SEVENTH AMENDMENT TO THIRD AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT
SEVENTH AMENDMENT
TO
THIRD AMENDED AND RESTATED
INVESTMENT MANAGEMENT AGREEMENT
This SEVENTH amendment (the “Amendment”) to the Third Amended and Restated Investment Management Agreement is made as of the May 29, 2025 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 a Third Amended and Restated Investment Management Agreement dated and effective as of January 29, 2017, as amended (the “Agreement”); and
WHEREAS, the parties hereto wish to amend Exhibit A of the Agreement in order to remove the AQR Risk Parity II MV 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 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 Agreement shall remain in full force and effect. |
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, Secretary and Vice President | Title: Managing Director | |||||||
EXHIBIT A
(Amended as of May 29, 2025)
| 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 Agreement. | ||||||
| AQR Multi-Asset Fund |
June 10, 2010 | 0.60% | ||||
| AQR Diversified Arbitrage Fund |
October 1, 2010 | 1.00% | ||||
| 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 | 1.30% | ||||
| AQR Managed Futures Strategy Fund |
January 5, 2010 | 1.05% | ||||
| AQR Risk-Balanced Commodities Strategy Fund |
July 9, 2012 | 0.80% | ||||
| AQR Macro Opportunities Fund |
April 8, 2014 | 1.00% | ||||
| AQR Equity Market Neutral Fund |
September 17, 2014 | 1.10% | ||||
| AQR Large Cap Momentum Style Fund |
|
July 9, 2009 (Class L); December 17, 2012 (Class N) |
|
0.25% | ||
| AQR Small Cap Momentum Style Fund |
|
July 9, 2009 (Class L); December 17, 2012 (Class N) |
|
0.45% | ||
| AQR International Momentum Style Fund |
|
July 9, 2009 (Class L); December 17, 2012 (Class N) |
|
0.40% | ||
| AQR Large Cap Defensive Style Fund |
July 9, 2012 | 0.25% | ||
| AQR International Defensive Style Fund |
July 9, 2012 | 0.40% | ||
| AQR Large Cap Multi-Style Fund |
March 26, 2013 | 0.25% | ||
| AQR Small Cap Multi Style Fund |
March 26, 2013 | 0.45% | ||
| AQR International Multi-Style Fund |
March 26, 2013 | 0.40% | ||
| AQR Emerging Multi-Style II Fund |
February 12, 2015 | 0.50% | ||
| AQR Global Equity Fund |
December 31, 2009 | 0.60% | ||
| AQR International Equity Fund |
August 28, 2009 | 0.65% |