital Management, LLC | Two Greenwich Plaza | Greenwich, CT 06830 | p: +1.203.742.3600 | f: +1.203.742.3100 | w: aqr.com