FS Multi-Strategy Alternatives I (FSMSX)

Fund Assets	1.40B
Expense Ratio	2.049%
Min. Investment	$1,000,000
Turnover	636.00%
Dividend (ttm)	0.27
Dividend Yield	2.32%
Dividend Growth	3.98%
Payout Frequency	Annual
Ex-Dividend Date	Dec 15, 2025

Previous Close	11.59
YTD Return	4.04%
1-Year Return	4.94%
5-Year Return	27.04%
52-Week Low	11.10
52-Week High	11.68
Beta (5Y)	0.11
Holdings	670
Inception Date	May 16, 2017

About FSMSX

FS Multi-Strategy Alternatives Fund Class I is a mutual fund designed to provide broad exposure to alternative investment strategies within a single portfolio. Its primary purpose is to deliver returns with low correlation to traditional equity and fixed income markets, enhancing overall portfolio diversification. The fund actively allocates assets among a range of underlying managers and alternative beta strategies, selected through a rigorous combination of quantitative and qualitative processes. Classified as a non-diversified multistrategy fund, it has the flexibility to concentrate investments and employs a high-turnover approach. Its holdings include substantial allocations to cash equivalents, securitized assets, and government-related instruments. With over $1.9 billion in assets under management, the fund targets institutional investors and imposes a relatively high minimum investment. FS Multi-Strategy Alternatives Fund Class I plays a significant role for investors and institutions seeking a diversified, liquid alternative allocation that aims to mitigate traditional market risks and provide exposure to sophisticated investment techniques typically found outside conventional mutual funds.

• Fund Family: Future Standard
• Category: Multistrategy
• Performance Rating: Average
• Risk Rating: Low
• Stock Exchange: Nasdaq
• Ticker Symbol: FSMSX
• Share Class: Class I
• Index: ICE BofA US 3-Month T Bill TR IX

Performance

FSMSX had a total return of 4.94% in the past year, including dividends. Since the fund's inception, the average annual return has been 3.86%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
FSMMX	Class A	2.27%

Top 10 Holdings

160.41% of assets

Name	Symbol	Weight
Federal National Mortgage Association - FANNIE MAE OR FREDDIE MAC 30YR TBA (JULY)	FNCL.5.5 7.11	105.43%
Federal National Mortgage Association - FANNIE MAE OR FREDDIE MAC 30YR TBA (JULY)	FNCL.5 7.11	25.41%
BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026	BACR.0 12.29.26 DMNf	10.15%
S&P 500 ANNL DIV DEC27 PHYSICAL INDEX FUTURE.	SDAZ27	4.28%
BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026	BACR.0 12.29.26 DMNh	3.64%
SOCIETE GENERALE SA MTN ZERO COUPON 04/20/2029	SOCGEN.0 04.20.29	3.23%
BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026	BACR.0 12.29.26 DMNg	2.65%
MORGAN STANLEY COLLATERAL BALANCE FS FUNDS	n/a	2.18%
FANNIE MAE OR FREDDIE MAC 30YR TBA (JUNE)	FNCL.5 6.11	1.88%
United States of America - US 5YR NOTE (CBT) SEP26 FINANCIAL COMMODITY FUTURE.	FVU26	1.56%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 15, 2025	$0.459	Dec 16, 2025
Dec 12, 2024	$0.2763	Dec 13, 2024
Dec 11, 2023	$0.3936	Dec 12, 2023
Dec 8, 2022	$0.4417	Dec 9, 2022
Dec 28, 2021	$0.34828	Dec 29, 2021
Dec 21, 2020	$0.07525	Dec 22, 2020

Data Sources: Tiingo, Financial Modeling Prep, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Financial Modeling Prep. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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