FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT
Exhibit (d)(1)(xxiii)
FIRST AMENDMENT
TO
SECOND AMENDED AND RESTATED INVESTMENT MANAGEMENT
AGREEMENT
This first amendment (the “Amendment”) to the Second Amended and Restated Investment Management Agreement is made as of the 1st day of April, 2015 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 hereto entered into an Amended and Restated Investment Management Agreement dated and effective as of May 1, 2014 (the “Amended and Restated Agreement) in order to add additional Funds to, and amend the terms of, Exhibit A; and
WHEREAS, the parties hereto entered into a Second Amended and Restated Investment Management Agreement dated and effective as of November 7, 2014 (the “Second Amended and Restated Agreement”) in order to amend the terms included in Section 3 of the Agreement; and
WHEREAS, the parties hereto wish to amend Exhibit A of the Second Amended and Restated Agreement in order to add additional Funds to Exhibit A.
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 Second 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 Second Amended and Restated 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: Chief Legal Officer and Vice President | Title: Chief Legal Officer and Principal | |||||||
EXHIBIT A
(Amended as of April 1, 2015)
| 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 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 17, 2014 | 1.10% | ||
| AQR Style Premia Alternative LV Fund |
October 7, 2014 | 0.65% |
| AQR Large Cap Momentum Style Fund |
July 9, 2009 (Class L); December 17, 2012 (Class N) | 0.40% | ||
| AQR Small Cap Momentum Style Fund |
July 9, 2009 (Class L); December 17, 2012 (Class N) | 0.50% | ||
| AQR International Momentum Style Fund |
July 9, 2009 (Class L); December 17, 2012 (Class N) | 0.50% | ||
| AQR Emerging Momentum Style Fund |
May 13, 2014 | 0.65% | ||
| AQR TM Large Cap Momentum Style Fund |
January 27, 2012 (Class L), December 17, 2012 (Class N) | 0.40% | ||
| AQR TM Small Cap Momentum Style Fund |
January 27, 2012 (Class L), December 17, 2012 (Class N) | 0.50% | ||
| AQR TM International Momentum Style Fund |
January 27, 2012 (Class L), December 17, 2012 (Class N) | 0.50% | ||
| AQR Large Cap Defensive Style Fund |
July 9, 2012 | 0.40% | ||
| AQR International Defensive Style Fund |
July 9, 2012 | 0.50% | ||
| AQR Emerging Defensive Style Fund |
July 9, 2012 | 0.65% | ||
| AQR Large Cap Multi-Style Fund |
March 26, 2013 | 0.45% | ||
| AQR Small Cap Multi Style Fund |
March 26, 2013 | 0.60% | ||
| AQR International Multi-Style Fund |
March 26, 2013 | 0.55% | ||
| AQR Emerging Multi-Style Fund |
May 13, 2014 | 0.70% | ||
| AQR TM Large Cap Multi-Style Fund |
February 12, 2015 | 0.45% | ||
| AQR TM Small Cap Multi-Style Fund |
February 12, 2015 | 0.60% | ||
| AQR TM International Multi-Style Fund |
February 12, 2015 | 0.55% | ||
| AQR TM Emerging Multi-Style Fund |
February 12, 2015 | 0.70% |
