Aqr Capital Management, Llc

AQR CAPITAL MANAGEMENT, LLC

Form ADV Data

March 30, 2020

PREPARED FOR 2020DEMO 2020 DEMO

AQR CAPITAL MANAGEMENT, LLC Table of Contents

ADV

MANAGEMENT COMPANY...... 4

General Information...... 4 SEC Registration & Reporting...... 5 Direct Ownership...... 6 Indirect Ownership...... 7 Client Profile...... 8 Compensation Arrangements ...... 9 Schedule D - Miscellaneous ...... 10

DISCIPLINARY DISCLOSURES ...... 11

Regulatory Action Disclosures ...... 11 Civil/Judicial Action Disclosures...... 18 Criminal Disclosures...... 19

HEADCOUNT...... 20

HR Profile ...... 20

REGULATORY ASSETS UNDER MANAGEMENT...... 21

RAUM and Account Statistics ...... 21 Private Funds...... 22

OTHER BUSINESS ACTIVITIES...... 29

CLIENT TRANSACTIONS ...... 30

Proprietary Interest in Client Transactions ...... 30 Sales Interest in Client Transactions...... 31 Investment or Brokerage Discretion...... 32

CUSTODY...... 33

INTERNATIONAL REGISTRATIONS ...... 35

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Management Company General Information

Name AQR CAPITAL MANAGEMENT, LLC

Umbrella registration No

Website HTTPS://FUNDS.AQR.COM

HTTP://WWW.AQR.COM

HTTP://WWW.AQRUCITS.COM

HTTPS://TWITTER.COM/AQRCAPITAL

HTTPS://WWW.FACEBOOK.COM/AQR-CAPITAL-MANAGEMEN T-1530574693842765/

HTTPS://WWW.LINKEDIN.COM/COMPANY/AQR-CAPITAL-MA NAGEMENT

HTTPS://WWW.YOUTUBE.COM/CHANNEL/UCB2C6UDGXL9Z_ TWF0IFYK7G

Address (principal office) TWO GREENWICH PLAZA 3RD FLOOR GREENWICH CT United States 06830 Telephone (principal office) 203-742-3600

Form of organization Limited Liability Company

Fiscal year end DECEMBER

State laws DE, United States

Registered Status SEC Jurisdiction Registered

Registered Status Effective Date 1998-05-13

Registered Status Status APPROVED

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Management Company SEC Registration & Reporting

SEC# 801-55543

CIK numbers 6

CRD# 111883

SEC eligibility criteria Large advisory firm

Registered under company act

Jurisdictions TX, CT

Filing type Other-Than-Annual Amendment - All Sections

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Management Company Direct Ownership

Legal Name Status Date Ownership Control PR CRD/ID Status Person Acquired WILLCOX, Individual CHIEF COMPLIANCE OFFICER 08/2013 Less than Yes Yes 1868426 HERBERT, 5% JAMES KABILLER, Individual FOUNDING PRINCIPAL 01/1998 Less than Yes Yes 1736385 DAVID, GARY 5% LIEW, JOHN, Individual FOUNDING PRINCIPAL 01/1998 Less than Yes Yes 2681540 MIHN SOO 5% ASNESS, Individual CO-CHIEF OPERATING 12/2004 Less than Yes Yes 2930173 BRADLEY, OFFICER 5% DAVID HOWARD, JOHN, Individual CO-CHIEF OPERATING 02/2011 Less than Yes Yes 3132622 BRADLEY OFFICER AND CHIEF 5% FINANCIAL OFFICER AQR CAPITAL Domestic MEMBER 11/2004 75% or No No MANAGEMENT Entity more HOLDINGS, LLC ASNESS, Individual PRESIDENT, FOUNDING AND 01/1998 Less than Yes Yes 1700275 CLIFFORD, MANAGING PRINCIPAL 5% SCOTT

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Management Company Indirect Ownership

Legal Name Entity Status Date Ownership Control PR CRD/ID Status Person Acquired AFFILIATED Domestic TOPSPIN MEMBER 11/2004 75% or Yes Yes MANAGERS Entity ACQUISITION, more GROUP, INC. LLC TOPSPIN Domestic AQR CAPITAL MEMBER 12/2014 25% but No No ACQUISITION, Entity MANAGEMENT less than LLC HOLDINGS, 50% LLC ASNESS, Individual AQR CAPITAL LIMITED 08/2012 25% but Yes Yes 1700275 CLIFFORD, MANAGEMENT PARTNER less than SCOTT GROUP, L.P. 50% AQR CAPITAL Domestic AQR CAPITAL MEMBER 09/2012 50% but Yes Yes MANAGEMENT Entity MANAGEMENT less than GROUP, L.P. HOLDINGS, 75% LLC AQR CAPITAL Domestic AQR CAPITAL GENERAL 08/2012 Other Yes Yes MANAGEMENT Entity MANAGEMENT PARTNER GROUP GP, GROUP, L.P. LLC ASNESS, Individual AQR CAPITAL MANAGING 08/2012 25% but Yes Yes 1700275 CLIFFORD, MANAGEMENT MEMBER less than SCOTT GROUP GP, 50% LLC

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Management Company Client Profile

Total number of clients (for whom no 1 RAUM)

Percentage of non-US clients 49%

Type of Client Number of Client(s) Fewer than 5 Clients Amount of Regulatory Assets under Management

Individuals (non-high net worth) -- No --

Individuals (HNW only) -- No --

Banking or thrift institutions -- No --

Registered investment companies 79 -- 41.6 billion

Business development companies ------

Pooled investment vehicles 234 -- 136.51 billion

Pension and profit-sharing plans 40 No 13.9 billion

Charitable organizations -- Yes 414.86 million

State or municipal government entities 35 No 19.91 billion

Other investment advisers -- Yes 517.6 million

Insurance companies -- Yes 67.88 million

Sovereign wealth funds and foreign 36 No 35.98 billion official institutions

Corporations -- No --

Other -- No --

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Management Company Compensation Arrangements

A percentage of assets under management Yes

Hourly charges No

Subscription fees (for a newsletter or periodical) No

Fixed fees (other than Subscription Fees) No

Commissions No

Performance-based fees Yes

Other Yes

Other (specify) A PERCENTAGE OF ASSETS UNDER ADVISEMENT

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Management Company Schedule D - Miscellaneous

Schedule D Note None

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Disciplinary Disclosures Regulatory Action Disclosures

SWEDISH FINANCIAL SUPERVISORY AUTHORITY ("SFSA") 2015-03-25

Filing type AMENDED

Filed against Advisory Firm

Advisory affiliate(s) no longer associated with the adviser No

Event or proceeding occurred > 10 yrs ago or event was resolved in the adviser’s or No affiliate’s favor

Filed in error No

Initiator type Foreign

Principal sanction See Note

Case number FI REF 14-11970

Principal product type Equity Listed (Common & Preferred Stock)

Allegations See Note

Current status Final

Resolution date 2015-05-25

Summary See Note

Notes

Principal Sanction Note: AQR WAS ORDERED TO PAY A SPECIAL FEE OF 260,000 SWEDISH KRONOR (APPROXIMATELY USD 30,000) UPON THE ISSUANCE OF AN INVOICE BY THE SFSA.

Allegation Note: IN JULY 2014, AQR NOTIFIED THE SFSA OF NET SHORT POSITIONS IN THE SHARES OF A SWEDISH ISSUER. THAT NOTIFICATION WAS MADE UNINTENTIONALLY LATER THAN THE NEXT-DAY NOTIFICATION DEADLINE SPECIFIED IN REGULATION (EU) NO. 236/2012.

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC

Summary Note: ON APRIL 2, 2015, AQR RECEIVED NOTICE THAT THE SFSA HAD DECIDED TO IMPOSE A SPECIAL FEE OF 260,000 SWEDISH KRONOR (APPROXIMATELY US $30,000) FOR THE LATE NOTIFICATIONS. ON MAY 25, 2015, THE DECISION WILL BECOME LEGALLY BINDING. AQR PAID THE SPECIAL FEE FOLLOWING THE ISSUANCE OF AN INVOICE BY THE SFSA.

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC

SWEDISH FINANCIAL SUPERVISORY AUTHORITY ("SFSA") 2015-03-25

Filing type AMENDED

Filed against Advisory Firm

Advisory affiliate(s) no longer associated with the adviser No

Event or proceeding occurred > 10 yrs ago or event was resolved in the adviser’s or No affiliate’s favor

Filed in error No

Initiator type Foreign

Principal sanction See Note

Case number FI REF 14-8053

Principal product type Equity Listed (Common & Preferred Stock)

Allegations See Note

Current status Final

Resolution date 2015-05-25

Summary See Note

Notes

Principal Sanction Note: AQR WAS ORDERED TO PAY A SPECIAL FEE OF 20,000 SWEDISH KRONOR (APPROXIMATELY USD 2,300) UPON THE ISSUANCE OF AN INVOICE BY THE SFSA.

Allegation Note: IN MAY 2014, AQR NOTIFIED THE SFSA OF A NET SHORT POSITION IN THE SHARES OF A SWEDISH ISSUER. THAT NOTIFICATION WAS MADE UNINTENTIONALLY LATER THAN THE NEXT-DAY NOTIFICATION DEADLINE SPECIFIED IN REGULATION (EU) NO. 236/2012.

Summary Note: ON APRIL 2, 2015, AQR RECEIVED NOTICE THAT THE SFSA HAD DECIDED TO IMPOSE A SPECIAL FEE OF 20,000 SWEDISH KRONOR (APPROXIMATELY US $2,300) FOR THE LATE NOTIFICATION. ON MAY 25, 2015, THE DECISION WILL BECOME LEGALLY BINDING. AQR PAID THE SPECIAL FEE FOLLOWING THE ISSUANCE OF AN INVOICE BY THE SFSA.

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THE NETHERLANDS AUTHORITY FOR THE FINANCIAL MARKETS ("AFM") 2015-01-22

Filing type AMENDED

Filed against Advisory Firm

Advisory affiliate(s) no longer associated with the adviser No

Event or proceeding occurred > 10 yrs ago or event was resolved in the adviser’s or No affiliate’s favor

Filed in error No

Initiator type Foreign

Principal sanction See Note

Case number RTKD-15042028

Principal product type Equity Listed (Common & Preferred Stock)

Allegations See Note

Current status Final

Resolution date 2015-04-28

Summary See Note

Notes

Principal Sanction Note: AQR WAS ORDERED TO PAY AN ADMINISTRATIVE FINE OF OF EUR 500,000.

Allegation Note: AQR NOTIFIED THE AFM OF NET SHORT POSITIONS IN THE SHARES OF TWO DUTCH ISSUERS. THAT NOTIFICATION WAS MADE UNINTENTIONALLY LATER THAN THE NEXT-DAY NOTIFICATION DEADLINE SPECIFIED IN REGULATION (EU) NO. 236/2012.

Summary Note: ON APRIL 28, 2015, AQR RECEIVED A LEGALLY BINDING NOTICE THAT THE AFM HAD DECIDED TO IMPOSE A TOTAL ADMINISTRATIVE FINE OF EUR 500,000 (APPROXIMATELY US $572,455) FOR THE LATE NOTIFICATIONS WITH RESPECT TO THE TWO ISSUERS.

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CME GROUP, INC. - MARKET REGULATION DEPARTMENT 2013-04-17

Filing type AMENDED

Filed against Advisory Firm

Advisory affiliate(s) no longer associated with the adviser No

Event or proceeding occurred > 10 yrs ago or event was resolved in the adviser’s or No affiliate’s favor

Filed in error No

Initiator type SRO

Principal sanction See Note

Case number CBOT 13-9401-BC

Principal product type Futures - Commodity

Allegations See Note

Current status Final

Resolution date 2013-10-24

Ordered sanction(s) Disgorgement restitution

Summary See Note

Notes

Principal Sanction Note: AQR CAPITAL MANAGEMENT, LLC WILL PAY $70,000 TO THE CHICAGO BOARD OF TRADE AND DISGORGE PROFITS IN THE AMOUNT OF $925, IN ACCORDANCE WITH THE TERMS OF THE SETTLEMENT.

Allegation Note: IT IS ALLEGED THAT AS OF THE CLOSE OF BUSINESS ON APRIL 17, 2013, AQR CAPITAL MANAGEMENT, LLC VIOLATED FUTURES CONTRACT POSITION LIMITS SET BY THE CME GROUP IN CONNECTION WITH THE TRADING OF SOYBEAN FUTURES.

Summary Note: ON SEPTEMBER 9, 2013, EFFECTIVE OCTOBER 24, 2013, AQR CAPITAL MANAGEMENT, LLC VOLUNTARILY AGREED, WITHOUT ADMITTING OR DENYING ANY ALLEGATIONS, TO A SETTLEMENT WITH THE CHICAGO BOARD OF TRADE (CBOT) BUSINESS CONDUCT COMMITTEE RELATED TO CBOT RULE 562. AQR CAPITAL MANAGEMENT, LLC'S SETTLEMENT CONSISTED OF THE PAYMENT OF $70,000 AND A DISGORGEMENT OF PROFITS IN THE AMOUNT OF $925. AQR CAPITAL MANAGEMENT, LLC WILL FULLY COMPLY WITH ITS OBLIGATIONS UNDER THE SETTLEMENT.

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CME GROUP, INC. - MARKET REGULATION DEPARTMENT 2013-01-15

Filing type AMENDED

Filed against Advisory Firm

Advisory affiliate(s) no longer associated with the adviser No

Event or proceeding occurred > 10 yrs ago or event was resolved in the adviser’s or No affiliate’s favor

Filed in error No

Initiator type SRO

Principal sanction See Note

Case number NYMEX 13-9252-BC

Principal product type Futures - Commodity

Allegations See Note

Current status Final

Resolution date 2013-03-27

Summary See Note

Notes

Principal Sanction Note: AQR CAPITAL MANAGEMENT, LLC WILL PAY $60,000.00 TO THE NEW YORK MERCANTILE EXCHANGE IN ACCORDANCE WITH THE TERMS OF THE SETTLEMENT.

Allegation Note: IT IS ALLEGED THAT AS OF THE CLOSE OF BUSINESS ON JANUARY 15, 2013, AQR CAPITAL MANAGEMENT, LLC VIOLATED FUTURES CONTRACT POSITION LIMITS SET BY THE CME GROUP IN CONNECTION WITH THE TRADING OF CRUDE OIL FINANCIAL FUTURES.

Summary Note: ON MARCH 27, 2013, EFFECTIVE APRIL 1, 2013, AQR CAPITAL MANAGEMENT, LLC VOLUNTARILY AGREED, WITHOUT ADMITTING OR DENYING ANY ALLEGATIONS, TO A SETTLEMENT WITH THE NEW YORK MERCANTILE EXCHANGE (NYMEX) BUSINESS CONDUCT COMMITTEE RELATED TO NYMEX RULE 562. AQR CAPITAL MANAGEMENT, LLC'S SETTLEMENT CONSISTED OF THE PAYMENT OF $60,000 TO NYMEX. AQR CAPITAL MANAGEMENT, LLC WILL FULLY COMPLY WITH ITS OBLIGATIONS UNDER THE SETTLEMENT.

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CME GROUP, INC - MARKET REGULATION DEPARTMENT 2012-09-06

Filing type AMENDED

Filed against Advisory Firm

Advisory affiliate(s) no longer associated with the adviser No

Event or proceeding occurred > 10 yrs ago or event was resolved in the adviser’s or No affiliate’s favor

Filed in error No

Initiator type SRO

Principal sanction See Note

Case number NYMEX 12-9049-BC

Principal product type Futures - Commodity

Allegations See Note

Current status Final

Resolution date 2013-03-27

Summary See Note

Notes

Principal Sanction Note: AQR CAPITAL MANAGEMENT, LLC WILL PAY $25,000.00 TO THE NEW YORK MERCANTILE EXCHANGE IN ACCORDANCE WITH THE TERMS OF THE SETTLEMENT.

Allegation Note: IT IS ALLEGED THAT AS OF THE CLOSE OF BUSINESS ON SEPTEMBER 6, 2012, AQR CAPITAL MANAGEMENT, LLC VIOLATED FUTURES CONTRACT POSITION LIMITS SET BY THE CME GROUP IN CONNECTION WITH THE TRADING OF EUROPEAN GASOIL BULLET FUTURES.

Summary Note: ON MARCH 27, 2013, EFFECTIVE APRIL 1, 2013, AQR CAPITAL MANAGEMENT, LLC VOLUNTARILY AGREED, WITHOUT ADMITTING OR DENYING ANY ALLEGATIONS, TO A SETTLEMENT WITH THE NEW YORK MERCANTILE EXCHANGE (NYMEX) BUSINESS CONDUCT COMMITTEE RELATED TO NYMEX RULE 562. AQR CAPITAL MANAGEMENT, LLC'S SETTLEMENT CONSISTED OF THE PAYMENT OF $25,000 TO NYMEX. AQR CAPITAL MANAGEMENT, LLC WILL FULLY COMPLY WITH ITS OBLIGATIONS UNDER THE SETTLEMENT.

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Disciplinary Disclosures Civil/Judicial Action Disclosures

No civil/judicial action disclosures filed

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Disciplinary Disclosures Criminal Disclosures

No criminal disclosures filed

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Headcount HR Profile

Full-time equivalents 928

Investment advisory professionals 389

Registered representatives 91

State registered adviser representatives 0

State registered 3rd-party representatives 0

Registered insurance agents 0

Outside solicitors of clients 0

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Regulatory Assets Under Management RAUM And Account Statistics

Manages securities portfolios Yes

U.S. Dollar Amount Total Number of Accounts

Discretionary 248.9 billion 429

Non-discretionary 0 0

Total 248.9 billion1 429

Footnotes

1The SEC requires Registered Investment Advisers (“RIAs”) to calculate and report their discretionary assets in a very specific way for regulatory purposes as at the RIA’s fiscal year end. Regulatory Assets Under Management (“RAUM”) is the SEC metric for gross assets under management which, for RIAs operating closed-ended structures, must include total uncalled capital commitments. RAUM is not a net measure of an RIA’s assets under management (“AUM”). Furthermore, there is no requirement for RIAs to report on non-discretionary assets, which an RIA may opt to file separately. Exempt Reporting Advisers (“ERAs”) are not required to report RAUM in their SEC Form ADV filings.

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Regulatory Assets Under Management Private Funds (159)

Fund Name Fund Type Gross Asset Value AQR ABSOLUTE RETURN CREDIT MASTER ACCOUNT, hedge fund 60.1 million L.P. AQR ABSOLUTE RETURN INSTITUTIONAL FUND, L.P. Feeder Master: AQR ABSOLUTE RETURN MASTER ACCOUNT, L.P. AQR ABSOLUTE RETURN MASTER ACCOUNT, L.P. hedge fund 5.94 billion AQR ABSOLUTE RETURN OFFSHORE FUND LTD. Feeder Master: AQR ABSOLUTE RETURN MASTER ACCOUNT, L.P. AQR ADAPTIVE MULTI-ASSET FUND, L.P. Feeder Master: AQR ADAPTIVE MULTI-ASSET MASTER ACCOUNT, L.P. AQR ADAPTIVE MULTI-ASSET MASTER ACCOUNT II, hedge fund 62.18 million L.P AQR ADAPTIVE MULTI-ASSET MASTER ACCOUNT, hedge fund 419.55 million L.P. AQR ADAPTIVE MULTI-ASSET OFFSHORE FUND, L.P. Feeder Master: AQR ADAPTIVE MULTI-ASSET MASTER ACCOUNT, L.P. AQR ALL COUNTRY INTERNATIONAL EQUITY FUND, hedge fund 77.84 million L.P. AQR ALTERNATIVE TRENDS MASTER ACCOUNT, L.P. hedge fund 131.3 million AQR CHURCHILL II MASTER ACCOUNT, L.P. 86.51 million AQR CHURCHILL II OFFSHORE FUND, L.P. Feeder Master: AQR CHURCHILL II MASTER ACCOUNT, L.P. AQR CHURCHILL MASTER ACCOUNT, L.P. hedge fund 272.2 million AQR CHURCHILL OFFSHORE FUND, L.P. Feeder Master: AQR CHURCHILL MASTER ACCOUNT, L.P. AQR DELPHI LONG-SHORT EQUITY FUND, L.P. Feeder Master: AQR DELPHI LONG-SHORT EQUITY MASTER ACCOUNT, L.P. AQR DELPHI LONG-SHORT EQUITY MASTER hedge fund 225.67 million ACCOUNT, L.P. AQR DELPHI LONG-SHORT EQUITY OFFSHORE FUND, Feeder Master: AQR DELPHI LONG-SHORT L.P. EQUITY MASTER ACCOUNT, L.P. AQR DELTA FUND II, L.P. Feeder Master: AQR DELTA MASTER ACCOUNT, L.P.

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC

AQR DELTA FUND III, L.P. Feeder Master: AQR DELTA MASTER ACCOUNT, L.P. AQR DELTA MASTER ACCOUNT, L.P. hedge fund 9 billion AQR DELTA OFFSHORE FUND (AUD), L.P. Feeder Master: AQR DELTA MASTER ACCOUNT, L.P. AQR DELTA OFFSHORE FUND, L.P. Feeder Master: AQR DELTA MASTER ACCOUNT, L.P. AQR DELTA SAPPHIRE FUND, L.P. hedge fund 1.06 billion AQR DELTA TOTAL RETURN FUND, L.P. hedge fund 124.88 million AQR DELTA TOTAL RETURN OFFSHORE FUND, L.P. Feeder Master: AQR DELTA TOTAL RETURN OFFSHORE INTERMEDIATE FUND, L.P. AQR DELTA TOTAL RETURN OFFSHORE hedge fund 42.46 million INTERMEDIATE FUND, L.P. AQR DELTA XN FUND, L.P. Feeder Master: AQR DELTA XN MASTER ACCOUNT, L.P. AQR DELTA XN MASTER ACCOUNT, L.P. hedge fund 7.95 billion AQR DELTA XN OFFSHORE FUND LTD. Feeder Master: AQR DELTA XN MASTER ACCOUNT, L.P. AQR DELTA XN OFFSHORE FUND, L.P. Feeder Master: AQR DELTA XN MASTER ACCOUNT, L.P. AQR DIVERSIFIED CONVEXITY MASTER ACCOUNT, hedge fund 70.15 million L.P. AQR EMERGING EQUITIES FUND II, L.P. hedge fund 28.15 million AQR EMERGING EQUITIES FUND, L.P. hedge fund 3.15 billion AQR EMERGING SMALL CAP EQUITY FUND, L.P. hedge fund 95.94 million AQR ENHANCED STYLE PREMIA FUND, L.P. hedge fund 95.95 million AQR EQUITY MARKET NEUTRAL GLOBAL VALUE hedge fund 37.04 million FUND, L.P. AQR EQUITY VOLATILITY RISK PREMIUM MASTER hedge fund 448.57 million ACCOUNT, L.P. AQR GAA ALPHAPORT 500 FUND II, L.P. hedge fund 30.85 million AQR GIBRALTAR FUND, L.P. hedge fund 102.94 million AQR GIBRALTAR OFFSHORE FUND, L.P. Feeder Master: AQR GIBRALTAR OFFSHORE INTERMEDIATE FUND, L.P. AQR GIBRALTAR OFFSHORE INTERMEDIATE FUND, hedge fund 33.17 million L.P. AQR GLOBAL ALTERNATIVE INVESTMENT hedge fund 1.38 billion OFFSHORE FUND, L.P. AQR GLOBAL ALTERNATIVE PREMIA MASTER hedge fund 3.26 billion ACCOUNT, L.P.

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AQR GLOBAL ALTERNATIVE PREMIA OFFSHORE Feeder Master: AQR GLOBAL ALTERNATIVE FUND, L.P. PREMIA MASTER ACCOUNT, L.P. AQR GLOBAL ASSET ALLOCATION MASTER hedge fund 88.1 million ACCOUNT II, L.P. AQR GLOBAL DEFENSIVE EQUITY FUND, L.P. hedge fund 122.44 million AQR GLOBAL GOVERNMENT BOND MASTER hedge fund 14.82 million ACCOUNT, L.P. AQR GLOBAL MACRO FUND, L.P. Feeder Master: AQR GLOBAL MACRO MASTER ACCOUNT, L.P. AQR GLOBAL MACRO MASTER ACCOUNT, L.P. hedge fund 661.11 million AQR GLOBAL MARKET AND ALTERNATIVE PREMIA Feeder Master: AQR GLOBAL MARKET AND OFFSHORE FUND, L.P. ALTERNATIVE PREMIA OFFSHORE INTERMEDIATE FUND, L.P. AQR GLOBAL MARKET AND ALTERNATIVE PREMIA hedge fund 184.98 million OFFSHORE INTERMEDIATE FUND, L.P. AQR GLOBAL RISK AND STYLE PREMIA FUND, L.P. hedge fund 54.5 million AQR GLOBAL RISK PREMIUM FUND II, L.P. Feeder Master: AQR GLOBAL RISK PREMIUM MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM FUND III, L.P. Feeder Master: AQR GLOBAL RISK PREMIUM MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM FUND IV, L.P. hedge fund 13.12 million AQR GLOBAL RISK PREMIUM FUND, L.P. Feeder Master: AQR GLOBAL RISK PREMIUM MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM MASTER ACCOUNT II hedge fund 1.11 billion LTD. AQR GLOBAL RISK PREMIUM MASTER ACCOUNT hedge fund 7.75 billion LTD. AQR GLOBAL RISK PREMIUM OFFSHORE FUND Feeder Master: AQR GLOBAL RISK PREMIUM (CAD), L.P. MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM OFFSHORE FUND Feeder Master: AQR GLOBAL RISK PREMIUM (GBP) LTD. MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM OFFSHORE FUND II hedge fund 303 million LTD. AQR GLOBAL RISK PREMIUM OFFSHORE FUND III Feeder Master: AQR GLOBAL RISK PREMIUM LTD. MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM OFFSHORE FUND IV Feeder Master: AQR GLOBAL RISK PREMIUM LTD. MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM OFFSHORE FUND LTD. Feeder Master: AQR GLOBAL RISK PREMIUM MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM TACTICAL MASTER 1.15 billion ACCOUNT LTD.

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AQR GLOBAL RISK PREMIUM TACTICAL OFFSHORE Feeder Master: AQR GLOBAL RISK PREMIUM FUND II LTD. TACTICAL MASTER ACCOUNT LTD. AQR GLOBAL RISK PREMIUM TACTICAL OFFSHORE Feeder Master: AQR GLOBAL RISK PREMIUM FUND LTD. TACTICAL MASTER ACCOUNT LTD. AQR GLOBAL RISK-MANAGED BUYWRITE FUND, L.P. Feeder Master: AQR GLOBAL RISK-MANAGED BUYWRITE MASTER ACCOUNT, L.P. AQR GLOBAL RISK-MANAGED BUYWRITE MASTER hedge fund 318.89 million ACCOUNT, L.P. AQR GLOBAL STOCK SELECTION INSTITUTIONAL Feeder Master: AQR GLOBAL STOCK FUND, L.P. SELECTION MASTER ACCOUNT, L.P. AQR GLOBAL STOCK SELECTION MASTER ACCOUNT, 968.67 million L.P. AQR GLOBAL STOCK SELECTION OFFSHORE FUND, Feeder Master: AQR GLOBAL STOCK L.P. SELECTION MASTER ACCOUNT, L.P. AQR GRP 10 FUND, L.P. Feeder Master: AQR GRP 10 MASTER ACCOUNT LTD. AQR GRP 10 MASTER ACCOUNT LTD. 1.56 billion AQR GRP 10 OFFSHORE FUND LTD. Feeder Master: AQR GRP 10 MASTER ACCOUNT LTD. AQR GRP EL 12 OFFSHORE FUND LTD. hedge fund 248.03 million AQR GRP EL 20 MASTER ACCOUNT LTD. hedge fund 2.17 billion AQR GRP EL DYNAMIC FUND, L.P. hedge fund 991.3 million AQR GRP EL FUND, L.P. Feeder Master: AQR GRP EL MASTER ACCOUNT LTD. AQR GRP EL MASTER ACCOUNT LTD. hedge fund 5.22 billion AQR GRP EL OFFSHORE FUND LTD. Feeder Master: AQR GRP EL MASTER ACCOUNT LTD. AQR GRPT EL MASTER ACCOUNT LTD. hedge fund 437.3 million AQR GRPT EL OFFSHORE FUND LTD. Feeder Master: AQR GRPT EL MASTER ACCOUNT LTD. AQR INTERMEDIATE MULTI-STRATEGY FUND X, L.P. hedge fund 293.41 million AQR INTERMEDIATE MULTI-STRATEGY FUND XIV, hedge fund 261.04 million L.P. AQR INTERMEDIATE MULTI-STRATEGY FUND XIX hedge fund 196.26 million L.P. AQR INTERNATIONAL EQUITY FUND II, L.P. hedge fund 231.09 million AQR INTERNATIONAL SMALL CAP EQUITY FUND, L.P. hedge fund 260.86 million AQR LIQUID ENHANCED ALTERNATIVE PREMIA Feeder Master: AQR LIQUID ENHANCED FUND II, L.P. ALTERNATIVE PREMIA MASTER ACCOUNT, L.P.

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AQR LIQUID ENHANCED ALTERNATIVE PREMIA Feeder Master: AQR LIQUID ENHANCED FUND, L.P. ALTERNATIVE PREMIA MASTER ACCOUNT, L.P. AQR LIQUID ENHANCED ALTERNATIVE PREMIA hedge fund 3.21 billion MASTER ACCOUNT, L.P. AQR LIQUID ENHANCED ALTERNATIVE PREMIA Feeder Master: AQR LIQUID ENHANCED OFFSHORE FUND, L.P. ALTERNATIVE PREMIA MASTER ACCOUNT, L.P. AQR MANAGED FUTURES EH MASTER ACCOUNT, 28.96 million L.P. AQR MANAGED FUTURES FUND II, L.P. Feeder Master: AQR MANAGED FUTURES FUND, L.P. AQR MANAGED FUTURES FUND III, L.P. Feeder Master: AQR MANAGED FUTURES FUND, L.P. AQR MANAGED FUTURES FUND, L.P. 1.96 billion AQR MANAGED FUTURES OFFSHORE FUND LTD. Feeder Master: AQR MANAGED FUTURES FUND, L.P. AQR MULTI-ASSET CLASS FUND, L.P. hedge fund 800.72 million AQR MULTI-STRATEGY ALPHAPORT FUND, L.P. Feeder Master: AQR STYLE PREMIA MASTER ACCOUNT, L.P. AQR MULTI-STRATEGY FUND IX, L.P. hedge fund 258.74 million AQR MULTI-STRATEGY FUND VI, L.P. hedge fund 65.73 million AQR MULTI-STRATEGY FUND VII, L.P. hedge fund 566.93 million AQR MULTI-STRATEGY FUND X, L.P. hedge fund 1.44 billion AQR MULTI-STRATEGY FUND XI, L.P. hedge fund 156.75 million AQR MULTI-STRATEGY FUND XIV, L.P. hedge fund 558.25 million AQR MULTI-STRATEGY FUND XV, L.P. hedge fund 498.52 million AQR MULTI-STRATEGY FUND XVII, L.P. hedge fund 416.73 million AQR MULTI-STRATEGY FUND XVIII, L.P. hedge fund 623.67 million AQR OFFSHORE INTERMEDIATE MULTI-STRATEGY hedge fund 326.33 million FUND XXI, L.P. AQR OFFSHORE MULTI-STRATEGY FUND (AUD) LTD. hedge fund 206.58 million AQR OFFSHORE MULTI-STRATEGY FUND IV LTD. hedge fund 113.96 million AQR OFFSHORE MULTI-STRATEGY FUND X, L.P. Feeder Master: AQR INTERMEDIATE MULTI-STRATEGY FUND X, L.P. AQR OFFSHORE MULTI-STRATEGY FUND XIV, L.P. Feeder Master: AQR INTERMEDIATE MULTI-STRATEGY FUND XIV, L.P. AQR OFFSHORE MULTI-STRATEGY FUND XIX LTD. Feeder Master: AQR INTERMEDIATE MULTI-STRATEGY FUND XIX L.P. AQR OFFSHORE MULTI-STRATEGY FUND XVI, L.P. hedge fund 207.43 million

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AQR OFFSHORE MULTI-STRATEGY FUND XVII, L.P. Feeder Master: AQR OFFSHORE MULTI-STRATEGY INTERMEDIATE FUND XVII, L.P. AQR OFFSHORE MULTI-STRATEGY FUND XVIII, L.P. hedge fund 600.91 million AQR OFFSHORE MULTI-STRATEGY FUND XXI, L.P. Feeder Master: AQR OFFSHORE INTERMEDIATE MULTI-STRATEGY FUND XXI, L.P. AQR OFFSHORE MULTI-STRATEGY INTERMEDIATE hedge fund 71.07 million FUND XVII, L.P. AQR R.C. INTERNATIONAL ENHANCED EQUITY FUND, hedge fund 516.41 million L.P. AQR R.C. SMALL CAP VALUE FUND, L.P. hedge fund 303.68 million AQR REAL ASSET FUND II, L.P. hedge fund 86.26 million AQR REAL RETURN FUND II, L.P. Feeder Master: AQR REAL RETURN MASTER ACCOUNT, L.P. AQR REAL RETURN MASTER ACCOUNT, L.P. hedge fund 3.8 billion AQR REAL RETURN OFFSHORE FUND, L.P. Feeder Master: AQR REAL RETURN MASTER ACCOUNT, L.P. AQR RISK-MANAGED BUYWRITE MASTER ACCOUNT, hedge fund 3.42 million L.P. AQR SMALL CAP CORE FUND, L.P. hedge fund 7.35 million AQR STYLE PREMIA DEVELOPED LONG ONLY EQUITY hedge fund 5.68 million BETA 1 MASTER ACCOUNT, L.P. AQR STYLE PREMIA FUND (AUD), L.P. Feeder Master: AQR STYLE PREMIA MASTER ACCOUNT, L.P. AQR STYLE PREMIA FUND, L.P. Feeder Master: AQR STYLE PREMIA MASTER ACCOUNT, L.P. AQR STYLE PREMIA GLOBAL LONG ONLY EQUITY Feeder Master: AQR STYLE PREMIA GLOBAL BETA 1 FUND, L.P. LONG ONLY EQUITY BETA 1 MASTER ACCOUNT, L.P. AQR STYLE PREMIA GLOBAL LONG ONLY EQUITY hedge fund 169.23 million BETA 1 MASTER ACCOUNT, L.P. AQR STYLE PREMIA MASTER ACCOUNT, L.P. 23.98 billion AQR STYLE PREMIA OFFSHORE FUND II, L.P. Feeder Master: AQR STYLE PREMIA MASTER ACCOUNT, L.P. AQR STYLE PREMIA OFFSHORE FUND LTD. Feeder Master: AQR STYLE PREMIA MASTER ACCOUNT, L.P. AQR STYLE PREMIA OFFSHORE FUND, L.P. Feeder Master: AQR STYLE PREMIA MASTER ACCOUNT, L.P. AQR STYLE PREMIA PM MASTER ACCOUNT, L.P. hedge fund 1.24 billion AQR STYLE PREMIA PM OFFSHORE FUND II LTD. Feeder Master: AQR STYLE PREMIA PM MASTER ACCOUNT, L.P.

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AQR STYLE PREMIA PM OFFSHORE FUND, L.P. Feeder Master: AQR STYLE PREMIA PM MASTER ACCOUNT, L.P. AQR STYLE PREMIA U.S. EQUITY BETA 1 MASTER hedge fund 515.25 million ACCOUNT, L.P. AQR STYLE PREMIA U.S. LONG ONLY EQUITY BETA 1 hedge fund 2.89 billion FUND, L.P. AQR SYSTEMATIC TOTAL RETURN MASTER 117.93 million ACCOUNT, L.P. AQR SYSTEMATIC TOTAL RETURN OFFSHORE FUND, Feeder Master: AQR SYSTEMATIC TOTAL L.P. RETURN MASTER ACCOUNT, L.P. AQR TA SHORT BIASED FUND, L.P. hedge fund 112.43 million AQR TAX ADVANTAGED ABSOLUTE RETURN FUND, hedge fund 1.14 billion L.P. AQR TAX ADVANTAGED GLOBAL EQUITY MARKET hedge fund 905.89 million NEUTRAL FUND, L.P. AQR TAX ADVANTAGED GLOBAL RELAXED hedge fund 69.44 million CONSTRAINT EQUITY FUND, L.P. AQR TAX ADVANTAGED MANAGED FUTURES FUND, hedge fund 49.18 million L.P. AQR TAX AWARE ADAPTIVE MULTI-ASSET FUND II, hedge fund 59.75 million LLC AQR TAX AWARE TOTAL RETURN FUND, LLC hedge fund 39.2 million AQR TAX-AWARE DELPHI LONG SHORT EQUITY hedge fund 32.29 million FUND, LLC AQR TAX-AWARE U.S. DEFENSIVE EQUITY FUND, L.P. hedge fund 319.79 million AQR U.S. DEFENSIVE REFERENCE FUND, L.P. hedge fund 648,545 AQR U.S. RELAXED CONSTRAINT EQUITY FUND II, hedge fund 731.66 million L.P. AQR US LARGE CAP VALUE MT FUND, L.P. hedge fund 4.37 million AQR VOLATILITY RISK PREMIUM MASTER ACCOUNT, hedge fund 45.34 million L.P. REF GLOBAL SPLO, L.P. hedge fund 6.52 million SELECT MARKET OPPORTUNITY FUND, L.P. Feeder Master: SELECT MARKET OPPORTUNITY MASTER ACCOUNT, LLC SELECT MARKET OPPORTUNITY MASTER ACCOUNT, 1.06 billion LLC

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Other Business Activities

Advisory services provided Portfolio management – investment companies/business development companies

Portfolio management – pooled investment vehicles

Portfolio management – business or institutional clients

Advisory services provided (Other) No - See Note

Number of financial planning clients 0

Sponsor to wrap fee program No

Client assets computed using different method than RAUM Yes

RAUM attributable to clients other than listed Yes

Engage in borrowing transactions behalf other clients Yes

Engage in derivative transactions behalf other clients Yes

Custodian hold more than ten percent Yes

Provides limited investment advice No

Active business types CPO or CTA

Related persons are Broker Dealer

Investment Adviser

CPO or CTA

General partner to pooled investment vehicle

Engaged in other business No

Sell other than investment advice No

Notes

Advisory services provided (Other): MODEL PORTFOLIO RECOMMENDATIONS

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC Client Transactions Proprietary Interest in Client Transactions

Buy securities for yourself from advisory clients, or sell No securities you own to advisory clients (principal transactions)?

Buy or sell for yourself securities (other than shares of mutual Yes funds) that you also recommend to advisory clients?

Recommend securities (or other investment products) to Yes advisory clients in which you or any related person has some other proprietary (ownership) interest (other than those mentioned in Items 8.A.(1) or (2))?

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Broker-dealer or registered representative of a broker-dealer, No execute securities trades for brokerage customers in which advisory client securities are sold to or bought from the brokerage customer (agency cross transactions)?

Recommend to advisory clients, or act as a purchaser Yes representative for advisory clients with respect to, the purchase of securities for which you or any related person serves as underwriter or general or managing partner?

Recommend purchase or sale of securities to advisory clients No for which you or any related person has any other sales interest (other than the receipt of sales commissions as a broker or registered representative of a broker-dealer)?

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The securities to be bought or sold for a client's account? Yes

The amount of securities to be bought or sold for a client's Yes account?

The broker or dealer to be used for a purchase or sale of Yes securities for a client's account?

The commission rates to be paid to a broker or dealer for a Yes client's securities transactions?

Any of the brokers or dealers related persons? No

Do you or any related person recommend brokers or dealers to Yes clients?

Are any of the brokers or dealers related persons? No

Receive research or other products or services other than No execution from a broker-dealer or a third party ("soft dollar benefits") in connection with client securities transactions?

Directly or indirectly compensate any person for client referrals? No

Directly or indirectly compensate employees related to obtaining Yes clients?

Directly or indirectly receive compensation from any person for No client referrals?

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Custody of any advisory clients' cash or bank accounts No

Custody of any advisory clients' securities No

Related persons have custody of any of your advisory clients' Yes cash or bank accounts

Related persons have custody of any of your advisory clients' Yes securities

Approximate amount of client funds and securities for which 32.39 billion related persons have custody (USD)

Approximate amount of client funds and securities for which 136 related persons have custody (Total Number of Clients)

A qualified custodian(s) sends account statements at least Yes quarterly to the investors in the pooled investment vehicle(s) you manage.

An independent public accountant audits annually the pooled Yes investment vehicle(s) that you manage and the audited financial statements are distributed to the investors in the pools.

An independent public accountant conducts an annual surprise No examination of client funds and securities.

An independent public accountant prepares an internal control No report with respect to custodial services when you or your related persons are qualified custodians for client funds and securities.

Act as qualified custodians for your clients in connection with No advisory services.

Related Persons act as qualified custodians for your clients in No connection with advisory service

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If you or your related persons have custody of client funds or 2 securities, how many persons, including, but not limited to, you and your related persons, act as qualified custodians for your clients in connection with advisory services you provide to clients?

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 AQR CAPITAL MANAGEMENT, LLC International Registrations

Registered with a foreign financial regulatory authority Yes

South Africa - Financial Services Board

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All information provided in this document is provided "as-is" for informational purposes only.

This report is supplied subject to the terms of any agreement and/or terms and conditions i.e: Investment Fund Due Diligence Service Agreement or Non-Disclosure Agreement (collectively, “Agreement") that the Entity who authorises You to access information in DiligenceHub on its behalf, has entered into with Entreprise Castle Hall Alternatives Inc.. In the case of any conflict between the Agreement or anything set out herein, the terms of the Agreement shall take precedence.

This report, and the information contained herein, is confidential and for your use (and, if applicable, any other approved person or representative). This report may not be reproduced in whole or in part in any media except for your personal reference, and no part of this material may be reproduced, distributed or transmitted or otherwise made available to a third party, incorporated into another document or other material or posted to any bulletin board.

DOWNLOADED BY 2020DEMO OF 2020 DEMO ON 15 APRIL 2020 About Castle Hall

Castle Hall is a leading specialist in the due online diligence platform, which has helped our diligence of alternative and traditional asset clients complete due diligence across several managers. Castle Hall emphasizes thousand funds and accounts. independence and lack of conflicts of interest throughout the due diligence process. Unlike the Castle Hall is proud to have been named the traditional investment consulting model, we Best Global Operational Due Diligence Firm for ensure full segregation of duties in the due six consecutive years: 2014 - 2019 Alternative diligence process: we do not provide front office Investment Awards. investment recommendations or offer investment management services. Contact us for more information.

Castle Hall operates from offices in Montreal [email protected] and Halifax in Canada; London in the UK; Sydney castlehalldiligence.com in Australia; Manila in the Philippines and Abu Dhabi, UAE. Castle Hall’s core competitive advantage is DiligenceHubTM, our proprietary

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