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Active and Passive Investing

Disclosures This document has been provided to you solely for information purposes and does not constitute an offer or solicitation of an offer or any advice or recommendation to purchase any securities or other financial instruments and may not be construed as such. The factual information set forth herein has been obtained or derived from sources believed to be reliable but it is not necessarily all-inclusive and is not guaranteed as to its accuracy and is not to be regarded as a representation or warranty, express or implied, as to the information's accuracy or completeness, nor should the attached information serve as the basis of any investment decision. This documentis intended exclusively for the use of the person to whom it has been delivered and it is not to be reproduced or redistributed to any other person. All performance figures contained here in reflect the reinvestment of dividends and all other earnings and represent unaudited estimates of realized and un realized gains and losses prepared by AQR Capital Management, LLC (AQR). There is no guarantee as to the above information's accuracy or completeness. There is no guarantee, express or implied, that long- term return and/or volatility targets will be achieved. Realized returns and/or volatility may come in higher or lower than expected. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE PERFORMANCE. Diversification does not eliminate the risk of experiencing investment losse s. (c) Morningstar 2019. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morning star nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future performance AQR 257/635 21
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