QSPIX Nightmare - Closed Off to Retail Investors

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
long_gamma
Posts: 220
Joined: Mon Sep 14, 2015 4:13 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by long_gamma » Tue Nov 10, 2015 11:21 pm

Doesn't M* growth chart show net of fees?
"Everyone has a plan 'till they get punched in the mouth." --Mike Tyson

User avatar
matjen
Posts: 1720
Joined: Sun Nov 20, 2011 11:30 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by matjen » Wed Nov 11, 2015 9:23 am

long_gamma wrote:Doesn't M* growth chart show net of fees?
Yes but not net of any loads. QSPIX doesn't have a load. Contrary to HomerJ's consistent and I feel dishonest misrepresentations, it does have a mightily impressive SHORT TERM track record. As has been pointed out many times, QSPIX isn't meant to be compared to just the US Stock market which is what HomerJ just did for a reason only he knows. Why he didn't pick emerging markets...or even better, how about Sequoia Fund SEQUX. That was a fund that forum members were touting in QSPIX threads a few months back. You know, before it was discovered the fund had 30% of its assets in Valeant and two of its board members resigned.



http://www.bloomberg.com/news/articles/ ... n-outflows



So, if you are going to compare QSPIX to any equity fund (which makes little sense) the only fund that even comes close to making any type of sense would just be an overall world equity fund so you aren't picking a winner country. In the sense that some have said they hope that QSPIX can achieve "equity-like returns" I feel this is in the range of being somewhat fair even though you are looking at funds on their own rather than as part of a portfolio which is not correct.



The point of owning QSPIX is to give you exposure to asset classes and strategies other than just long equity beta after all.



M* chart for QSPIX/VT/SEQUX



Image
A man is rich in proportion to the number of things he can afford to let alone.

User avatar
grap0013
Posts: 1880
Joined: Thu Mar 18, 2010 1:24 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by grap0013 » Wed Nov 11, 2015 2:03 pm

nisiprius wrote:
  • What the website says may be wrong;
  • What a rep tells you over the phone may be wrong (they apparently don't have access to more reliable information);
  • The only way to find out for sure is to place an order;
  • Orders for funds that seemingly should be available may be rejected;
  • Orders for funds that seemingly should not be available may be accepted;
  • In the latter case, you can never tell if the brokerage means to be selling you that fund or whether it's a mistake that they will correct once they discover that it is occurring.
You have nailed it. It looks rather comical when all the kerfuffle is so succinctly displayed in bullet point format. I think this list should just be displayed whenever anybody talks about being able to buy these funds. Plus one more bullet *the above may be subject to change. Funny and true!
There are no guarantees, only probabilities.

countmein
Posts: 404
Joined: Fri Dec 06, 2013 9:10 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by countmein » Wed Nov 11, 2015 3:42 pm

I'm debating whether I should move my entire portfolio from TD to Scottrade so that I can buy another 25K of QSPIX in my Roth, and collect their $1000 new account bounty while I'm at it. Also I like that their mutual fund trading fees are $17 compared to TD's $50.

User avatar
grap0013
Posts: 1880
Joined: Thu Mar 18, 2010 1:24 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by grap0013 » Thu Nov 12, 2015 12:13 pm

countmein wrote:I'm debating whether I should move my entire portfolio from TD to Scottrade so that I can buy another 25K of QSPIX in my Roth, and collect their $1000 new account bounty while I'm at it. Also I like that their mutual fund trading fees are $17 compared to TD's $50.
Can you do an in-kind transfer of shares for current holdings or do you have to sell and then rebuy? The market moves up ~0.04% per day on average and you may lose more than the above amounts being out of the market. :P
There are no guarantees, only probabilities.

countmein
Posts: 404
Joined: Fri Dec 06, 2013 9:10 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by countmein » Thu Nov 12, 2015 5:31 pm

^ In kind, all the way. Sell-and-rebuy would not even come close to being worth it. I'm almost too bothered to go through with it as it is.

User avatar
empb
Posts: 782
Joined: Tue Aug 11, 2009 1:22 pm
Location: E1W

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by empb » Fri Dec 04, 2015 10:14 am

As an update to this thread, I've just had two buy orders for QSPIX rejected by Scottrade. Has anyone bought this anywhere in the last week or so?

EDIT: QSPNX has been rejected too. Well, this is annoying!
Last edited by empb on Fri Dec 04, 2015 11:21 am, edited 2 times in total.

User avatar
nisiprius
Advisory Board
Posts: 34956
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by nisiprius » Fri Dec 04, 2015 10:22 am

I don't know if there's any relationship to the difficulties buying this fund through retail brokerages, but as claimui reported here,

Soft Close of AQR Style Premia Alternative Fund and AQR Style Premia Alternative LV Fund
The AQR Style Premia Alternative Fund (QSPIX/QSPNX/QSPRX) and the AQR Style Premia Alternative LV Fund (QSLIX/QSLNX/QSLRX) (collectively, “the Funds”) will be closed to new investors effective at the close of business on January 29, 2016, subject to certain exceptions.

The Funds are closing due to capacity constraints associated with the investment strategy employed by these Funds. Discipline is a cornerstone of AQR’s investment philosophy and we believe this decision serves the best interests of the Funds’ existing investors.

Below please find the Prospectus Supplements for each of the Funds with further details on the exceptions regarding the closing of the Funds. To briefly summarize, each Fund will be soft-closed, i.e. they will be closed to all new investors, but generally will remain open to:
  • A current shareholder of the Fund as of the Closing Date,
  • A qualified defined contribution retirement plan that offers the Fund as an investment option as of the Closing Date purchasing shares on behalf of new and existing participants,
  • An investor opening a new account at a financial institution and/or financial intermediary firm that (a) has clients currently invested in the Fund and (b) has been pre-approved by the Adviser to purchase the Fund on behalf of certain of its clients.
A "AQR Style Premia Alternative II Fund" is planned.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

User avatar
Slick8503
Posts: 195
Joined: Tue Nov 16, 2010 10:25 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Slick8503 » Fri Dec 04, 2015 12:59 pm

FWIW, I called Scottrade and they confirmed QSPIX is still available in increments of $100 for $17 per trade.

User avatar
empb
Posts: 782
Joined: Tue Aug 11, 2009 1:22 pm
Location: E1W

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by empb » Fri Dec 04, 2015 1:10 pm

Slick8503 wrote:FWIW, I called Scottrade and they confirmed QSPIX is still available in increments of $100 for $17 per trade.
They confirmed the same to me via email recently. However, it's not true.
Last edited by empb on Sat Dec 05, 2015 8:56 am, edited 1 time in total.

User avatar
Slick8503
Posts: 195
Joined: Tue Nov 16, 2010 10:25 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Slick8503 » Fri Dec 04, 2015 1:49 pm

Have you talked with them since the order has been rejected?

Oliver
Posts: 215
Joined: Mon Sep 03, 2007 11:49 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Oliver » Sat Dec 05, 2015 2:19 pm

I am in the process of moving money over to Scottrade in order to purchase.

Below is some info about the second version of the fund.

http://seekingalpha.com/article/3713596 ... tive-funds
AQR Style Premia Alternative II Fund
On November 16, AQR Funds filed a Form N-1A with the Securities and Exchange Commission ("SEC") announcing its plan to launch class I and N shares of the AQR Style Premia Alternative Fund II. Like AQR's existing Style Premia Alternative Fund (MUTF:QSPNX), the Style Premia Alternative Fund II will seek positive absolute returns - i.e., positive total return returns over time, regardless of broad-market conditions or general direction.

The fund will employ four separate investment styles:
Value: Favoring investments that appear cheap;
Momentum: Favoring investments that have outperformed;
Carry: Favoring investments with higher yields; and
Defensive: Favoring investments with low-risk characteristics, i.e. low beta.

As part of these strategies, the fund will take long and short positions across equities, bonds, and currencies; as well as derivatives on those asset classes. The fund may also invest in other registered investment companies, including ETFs.
The fund will target a volatility level of 10%, with a 8 - 12% range. No fees have been disclosed in the filing.

sawhorse
Posts: 2908
Joined: Sun Mar 01, 2015 7:05 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by sawhorse » Sat Dec 05, 2015 2:27 pm

Oliver wrote:I am in the process of moving money over to Scottrade in order to purchase.

Below is some info about the second version of the fund.

http://seekingalpha.com/article/3713596 ... tive-funds
AQR Style Premia Alternative II Fund
On November 16, AQR Funds filed a Form N-1A with the Securities and Exchange Commission ("SEC") announcing its plan to launch class I and N shares of the AQR Style Premia Alternative Fund II. Like AQR's existing Style Premia Alternative Fund (MUTF:QSPNX), the Style Premia Alternative Fund II will seek positive absolute returns - i.e., positive total return returns over time, regardless of broad-market conditions or general direction.

The fund will employ four separate investment styles:
Value: Favoring investments that appear cheap;
Momentum: Favoring investments that have outperformed;
Carry: Favoring investments with higher yields; and
Defensive: Favoring investments with low-risk characteristics, i.e. low beta.

As part of these strategies, the fund will take long and short positions across equities, bonds, and currencies; as well as derivatives on those asset classes. The fund may also invest in other registered investment companies, including ETFs.
The fund will target a volatility level of 10%, with a 8 - 12% range. No fees have been disclosed in the filing.
How does this differ from the original Premia Alternative fund?

lack_ey
Posts: 6105
Joined: Wed Nov 19, 2014 11:55 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by lack_ey » Sat Dec 05, 2015 3:08 pm

sawhorse wrote:How does this differ from the original Premia Alternative fund?
From the other thread:
viewtopic.php?f=10&t=178649&newpost=2708803#p2705215
lack_ey wrote:By the way, nobody seems to have mentioned the difference between Style Premia Alternative (I) and Style Premia Alternative II. Looks like the latter uses equities, bonds, and currencies only, according to the filing. The original adds commodities and interest rates to that. This means that the new fund doesn't need the Cayman Islands subsidiary, as is common practice for running commodities trading.

I wonder if the risk weighting by asset class is going to change. Equities are already over half the old fund by risk (not by nominal dollar).
The new fund is less diversified, cutting out a couple asset classes. Approximately 15% (or was it 20%?) of the old fund by risk* was in commodities and interest rate futures, and that is gone with the new fund. I don't know if the other asset class weightings are bumped up proportionately or divvied up another way.

*not dollar. e.g. $100,000 notional exposure long and short 10-year bonds is less risky than $100,000 notional exposure long and short stocks. In other words, you need more bonds to reach the same risk level as stocks, and so it goes with each of the asset classes being different. So the weightings are presented by risk level.

Angst
Posts: 1676
Joined: Sat Jun 09, 2007 11:31 am
Location: St Louis, MO

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Angst » Sat Dec 05, 2015 7:10 pm

empb wrote:
Slick8503 wrote:FWIW, I called Scottrade and they confirmed QSPIX is still available in increments of $100 for $17 per trade.
They confirmed the same to me via email recently. However, it's not true.
Oliver wrote:I am in the process of moving money over to Scottrade in order to purchase.
I'll be buying more at Scottrade sometime next week; waiting on $ to clear first. We'll see what happens. I sure am expecting it to work... I'll update once attempted.
Last edited by Angst on Sat Dec 05, 2015 8:25 pm, edited 1 time in total.

User avatar
Slick8503
Posts: 195
Joined: Tue Nov 16, 2010 10:25 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Slick8503 » Sat Dec 05, 2015 8:05 pm

Please keep up updated on Scottrade. I am contemplating moving some Mega BD Roth money to Scottrade to do the same. Thanks.

InertiaMan
Posts: 209
Joined: Tue Oct 16, 2007 10:26 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by InertiaMan » Sat Dec 05, 2015 8:51 pm

This is disappointing. I was considering increasing my allocation from 7% to 10% on QSPIX but that now appears out of the question since I can't move out of Fidelity (QSPIX is held in my self-directed brokerage option of employer's 401k at Fidelity). Though I am relieved that I went through with my initial purchases in fall 2014 when I first analyzed the fund.

Anyway . . . for those of us holding at Fidelity, can we at least safely assume that "purchases" will still be permitted in the form of re-investment of dividends/capital gains?

User avatar
empb
Posts: 782
Joined: Tue Aug 11, 2009 1:22 pm
Location: E1W

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by empb » Tue Dec 08, 2015 2:43 am

FWIW, Scottrade claims there was some restriction on my account due to contact details. Bizarre considering they happily let me sell positions. Whether this is just a customer service guy not knowing what he was taking about, I don't know.

The orders were status 'received' by Scottrade and then, according to the website, get 'accepted' or 'rejected' by the fund company. I was rejected.

Angst, if you have better luck, do let us know!

User avatar
tarheel
Posts: 311
Joined: Fri Sep 17, 2010 8:33 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by tarheel » Tue Dec 08, 2015 7:38 am

InertiaMan wrote:This is disappointing. I was considering increasing my allocation from 7% to 10% on QSPIX but that now appears out of the question since I can't move out of Fidelity (QSPIX is held in my self-directed brokerage option of employer's 401k at Fidelity). Though I am relieved that I went through with my initial purchases in fall 2014 when I first analyzed the fund.

Anyway . . . for those of us holding at Fidelity, can we at least safely assume that "purchases" will still be permitted in the form of re-investment of dividends/capital gains?
inertia man - I'm in almost the identical situation as you.....just start buying QSPNX instead. Still available in Fidelity. I do believe that reinvestments in QSPIX will be allowed. And remember if it grows at 6-7% a year, if you have a significant amount of QSPIX it'll be a long time before your QSPNX contributions catch up.

InertiaMan
Posts: 209
Joined: Tue Oct 16, 2007 10:26 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by InertiaMan » Tue Dec 08, 2015 1:28 pm

tarheel wrote: And remember if it grows at 6-7% a year, if you have a significant amount of QSPIX it'll be a long time before your QSPNX contributions catch up.
My concern is, if last year is any indication, most of the annual gain is thrown off in the December distribution. So without re-investment, one's allocation could wind down over several years. Although the estimated 2015 distribution is far less than the 2014 (2.7% versus ~ 11%) so perhaps 2014 was an anomaly and I shouldn't be concerned.

I guess we'll find out soon enough if re-investments occur automatically as we expect. Distributions are < 2 weeks away.

I am going to take a position in QSPNX, if for nothing else than to preserve my ability to buy shares.

Billavoider
Posts: 32
Joined: Sun Jul 07, 2013 6:55 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Billavoider » Tue Dec 08, 2015 7:14 pm

As a side note I was also able buy a small amount of QSPIX at Scottrade with no problems in a regular account a couple of months back.

Oliver
Posts: 215
Joined: Mon Sep 03, 2007 11:49 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Oliver » Wed Dec 09, 2015 5:07 am

I placed a small order for QSPIX at Scottrade. When my trade goes through or is rejected, I will report back.

PS If this goes through, I will transfer an IRA held elsewhere to fund my QSPIX allocation before it closes.

[Scottrade accepted the order. Scottrade shows QSPIX in my account and is shown as an unsettled purchase]

PPS Since this is a soft close, I believe i should be able to continue to purchase shares after the fund is closed to new investors. This assumes Scottrade continues c to offer the fund.

Oliver
Posts: 215
Joined: Mon Sep 03, 2007 11:49 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Oliver » Thu Dec 10, 2015 12:39 am

I have received a trade confirmation for my purchase of QSPIX! Scottrade is still accepting offers for QSPIX. :D I think if you are planning on investing any significant dollars, Scottrade is the place to do it.

User avatar
empb
Posts: 782
Joined: Tue Aug 11, 2009 1:22 pm
Location: E1W

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by empb » Thu Dec 10, 2015 1:39 am

I must apologize if I caused any anxiety! It does seem my issues were account specific. To save anyone making the mistake I did...if you're moving accounts to Scottrade, be sure to enter a valid phone number in your contact information. They'll open the account without it, but you're liquidate-only unless they have one.

I was able to purchase both QSPIX and a token amount of QSPNX yesterday just on the off-chance they hard-close one share class and not the other.
Last edited by empb on Thu Dec 10, 2015 4:21 am, edited 1 time in total.

Oliver
Posts: 215
Joined: Mon Sep 03, 2007 11:49 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Oliver » Thu Dec 10, 2015 3:00 am

empb wrote: I was able to purchase both QSPIX and a token amount of QSPNX yesterday just on the off-chance they hard-close one share class and not the other.
Picking up a token amount of QSPNX is a good idea. I will be doing the same.

User avatar
triceratop
Moderator
Posts: 4366
Joined: Tue Aug 04, 2015 8:20 pm
Location: la la land

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by triceratop » Thu Dec 10, 2015 3:55 am

When you all speak of picking up a token amount of the fund in a scottrade IRA-- do you mean i can buy literally as little as $100 worth of the fund and have access to investing in the future after it is closed?

Does that make it a no-brainer for someone who has no IRA space at the moment but expects to have some in a few years; presumably after it is clear if QSPIX is tracking well to the strategies they claim to implement? Small price to pay for the ability to exercise an option to significantly invest down the road.
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

User avatar
empb
Posts: 782
Joined: Tue Aug 11, 2009 1:22 pm
Location: E1W

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by empb » Thu Dec 10, 2015 4:25 am

triceratop wrote:When you all speak of picking up a token amount of the fund in a scottrade IRA-- do you mean i can buy literally as little as $100 worth of the fund and have access to investing in the future after it is closed?

Does that make it a no-brainer for someone who has no IRA space at the moment but expects to have some in a few years; presumably after it is clear if QSPIX is tracking well to the strategies they claim to implement? Small price to pay for the ability to exercise an option to significantly invest down the road.
I bought $100 of QSPNX in two accounts yesterday just in case Scottrade pulls a Fido.

According to Scottrade's website, you can buy into QSPIX with as little as $100 too. Keep in mind the $17 transaction fee.

I wouldn't rely on being able to invest later. I bought 120% of my intended QSPIX allocation (10% of portfolio) as it wouldn't be a total shock to see the fund closed entirely.

User avatar
zaboomafoozarg
Posts: 1886
Joined: Sun Jun 12, 2011 12:34 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by zaboomafoozarg » Thu Dec 10, 2015 7:00 am

Is the fee $17 for Scottrade or $50 for Fidelity?

User avatar
empb
Posts: 782
Joined: Tue Aug 11, 2009 1:22 pm
Location: E1W

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by empb » Thu Dec 10, 2015 8:46 am

zaboomafoozarg wrote:Is the fee $17 for Scottrade or $50 for Fidelity?
Your phrasing of the question makes me think I'm misunderstanding it. However, the answer is both.

User avatar
zaboomafoozarg
Posts: 1886
Joined: Sun Jun 12, 2011 12:34 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by zaboomafoozarg » Thu Dec 10, 2015 9:25 am

empb wrote:
zaboomafoozarg wrote:Is the fee $17 for Scottrade or $50 for Fidelity?
Your phrasing of the question makes me think I'm misunderstanding it. However, the answer is both.
I was looking for verification that Fidelity is charging a $50 fee to buy or sell QSPIX/QSPNX, while Scottrade is charging a $17 fee.

Normally Fidelity would be my preferred choice for a brokerage over Scottrade, but probably not if it meant $33 more per transaction.

pshonore
Posts: 6035
Joined: Sun Jun 28, 2009 2:21 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by pshonore » Thu Dec 10, 2015 9:49 am

AFAIK, Fido charges no fee for QSPNX, but the ER for that fund is higher. QSPIX no longer shows up at Fido in their list of funds.

The AQR family at Fido:


AQRIX Summary - AQR Risk Parity Fund Class I


AQRNX Summary - AQR Risk Parity Fund Class NNo Transaction Fee


ADAIX Summary - AQR Diversified Arbitrage Fund Class I


ADANX Summary - AQR Diversified Arbitrage Fund Class NNo Transaction Fee


AZEIX Summary - AQR Emerging Defensive Style Fund Class I


AZENX Summary - AQR Emerging Defensive Style Fund Class NNo Transaction Fee


QEMLX Summary - AQR Emerging Momentum Style Fund Class I


QEMNX Summary - AQR Emerging Momentum Style Fund Class NNo Transaction Fee


QEELX Summary - AQR Emerging Multi-Style Fund Class I


QEENX Summary - AQR Emerging Multi-Style Fund Class NNo Transaction Fee


QMNIX Summary - AQR Equity Market Neutral Fund Class I


QMNNX Summary - AQR Equity Market Neutral Fund Class NNo Transaction Fee


AQGIX Summary - AQR Global Equity Fund Class I


AQGNX Summary - AQR Global Equity Fund Class NNo Transaction Fee


QGMIX Summary - AQR Global Macro Fund Class I


QGMNX Summary - AQR Global Macro Fund Class NNo Transaction Fee


ANDIX Summary - AQR International Defensive Style Fund Class I


ANDNX Summary - AQR International Defensive Style Fund Class NNo Transaction Fee


AQIIX Summary - AQR International Equity Fund Class I


AQINX Summary - AQR International Equity Fund Class NNo Transaction Fee


AIMOX Summary - AQR International Momentum Style Fund Class I


AIONX Summary - AQR International Momentum Style Fund Class NNo Transaction Fee


QICLX Summary - AQR International Multi-Style Fund Class I


QICNX Summary - AQR International Multi-Style Fund Class NNo Transaction Fee


AUEIX Summary - AQR Large Cap Defensive Style Fund Class I


AUENX Summary - AQR Large Cap Defensive Style Fund Class NNo Transaction Fee


AMOMX Summary - AQR Large Cap Momentum Style Fund Class I


AMONX Summary - AQR Large Cap Momentum Style Fund Class NNo Transaction Fee


QCELX Summary - AQR Large Cap Multi-Style Fund Class I


QCENX Summary - AQR Large Cap Multi-Style Fund Class NNo Transaction Fee


QLEIX Summary - AQR Long-Short Equity Fund Class I


QLENX Summary - AQR Long-Short Equity Fund Class NNo Transaction Fee


AQMNX Summary - AQR Managed Futures Strategy Fund Class NNo Transaction Fee


QMHIX Summary - AQR Managed Futures Strategy HV Fund Class I


QMHNX Summary - AQR Managed Futures Strategy HV Fund Class NNo Transaction Fee


ASAIX Summary - AQR Multi-Strategy Alternative Fund Class I


ASANX Summary - AQR Multi-Strategy Alternative Fund Class NNo Transaction Fee


QRHIX Summary - AQR Risk Parity II HV Fund Class I


QRHNX Summary - AQR Risk Parity II HV Fund Class NNo Transaction Fee


QRMIX Summary - AQR Risk Parity II MV Fund Class I


QRMNX Summary - AQR Risk Parity II MV Fund Class NNo Transaction Fee


ARCIX Summary - AQR Risk-Balanced Commodities Strategy Fund Class I


ARCNX Summary - AQR Risk-Balanced Commodities Strategy Fund Class NNo Transaction Fee


ASMOX Summary - AQR Small Cap Momentum Style Fund Class I


ASMNX Summary - AQR Small Cap Momentum Style Fund Class NNo Transaction Fee


QSMLX Summary - AQR Small Cap Multi-Style Fund Class I


QSMNX Summary - AQR Small Cap Multi-Style Fund Class NNo Transaction Fee


QSPNX Summary - AQR Style Premia Alternative Fund Class NNo Transaction Fee


QSLIX Summary - AQR Style Premia Alternative LV Fund Class I


QSLNX Summary - AQR Style Premia Alternative LV Fund Class NNo Transaction Fee


QTELX Summary - AQR TM Emerging Multi-Style Fund Class I


QTENX Summary - AQR TM Emerging Multi-Style Fund Class NNo Transaction Fee


ATIMX Summary - AQR TM International Momentum Style Fund Class I


QIMLX Summary - AQR TM International Multi-Style Fund Class I


QIMNX Summary - AQR TM International Multi-Style Fund Class NNo Transaction Fee


ATMOX Summary - AQR TM Large Cap Momentum Style Fund Class I


QTLLX Summary - AQR TM Large Cap Multi-Style Fund Class I


QTLNX Summary - AQR TM Large Cap Multi-Style Fund Class NNo Transaction Fee


ATSMX Summary - AQR TM Small Cap Momentum Style Fund Class I


QSSLX Summary - AQR TM Small Cap Multi-Style Fund Class I


QSSNX Summary - AQR TM Small Cap Multi-Style Fund Class NNo Transaction Fee

User avatar
zaboomafoozarg
Posts: 1886
Joined: Sun Jun 12, 2011 12:34 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by zaboomafoozarg » Thu Dec 10, 2015 12:41 pm

pshonore wrote:AFAIK, Fido charges no fee for QSPNX, but the ER for that fund is higher. QSPIX no longer shows up at Fido in their list of funds.
Ah I see, nice, thanks.

User avatar
grap0013
Posts: 1880
Joined: Thu Mar 18, 2010 1:24 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by grap0013 » Thu Dec 10, 2015 1:06 pm

zaboomafoozarg wrote:
empb wrote:
zaboomafoozarg wrote:Is the fee $17 for Scottrade or $50 for Fidelity?
Your phrasing of the question makes me think I'm misunderstanding it. However, the answer is both.
I was looking for verification that Fidelity is charging a $50 fee to buy or sell QSPIX/QSPNX, while Scottrade is charging a $17 fee.

Normally Fidelity would be my preferred choice for a brokerage over Scottrade, but probably not if it meant $33 more per transaction.
QSPIX thru Fidelity was $49.95 and now you cannot purchase it. QSPNX has no transaction fee through Fidelity. Hence, one should go with Fidelity and plan that you'll be buying QSPNX.
There are no guarantees, only probabilities.

Oliver
Posts: 215
Joined: Mon Sep 03, 2007 11:49 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Oliver » Thu Dec 10, 2015 1:42 pm

grap0013 wrote:
zaboomafoozarg wrote:
empb wrote:
zaboomafoozarg wrote:Is the fee $17 for Scottrade or $50 for Fidelity?
Your phrasing of the question makes me think I'm misunderstanding it. However, the answer is both.
I was looking for verification that Fidelity is charging a $50 fee to buy or sell QSPIX/QSPNX, while Scottrade is charging a $17 fee.

Normally Fidelity would be my preferred choice for a brokerage over Scottrade, but probably not if it meant $33 more per transaction.
QSPIX thru Fidelity was $49.95 and now you cannot purchase it. QSPNX has no transaction fee through Fidelity. Hence, one should go with Fidelity and plan that you'll be buying QSPNX.
If your purchase is greater than $6,800, in one year the $17 commission at Scottrade is offset by the lower er of QSPIX vs QSPNX. Of course, the 0.25% difference in annual er continues for the life of the investment. This makes investing in QSPIX at Scottrade more advantageous than the NTF purchase of QSPNX at Fidelity, the larger your investment and the longer your time horizon.

User avatar
grap0013
Posts: 1880
Joined: Thu Mar 18, 2010 1:24 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by grap0013 » Fri Dec 11, 2015 8:39 am

Oliver wrote:If your purchase is greater than $6,800, in one year the $17 commission at Scottrade is offset by the lower er of QSPIX vs QSPNX. Of course, the 0.25% difference in annual er continues for the life of the investment. This makes investing in QSPIX at Scottrade more advantageous than the NTF purchase of QSPNX at Fidelity, the larger your investment and the longer your time horizon.
+1

If and that's a big if, you can purchase QSPIX through Scottrade that is the clear way to go long term.
There are no guarantees, only probabilities.

Bitzer
Posts: 131
Joined: Mon Apr 04, 2011 10:25 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Bitzer » Fri Dec 11, 2015 9:19 am

@pshonore Yes, (unless I'm looking in the wrong place) many of those funds are available only with unrealistic ($1,000,000 +) minimums.

It's interesting to see that AQR is becoming a hot topic on this board, perhaps signaling that there's more to life than the three fund portfolio.
Last edited by Bitzer on Fri Dec 11, 2015 9:26 am, edited 1 time in total.

MnD
Posts: 3168
Joined: Mon Jan 14, 2008 12:41 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by MnD » Fri Dec 11, 2015 9:25 am

Rather than a "nightmare" I'd say Fidelity just did you a huge favor.

mickens16
Posts: 320
Joined: Wed Apr 06, 2011 8:52 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by mickens16 » Fri Dec 11, 2015 12:07 pm

For the folks who transferred their IRA's to Scottrade, how easy was the process.

User avatar
empb
Posts: 782
Joined: Tue Aug 11, 2009 1:22 pm
Location: E1W

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by empb » Fri Dec 11, 2015 12:29 pm

mickens16 wrote:For the folks who transferred their IRA's to Scottrade, how easy was the process.
Same as everywhere else. All done online. Took 4-5 business days.

Oliver
Posts: 215
Joined: Mon Sep 03, 2007 11:49 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Oliver » Fri Dec 11, 2015 5:43 pm

grap0013 wrote:
Oliver wrote:If your purchase is greater than $6,800, in one year the $17 commission at Scottrade is offset by the lower er of QSPIX vs QSPNX. Of course, the 0.25% difference in annual er continues for the life of the investment. This makes investing in QSPIX at Scottrade more advantageous than the NTF purchase of QSPNX at Fidelity, the larger your investment and the longer your time horizon.
+1

If and that's a big if, you can purchase QSPIX through Scottrade that is the clear way to go long term.
I had my doubts also, so I decided to test Scottrade. I successfully purchased QSPIX on December 9th.

PS I have no idea if QSPIX will remain available at Scottrade.

Oliver
Posts: 215
Joined: Mon Sep 03, 2007 11:49 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Oliver » Fri Dec 11, 2015 5:56 pm

Bitzer wrote:@pshonore Yes, (unless I'm looking in the wrong place) many of those funds are available only with unrealistic ($1,000,000 +) minimums.
I am not sure of the current status of AQR funds at Fidelity.
However, Scottrade has a $100 minimum purchase of QSPIX.

PS you might have been looking at the minimums AQR publishes or the Fidelity minimums. At least in the past, you could purchase AQR funds with a reasonable minimum ($1,000 ??)
Last edited by Oliver on Mon Dec 14, 2015 2:12 pm, edited 1 time in total.

Angst
Posts: 1676
Joined: Sat Jun 09, 2007 11:31 am
Location: St Louis, MO

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Angst » Sat Dec 12, 2015 9:50 am

Just to corroborate Oliver's reported success, I too purchased additional shares of QSPIX at Scottrade at the end of this week. They're open for business.

User avatar
Slick8503
Posts: 195
Joined: Tue Nov 16, 2010 10:25 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Slick8503 » Mon Dec 14, 2015 8:47 am

Thanks everyone for the status update of QSPIX at Scottrade.

User avatar
zaboomafoozarg
Posts: 1886
Joined: Sun Jun 12, 2011 12:34 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by zaboomafoozarg » Sat Dec 19, 2015 1:16 am

I tried to see if QSPNX could be purchased in a Schwab taxable account today, and was denied at the Review Order step because I don't have an institutional account. I guess Fidelity or Scottrade are the only 2 options at this point.

Bitzer
Posts: 131
Joined: Mon Apr 04, 2011 10:25 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Bitzer » Sat Dec 19, 2015 9:01 am

For a taxable account, I believe the minimum purchase to establish a new position is $ 1M. I'm a little "short" this week...

User avatar
Ketawa
Posts: 1903
Joined: Mon Aug 22, 2011 1:11 am
Location: DC

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Ketawa » Sat Dec 19, 2015 11:13 am

QSPIX/QSPNX should never be held in a taxable account anyway.

Bitzer
Posts: 131
Joined: Mon Apr 04, 2011 10:25 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Bitzer » Sat Dec 19, 2015 11:20 am

@Ketawa Agreed, but it's not offered in my tax-qualified account

InertiaMan
Posts: 209
Joined: Tue Oct 16, 2007 10:26 am

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by InertiaMan » Thu Dec 31, 2015 2:07 pm

Anyone holding QSPIX or QSPNX at Schwab?

It appears that QSPIX is still available for purchases at $100,000 minimum and QSPNX at $1 minimum. I checked w/ a friend via her taxable account, so not sure if same availability/limits apply inside IRA (she didn't have one to check).

Perhaps Schwab is an option, in addition to Scottrade, for those wanting to take a position in QSPIX before the soft close.

User avatar
zaboomafoozarg
Posts: 1886
Joined: Sun Jun 12, 2011 12:34 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by zaboomafoozarg » Thu Dec 31, 2015 2:54 pm

I finally decided that I don't feel like going through the hoops of creating a new Fidelity or Scottrade account just to get a 5% position in QSPIX or QSPNX. Just gonna stick with my existing AA.

User avatar
Yesterdaysnews
Posts: 424
Joined: Sun Sep 14, 2014 1:25 pm

Re: QSPIX Nightmare - Closed Off to Retail Investors

Post by Yesterdaysnews » Thu Dec 31, 2015 3:03 pm

I hold both QLENX and QSPNX in my Fido 401k and both funds are performing extremely well. So far I am a fan of AQR's "secret sauce".

Having a slice of the portfolio in ALT funds is a different approach but so far I am happy with it.

Post Reply