FIRST AMENDMENT TO AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT

Exhibit (d)(1)(xix)

FIRST AMENDMENT

TO

AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT

This first amendment (the “Amendment”) to the Amended and Restated Investment Management Agreement is made as of the 13^th day of August, 2014 by and between AQR Funds (“Trust”), on behalf of each Fund listed on Exhibit A, and AQR Capital Management, LLC (“AQR”).

WHEREAS, the parties hereto entered into an Investment Management Agreement dated and effective as of June 10, 2010, as amended (the “Agreement”); and

WHEREAS, the parties have entered into an Amended and Restated Investment Management Agreement dated as of May 1, 2014 (the “Amended and Restated Agreement”) in order to add additional Funds to, and amend the terms of, Exhibit A of the Agreement; and

WHEREAS, the parties hereto wish to amend Exhibit A of the Amended and Restated Agreement in order to add the AQR Equity Market Neutral Fund and AQR Style Premia Alternative LV Fund.

NOW, THEREFORE, for good and adequate consideration, the receipt of which is hereby acknowledged, Trust and AQR agree as follows:

1. AMENDMENT OF EXHIBIT A. Exhibit A of the Amended and Restated Agreement is hereby amended by deleting it in its entirety and replacing it with the Exhibit A attached hereto.

2. Except as modified hereby, the Amended and Restated Agreement shall remain in full force and effect.

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

 

AQR FUNDS						AQR CAPITAL MANAGEMENT, LLC
By:		/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇				By:		/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
		Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇						Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
		Title: Chief Legal Officer and Vice President						Title: Senior Counsel—Head of Registered Products

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EXHIBIT A

(Amended as of August 13, 2014)

 

Name of Series		Commencement Date		Advisory Fee
				Each fee will be based on the average daily net assets of the Fund managed by the Adviser, and calculated as described in Section 7 of the Amended and Restated Agreement.
AQR Risk Parity Fund		June 10, 2010		0.75% on the first $1 billion of assets
				0.70% on assets in excess of $1 billion
AQR Diversified Arbitrage Fund		October 1, 2010		1.00%
AQR Multi-Strategy Alternative Fund		July 18, 2011		1.80%
AQR Long-Short Equity Fund		July 16, 2013		1.10%
AQR Managed Futures Strategy HV Fund		July 16, 2013		1.45%
AQR Style Premia Alternative Fund		October 30, 2013		1.35%
AQR Managed Futures Strategy Fund		January 5, 2010		1.05%
AQR Risk Parity II MV Fund		November 5, 2012		0.75% on the first $1 billion in assets
				0.725% on assets in excess of $1 billion up to $3 billion
				0.70% on assets in excess of $3 billion
AQR Risk Parity II HV Fund		November 5, 2012		0.95% on the first $1 billion in assets
				0.925% on assets in excess of $1 billion up to $3 billion
				0.90% on assets in excess of $3 billion
AQR Risk-Balanced Commodities Strategy Fund		July 9, 2012		0.80%
AQR Global Macro Fund		April 8, 2014		1.25%
AQR Equity Market Neutral Fund		September [    ], 2014		1.10%
AQR Style Premia Alternative LV Fund		September [    ], 2014		0.65%