AQR Equity Market Neutral Mutual Fund June 30, 2021
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Focusing for the Future
Trane Technologies 2019 Annual and ESG Report ESG Report and 2019 Annual Technologies Trane Focusing for the Future Trane Technologies 2019 Annual and ESG Report About Trane Technologies Trane Technologies is a global climate innovator. Through our strategic brands Trane and Thermo King, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. www.tranetechnologies.com We are committed to using environmentally conscious print practices. ©2020 Trane Technologies 372176_2019_AR_Cover_8.25x10.75_FINAL_040620.indd 1-3 4/7/20 12:06 AM Annual General Meeting New York Stock Exchange The company’s 2019 Annual Report on Form 10-K as filed with the United States TT Securities and Exchange Commission, Focusing for the Future and other company information, is available through Trane Technologies’ website, At Trane Technologies, we look ahead, pushing what’s possible for our customers, our business www.tranetechnologies.com. Securities and the world. We innovate to create opportunities, overcome climate challenges and as the analysts, portfolio managers and Transfer Agent and Registrar past decade has shown—boldly make the connection between sustainability and business results. representatives of institutional inves tors Computershare seeking information about the company Telephone Inquiries: 866-229-8405 This report shares the results of our Climate and Industrial segments known in 2019 as should contact: Website: www.computershare.com/Investor “Ingersoll-Rand plc.” On February 29, 2020, Ingersoll Rand and Gardner Denver completed Shane Lawrence a transaction whereby Ingersoll Rand separated its Industrial segment and combined with Address shareholder inquiries with standard priority: Director, Investor Relations Gardner Denver, creating a global industrial leader in mission critical flow creation and industrial Computershare 704-655-5651 technologies, which was renamed Ingersoll Rand Inc. -
TRANE TECHNOLOGIES PLC (Exact Name of Registrant As Specified in Its Charter) ______
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________ FORM 8-K ____________________________________________ CURRENT REPORT Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) — June 3, 2021 ____________________________________________ TRANE TECHNOLOGIES PLC (Exact name of registrant as specified in its charter) ____________________________________________ Ireland 001-34400 98-0626632 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 170/175 Lakeview Drive Airside Business Park Swords Co. Dublin Ireland (Address of principal executive offices, including zip code) +(353)(0)18707400 (Registrant’s phone number, including area code) N/A (Former name or former address, if changed since last report) ____________________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title -
AQR Long-Short Equity Fund June 30, 2021
AQR Long-Short Equity Fund June 30, 2021 Portfolio Exposures NAV: $285,388,574 Asset Class Security Description Exposure Quantity Equity 10x Genomics Ord Shs Class A (1,119,895) (5,719) Equity 2U Ord Shs (1,390,820) (33,377) Equity 3M Ord Shs 625,287 3,148 Equity A O Smith Ord Shs 345,888 4,800 Equity A P Moller Maersk Ord Shs Class B 2,911,918 1,013 Equity A2A Ord Shs 165,115 80,761 Equity AAK Ord Shs 113,885 5,078 Equity Aalberts Ord Shs (91,796) (1,708) Equity Abb Ord Shs (208,203) (6,131) Equity Abbott Laboratories Ord Shs 1,423,736 12,281 Equity AbbVie Ord Shs 373,852 3,319 Equity ABC Mart Ord Shs 183,656 3,200 Equity Abcam Ord Shs (676,557) (35,463) Equity Abiomed Ord Shs 74,594 239 Equity Abrdn Ord Shs 1,120,165 299,211 Equity Acadia Healthcare Company Ord Shs (287,144) (4,576) Equity Acceleron Pharma Ord Shs (610,885) (4,868) Equity Accenture Ord Shs Class A 824,528 2,797 Equity Acciona Ord Shs (330,764) (2,191) Equity Accor Ord Shs (105,683) (2,830) Equity Acerinox Ord Shs 990,597 82,014 Equity ACI Worldwide Ord Shs 656,152 17,667 Equity Acom Ord Shs (501,051) (114,900) Equity Acs Actividades De Construccion Y Servicios Ord Shs (378,803) (14,140) Equity Activision Blizzard Ord Shs 1,054,039 11,044 Equity Acuity Brands Ord Shs (290,645) (1,554) Equity Adaptive Biotechnologies Ord Shs (1,124,712) (27,526) Equity Adecco Group Ord Shs 1,615,380 23,754 Equity Adevinta Ord Shs (986,947) (51,472) Equity Adidas N Ord Shs (682,342) (1,833) Equity Adient Ord Shs 31,414 695 Equity Admiral Group Ord Shs (1,950,914) (44,918) Equity Adobe Ord -
Explanations for the Momentum Premium
CAPITAL MANAGEMENT Tobias Moskowitz, Ph.D. Summer 2010 Fama Family Professor of Finance University of Chicago Booth School of Business EXPLANATIONS FOR THE MOMENTUM PREMIUM Momentum is a well established empirical fact whose premium is evident in over 83 years of U.S. data, in 20 years of out of sample evidence from its original discovery, in 40 other countries, and in more than a dozen other asset classes. Its presence and robustness are remarkably stable and, along with the size and value premia, these investment styles have become the preeminent empirical regularities studied by academics and practitioners. And, like size and value, there is much debate and little consensus regarding the explanation driving this premium, though there are some compelling theories. In this short note, we summarize briefly the risk-based and non-risk based explanations for momentum. While the jury is still out on which of these explanations better fit the data, we emphasize that similar uncertainty regarding the explanation behind the size and value premium also exists. Much like momentum, stories for the size and value premium range from risk-based to behavioral and there is a healthy debate over which of these theories is most consistent with the facts. These debates are likely to continue for the foreseeable future, but as we discuss below there are many viable candidate theories for their existence—and the truth behind the source of these premia probably contains elements from several explanations. Non Risk-Based Explanations Some argue that the momentum premium is driven by non-risk factors, many of which have a behavioral flavor. -
Ideas for a Low-Expected-Return World
A S S E T A L L O C A T I O N Ideas for a Low-Expected-Return World 1Q 2012 The No. 1 challenge for investors is: How can we achieve 4%–5% medium-term real return targets (or 7%–8% nominal) if the expected return of a 60/40 equities/bonds portfolio is below 3%? Investors’ responses vary. Wishful thinking has been one approach (witness nominal return assumptions still near 8% for many pension funds), and increasing allocations to equities another. However, poor results and growing awareness of forward-looking valuations — their relevance in predicting returns and their still-uninspiring message about prospective returns — have led investors to look elsewhere. Over the past decade, many investors adopted the “endowment model” and diversified into various alternative asset classes, combining reliance on the equity premium with faith in an illiquidity premium and in hedge fund alpha. The experience has been mixed. There were some successes but many investors were disappointed in both their return and diversification realizations, as alternative investments moved in synch with the 60/40 portfolio and the true costs of private equity investments were revealed as commitments paralyzed many investors and forced them to sell liquid holdings. We think that risk-balanced diversification across well-chosen return sources is the most reliable strategic approach to achieving ambitious real return targets. AQR Capital Management, LLC, (“AQR”) provide links to third-party websites only as a convenience, and the inclusion of such links does not imply any endorsement, approval, investigation, verification or monitoring by us of any content or information contained within or accessible from the linked sites. -
Commodity Asset Management / MAP Accepting New
Ascent Capital Management CTA Report Report Start Date: Jan-2017 - Report End Date: Sep-2020 Commodity Asset Management / MAP Discretionary / Fundamental / Diversified Accepting New Investors: Yes 4.7 Exempt - QEP Investors Only Performance Since January 2017 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 0.23% -1.17% 0.40% -2.11% -2.47% 2.60% 4.03% 7.54% -3.79% 6.14% -5.73% 12.50% 2018 1.28% -2.65% -8.30% 7.12% 8.77% -5.08% -0.02% 0.88% 0.06% -2.17% -0.65% -0.58% 2019 6.24% 5.49% -2.60% -4.93% -2.66% 2.18% 0.71% 3.31% 0.34% 0.76% -1.10% 1.15% 2020 -0.05% 5.43% 0.39% -5.54% -3.59% 2.85% -0.33% 3.09% -2.27% 2017 2018 2019 2020 YTD ROR 18.03% -2.49% 8.62% -0.50% Max DD -5.73% -10.73% -9.86% -8.93% The Notes Below Are An Integral Part of this Report | Track Record Compiled By: KPMG Program Description: Commodity Asset Management ("CAM") is a specialized industrial commodities focused asset manager, founded by alumni of AQR Capital Management and Marc Rich & Co. CAM invests in lesser covered, but still liquid, exchange traded industrial commodities, where it believes it has a distinct fundamental edge. CAM sources its alpha from proprietary relationships across the industrial commodities value chain, as well as alternative data. CAM dampens the volatility inherent in commodities through active hedging and risk management, and has low correlation to traditional indexes. -
Investor Guide
AN INVESTOR’S GUIDE Managed Futures A DIVERSIFYING SOURCE OF RETURNS OPPORTUNITY TO PERFORM IN BULL AND BEAR MARKETS POTENTIAL TO MANAGE DOWNSIDE RISK The AQR Investor Guides are designed to help investors develop a clearer understanding of how certain investment strategies work, and how AQR’s distinctive approach to managing them may help investors achieve their long-term investment objectives. What is Managed Futures? Buy (“Go Long”) Contracts that Equity Indices have been Managed Futures involves trading futures contracts — increasing Fixed Income agreements to buy or sell a particular asset in the future at in price a price set in advance. The assets could be equity indices, Currencies Sell (“Go Short”) fixed income, currencies or commodities, all of which are Contracts that traded on liquid markets around the world. Investors who have been Commodities decreasing pursue Managed Futures generally buy (“go long”) assets in price that have been rising in price and sell (“go short”) assets Source: AQR. Past performance is not indicative of future results. that have been falling in price, betting that these trends will continue. Managed Futures relies on a systematic, This approach, also referred to as trend following, is not rules-based process to identify trends as they new. Hedge funds and Commodity Trading Advisors develop. In doing so, the strategy eliminates (CTAs)1 have been pursuing trends in futures markets human emotion from the decision-making since the 1970s. process of when to buy and sell. 1 A commodity trading advisor (CTA) is an individual or firm who provides individualized advice regarding the buying and selling of futures contracts, options on futures or certain foreign exchange contracts. -
Thinking Alternative
Alternative Thinking Style Investing in Fixed Income Systematic style investing is increasingly popular in equity markets but much less frequently applied in fixed income markets. In this paper, we show that the classic style premia that have been applied to stock selection and equity country allocation — value, momentum, carry, and defensive — could have also performed well in fixed income markets, whether in selecting government bonds or corporate bonds. Fixed income may be the next frontier for style investing. AQR Capital Management, LLC Two Greenwich Plaza Greenwich, CT 06830 p: +1.203.742.3600 f: +1.203.742.3100 Third Quarter 2016 w: aqr.com Alternative Thinking | Style Investing in Fixed Income 1 Executive Summary Introduction Systematic style investing has become Style premia, or factor-based, investing has been increasingly popular in stock selection and has applied in equity markets for over 20 years and has also gained followers in market-neutral, multi- become increasingly popular, mainly in long-only asset-class applications. The most pervasive applications (i.e., “smart beta”). Style investing has styles with positive long-run historical track also been extended to long/short, market-neutral records in many asset classes include value, applications in several asset classes, including momentum, carry and defensive (based on bonds, currencies and commodities. Still, style evidence we’ve provided in other papers that investing appears to have a smaller footprint in FI cheap, recently improving, high-yielding and than in equities, both in academic literature and in boring low risk or high quality assets tend investment practice (see Brooks and Moskowitz to outperform in the long run).1 (2016, forthcoming) and Israel, Palhares and Richardson (“IPR” 2016)). -
Aqr Capital Management (Europe) Llp Uk Modern
AQR CAPITAL MANAGEMENT (EUROPE) LLP UK MODERN SLAVERY ACT STATEMENT 2020 1. OPENING STATEMENT 1.1 This statement is made voluntarily by AQR Capital Management (Europe) LLP (“AQR Europe”, “we”, “us” and “our”), to be transparent about our efforts to ensure that, in so far as we can, modern slavery does not take place in our business or supply chains. 1.2 AQR Europe is a subsidiary of AQR Capital Management, LLC (together “AQR”). To the extent applicable, AQR is committed to eliminating modern slavery from its business and supply chains. 1.3 This statement relates to the financial year ending 31 December 2020. In this statement, we use the term “modern slavery” to include slavery, servitude and forced or compulsory labour and human trafficking, all of which are abuses of a person’s freedoms and rights. 2. OUR BUSINESS AND ORGANISATION 2.1 AQR is an employee-owned, global investment management firm. We invest in alternative and long-only strategies in commingled vehicles as well as segregated managed accounts. All investment decisions are made using a series of systematic global asset allocation, arbitrage and security selection models and are implemented using proprietary trading and risk-management systems. 2.2 AQR carries out business in the United Kingdom through AQR Europe which is an alternative investment fund manager (“AIFM”) regulated by the Financial Conduct Authority (“FCA”). 2.3 AQR Europe employs approximately 40 skilled professionals in its London office. 2.4 Given the nature of AQR’s business (asset management services), and our workforce (skilled labour), we believe that there is no material risk of modern slavery in our workforce. -
Capital Market Assumptions Expected Real Returns for Major Asset Classes As of March 31, 2020
Capital Market Assumptions Expected real returns for major asset classes as of March 31, 2020 Private and Confidential For One-on-One and Institutional Investor Use Only Q2 2020 For Institutional Investors Use Only Disclosures 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 has been provided to you solely for information purposes and does not constitute an offer or solicitation of an offer, or any advice or recommendation, to purchase any securities or other financial instruments, and may not be construed as such. 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. Please refer to the Appendix for more information on risks and fees. For one-on-one presentation use only. Past performance is not a guarantee of future performance. This presentation is not research and should not be treated as research. This presentation does not represent valuation judgments with respect to any financial instrument, issuer, security or sector that may be described or referenced herein and does not represent a formal or official view of AQR. The views expressed reflect the current views as of the date hereof and neither the speaker nor AQR undertakes to advise you of any changes in the views expressed herein. -
Pursuing Excellence 2013 Sustainability Supplement Pursuing Excellence 2013 Sustainability Supplement
Pursuing Excellence 2013 Sustainability Supplement Pursuing Excellence 2013 Sustainability Supplement Message from Leadership 2013 Sustainability Supplement At Ingersoll Rand, we are focused on advancing the quality of life by creating comfortable, sustainable and efficient environments for our customers, shareholders and employees. Throughout the past few years our operational excellence practices have matured, and we are using this foundation to drive organic and lasting growth through excellence in innovation, emerging markets and services. Key to premier performance is enabling our teams to lead locally and giving them tools to deliver their best, all part of a winning culture. For a recap of this past year and the execution of our three strategies, read the message from our Chairman and CEO, Mike Lamach. “ Innovation at Ingersoll Rand means product development and use that supports the global need for energy conservation and efficiency. Thus, the company’s opportunity is in excellent alignment with high priority societal challenges such as climate change.” — Marian Chertow, Professor and Director, Industrial Environmental Management Program, Yale University and member of Ingersoll Rand’s Sustainability Advisory Council Copyright ©2014 Ingersoll-Rand plc. All rights reserved. Pursuing Excellence 2013 Sustainability Supplement Message from Our Chairman and CEO Our company is helping to solve some of the world’s most pressing challenges—an unsustainable demand for energy resources, the impact of urbanization on the environment, and a constant need for increased industrial productivity with lower resource intensity. These challenges are critical to our customers and at the heart of Ingersoll Rand’s vision—a world of sustainable progress and enduring results. -
Installation, Operation, and Maintenance
Installation, Operation, and Maintenance Variable Refrigerant Flow System 4-Way Cassette Indoor Unit Series Models: 4TVC0009B100ND 4TVC0030B100ND 4TVC0012B100ND 4TVC0036B100ND 4TVC0018B100ND 4TVC0048B100ND 4TVC0024B100ND SAFETY WARNING Only qualified personnel should install and service the equipment.The installation, starting up, and servicing of heating, ventilating, and air-conditioning equipment can be hazardous and requires specific knowledge and training. Improperly installed, adjusted or altered equipment by an unqualified person could result in death or serious injury.When working on the equipment, observe all precautions in the literature and on the tags, stickers, and labels that are attached to the equipment. February 2017 VRF-SVX26D-EN Introduction Warnings, Cautions, and Notices Safety advisories appear throughout this manual as required.Your personal safety and the proper operation of this machine depend upon the strict observance of these precautions. The three types of advisories are defined as follows: Indicates a potentially hazardous situation which, if not avoided, could result in WARNING death or serious injury. Indicates a potentially hazardous situation which, if not avoided, could result in s CAUTION minor or moderate injury. It could also be used to alert against unsafe practices. Indicates a situation that could result in equipment or property-damage only NOTICE accidents. Important Environmental Concerns Scientific research has shown that certain man-made chemicals can affect the earth’s naturally occurring stratospheric ozone layer when released to the atmosphere. In particular, several of the identified chemicals that may affect the ozone layer are refrigerants that contain Chlorine, Fluorine and Carbon (CFCs) and those containing Hydrogen, Chlorine, Fluorine and Carbon (HCFCs). Not all refrigerants containing these compounds have the same potential impact to the environment.