TENTH AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Exhibit (d)(1)(xvi)
TENTH AMENDMENT TO
This tenth amendment (the “Amendment”) to the Investment Advisory Agreement is made as of the 1st day of April, 2014 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 Emerging Core Equity Fund and AQR Emerging Momentum Fund and to reduce the advisory fee rate for the AQR Emerging Defensive 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 April 1, 2014)
| Name of Series |
Commencement Date |
Advisory Fee | ||
| Each fee will be based on the average daily net assets of | ||||
| AQR Global Equity Fund |
December 31, 2009 | 0.40% | ||
| AQR International Equity Fund |
August 28, 2009 | 0.45% | ||
| AQR Momentum Fund |
July 9, 2009 (Class L); December 17, 2012 (Class N) |
0.25% | ||
| AQR Small Cap Momentum Fund |
July 9, 2009 (Class L); December 17, 2012 (Class N) |
0.35% | ||
| AQR International Momentum Fund |
July 9, 2009 (Class L); December 17, 2012 (Class N) |
0.35% | ||
| AQR Emerging Momentum Fund |
, 2014 | 0.50% | ||
| AQR Managed Futures Strategy Fund |
January 5, 2010 | 1.05% | ||
| AQR Tax-Managed Momentum Fund |
January 27, 2012 (Class L), December 17, 2012 (Class N) | 0.30% | ||
| AQR Tax-Managed Small Cap Momentum Fund |
January 27, 2012 (Class L), December 17, 2012 (Class N) | 0.40% | ||
| AQR Tax-Managed International Momentum Fund |
January 27, 2012 (Class L), December 17, 2012 (Class N) | 0.40% | ||
| AQR U.S. Defensive Equity Fund |
July 9, 2012 | 0.25% | ||
| AQR International Defensive Equity Fund |
July 9, 2012 | 0.35% | ||
| AQR Emerging Defensive Equity Fund |
July 9, 2012 | 0.50% |
| AQR Risk-Balanced Commodities Strategy Fund |
July 9, 2012 | 0.60% on the first $1 billion in assets
| ||
| 0.575% on assets in excess of $1 billion up to $3 billion
| ||||
| 0.55% on assets in excess of $3 billion | ||||
| AQR Risk Parity II MV Fund |
November 5, 2012 | 0.50% on the first $1 billion in assets
| ||
| 0.475% on assets in excess of $1 billion up to $3 billion
| ||||
| 0.45% on assets in excess of $3 billion | ||||
| AQR Risk Parity II HV Fund |
November 5, 2012 | 0.70% on the first $1 billion in assets
| ||
| 0.675% on assets in excess of $1 billion up to $3 billion
| ||||
| 0.65% on assets in excess of $3 billion | ||||
| AQR Core Equity Fund |
March 26, 2013 | 0.30% | ||
| AQR Small Cap Core Equity Fund |
March 26, 2013 | 0.45% | ||
| AQR International Core Equity Fund |
March 26, 2013 | 0.40% | ||
| AQR Emerging Core Equity Fund |
, 2014 | 0.55% |
DORMANT FUNDS:
| AQR International Small Cap Fund |
[—], 2009 | 0.65% | ||
| AQR Emerging Markets Fund |
[—], 2009 | 0.75% | ||
| AQR Equity Plus Fund |
[—], 2009 | 0.70% | ||
| AQR Small Cap Core Fund |
[—], 2009 | 0.70% | ||
| AQR Small Cap Growth Fund |
[—], 2009 | 0.70% | ||
| AQR Risk-Balanced Commodities Strategy LV Fund
|
July 9, 2012 | 0.35% on the first $1 billion in assets | ||
| 0.325% on assets in excess of $1 billion up to $3 billion
| ||||
| 0.30% on assets in excess of $3 billion |
