AQR Capital Management has launched the AQR Multi-Strategy Alternative Fund, a no-load mutual fund that seeks to deliver absolute returns by investing in a broadly diversified portfolio of alternative strategies traditionally only available through hedge funds.

The fund targets low correlation to traditional asset classes and seeks to provide exposure to nine types of alternatives: convertible arbitrage, event-driven, fixed income relative value, equity market neutral, long/short equity, dedicated short bias, global macro, managed futures and emerging markets.

“By providing investors with access to nine different alternative investment strategies, the AQR Multi-Strategy Alternative Fund attempts to provide a comprehensive solution to their alternative investment needs,” said David G. Kabiller, founding principal and head of client strategies at AQR. “In addition, by targeting low correlation to traditional asset classes, the fund has the added benefit of potentially increasing investors’ portfolio diversification.”

Kabiller added that there are a only a small number of mutual funds that pursue a similar multi-strategy, alternative approach.

This is AQR’s ninth mutual fund.