EIGHTH AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Exhibit (d)(1)(xi)
EIGHTH AMENDMENT TO
This eighth amendment (the “Amendment”) to the Investment Advisory Agreement is made as of the 22nd day of February, 2013 by and between AQR Funds, on behalf of each Fund listed on Exhibit A, and AQR Capital Management, LLC.
WHEREAS, the parties hereto have entered into an Investment Advisory Agreement dated as of December 4, 2008, as amended and in effect prior to giving effect to this Amendment (the “Agreement”); and
WHEREAS, the parties hereto wish to amend Exhibit A of the Agreement in order to add the AQR Core Equity Fund, AQR Small Cap Core Equity Fund and AQR International Core Equity Fund.
NOW, THEREFORE, for good and adequate consideration, the receipt of which is hereby acknowledged, the parties hereto 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/ Xxxxxx XxxXxxx |
By: | /s/ Xxxxxxx Xxxxxx | |||||
| Name: | Xxxxxx XxxXxxx | Name: | Xxxxxxx Xxxxxx | |||||
| Title: | Vice President | Title: | Chief Legal Officer | |||||
EXHIBIT A
(Amended as of February 22, 2013)
| 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 6 of the Agreement. | ||||
| AQR Global Equity Fund | December 31, 2009 | 0.40% (Class N, I and Y Shares) | ||
| AQR International Equity Fund | August 28, 2009 | 0.45% (Class N, I and Y Shares) | ||
| AQR Momentum Fund | July 9, 2009 (Class L); December 17, 2012 (Class N) |
0.25% (Class L Shares and Class N Shares) | ||
| AQR Small Cap Momentum Fund | July 9, 2009 (Class L); December 17, 2012 (Class N) |
0.35% (Class L Shares and Class N Shares) | ||
| AQR International Momentum Fund | July 9, 2009 (Class L); December 17, 2012 (Class N) |
0.35% (Class L Shares and Class N Shares) | ||
| AQR Managed Futures Strategy Fund | January 5, 2010 | 1.05% (Class N and I Shares) | ||
| AQR Tax-Managed Momentum Fund | January 27, 2012 (Class L), December 17, 2012 (Class N) |
0.30% (Class L Shares and Class N Shares) | ||
| AQR Tax-Managed Small Cap Momentum Fund | January 27, 2012 (Class L), December 17, 2012 (Class N) |
0.40% (Class L Shares and Class N Shares) | ||
| AQR Tax-Managed International Momentum Fund | January 27, 2012 (Class L), December 17, 2012 (Class N) |
0.40% (Class L Shares and Class N Shares) | ||
| AQR U.S. Defensive Equity Fund | July 9, 2012 | 0.30% on the first $1billion in assets (Class N and I Shares) | ||
| 0.275% on assets in excess of $1 billion up to $3 billion (Class N and I Shares) | ||||
| 0.25% on assets in excess of $3 billion (Class N and I Shares) | ||||
| AQR International Defensive Equity Fund | July 9, 2012 | 0.40% on the first $1 billion in assets (Class N and I Shares) | ||
| 0.375% on assets in excess of $1 billion up to $3 billion (Class N and I Shares) | ||||
| 0.35% on assets in excess of $3 billion (Class N and I Shares) | ||||
| AQR Emerging Defensive Equity Fund | July 9, 2012 | 0.60% on the first $1 billion in assets (Class N and I Shares) | ||
| 0.575% on assets in excess of $1 billion up to $3 billion (Class N and I Shares) | ||||
| 0.55% on assets in excess of $3 billion (Class N and I Shares) | ||||
| AQR Risk-Balanced Commodities Strategy Fund | July 9, 2012 | 0.60% on the first $1 billion in assets (Class N and I Shares) | ||
| 0.575% on assets in excess of $1 billion up to $3 billion (Class N and I Shares) | ||||
| 0.55% on assets in excess of $3 billion (Class N and I Shares) | ||||
| AQR Risk-Balanced Commodities Strategy LV Fund | July 9, 2012 | 0.35% on the first $1 billion in assets (Class N and I Shares) | ||
| 0.325% on assets in excess of $1 billion up to $3 billion (Class N and I Shares) | ||||
| 0.30% on assets in excess of $3 billion (Class N and I Shares) | ||||
| AQR Risk Parity II MV Fund | November 5, 2012 | 0.50% on the first $1 billion in assets (Class N and I Shares) | ||
| 0.475% on assets in excess of $1 billion up to $3 billion (Class N and I Shares) | ||||
| 0.45% on assets in excess of $3 billion (Class N and I Shares) | ||||
| AQR Risk Parity II HV Fund | November 5, 2012 | 0.70% on the first $1 billion in assets (Class N and I Shares) | ||
| 0.675% on assets in excess of $1 billion up to $3 billion (Class N and I Shares) | ||||
| 0.65% on assets in excess of $3 billion (Class N and I Shares) | ||||
| AQR Core Equity Fund | , 2013 | 0.30% (Class L Shares and Class N Shares) | ||
| AQR Small Cap Core Equity Fund | , 2013 | 0.45% (Class L Shares and Class N Shares) | ||
| AQR International Core Equity Fund | , 2013 | 0.40% (Class L Shares and Class N Shares) | ||
DORMANT FUNDS:
| AQR International Small Cap Fund |
[—], 2009 | 0.65% (Class N, I and Y Shares) | ||
| AQR Emerging Markets Fund |
[—], 2009 | 0.75% (Class N, I and Y Shares) | ||
| AQR Equity Plus Fund |
[—], 2009 | 0.70% (Class N and I Shares) | ||
| AQR Small Cap Core Fund |
[—], 2009 | 0.70% (Class N and I Shares) | ||
| AQR Small Cap Growth Fund |
[—], 2009 | 0.70% (Class N and I Shares) | ||
