Blackstone Alternative Multi-Strategy Fund
Conservative allocation fund
As of its 2026 Q2 report, Blackstone Alternative Multi-Strategy Fund held 8,793 positions with $3.76B in net assets. Its ten largest holdings made up 54.1% of the fund. Its share classes cost 3.75%–4.02% a year. Over the 12 months to May 2026, it returned 12.5%, with dividends reinvested. In 2026 Q2 it added 1,953 new positions and exited 1,991.
The investment objective of Blackstone Alternative Multi-Strategy Fund (the Fund) is to seek capital appreciation.
The fund allocates its assets among multiple sub-advisers and investment funds employing alternative strategies including equity hedge, event-driven, macro, relative value, and multi-strategy approaches, with day-to-day management delegated to these sub-advisers rather than handled directly by the adviser. The fund may also manage a portion of assets directly, invest through wholly-owned subsidiaries, and obtain synthetic exposure through total return swaps and structured notes. Because sub-adviser performance, market conditions, and opportunities drive allocation decisions, the fund's exposure to any particular strategy or sub-adviser may vary significantly or be eliminated entirely.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
UMBS, TBA 5.50% · due 2056-07-01 | 20.42% | $767.37M | — | — |
UMBS, TBA 6.50% · due 2056-07-01 | 13.41% | $503.95M | — | — |
Government National Mortgage Association 5.50% · due 2056-07-20 | 8.51% | $319.73M | — | — |
ASGARD FIXED INCOME RSK PREMIA | 2.80% | $105.07M | — | — |
ROKOS GLOBAL MACRO FUND LTD | 2.60% | $97.85M | — | — |
Kirkoswald Global Ltd. | 1.91% | $71.94M | — | — |
UMBS, TBA 6.00% · due 2056-07-01 | 1.22% | $46.01M | — | — |
MS&AD Insurance Group Holdings Inc | 1.18% | $44.30M | 1.7M | $25.92 |
Barclays Bank PLC | 1.03% | $38.70M | — | — |
0.98% | $37.00M | 326.0K | $113.49 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 8,793 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 43.92% |
| Stocks | 18.09% |
| Other | 7.37% |
| Loans | 3.98% |
| 2 smaller | 1.76% |
| Bonds | -1.39% |
Look-through blends 13 underlying funds; 1.503% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
By sector
- Securitized
- 46.9%
- Other
- 13.3%
- International
- 8.8%
- Financials
- 7.0%
- 12 other sectors
- 24.0%
- Securitized
- 46.9%
- Other
- 13.3%
- International
- 8.8%
- Financials
- 7.0%
- Information Technology
- 6.5%
- Industrials
- 5.3%
- Health Care
- 3.6%
- Government
- 2.4%
- Consumer Discretionary
- 1.9%
- Communication Services
- 1.5%
- Energy
- 0.6%
- Utilities
- 0.6%
- Materials
- 0.6%
- Consumer Staples
- 0.5%
- Real Estate
- 0.3%
- Cash
- 0.3%
How it has done
C000141764 share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.25%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
Blackstone Alternative Multi-Strategy Fund is a conservative allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Conservative
- Expense ratio, by class
- 3.75% – 4.02%
- Portfolio turnover
- 397.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
1953 new· the largest 3
1991 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 78.6% |
| Floating rate | 17.6% |
| Zero-coupon or unclassified | 3.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.6% |
| 1-3y | 6.6% |
| 3-5y | 6.8% |
| 5-10y | 6.1% |
| 10y+ | 80.0% |
| Unknown | 0.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 58% |
| Credit spreads | 42% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +1.49 yr |
| Investment grade | +0.41 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.00 yr | 0% |
| 5 yr | 0.54 yr | 20% |
| 10 yr | 1.35 yr | 51% |
| 30 yr | 0.78 yr | 29% |
1 yr is NEGATIVE (-0.04 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 1 yr | 0.15 yr | 8% |
| 5 yr | 0.21 yr | 11% |
| 10 yr | 0.89 yr | 46% |
| 30 yr | 0.67 yr | 35% |
3 mo is NEGATIVE (-0.02 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | -0.02 | $229 | -$6.6k |
| 1 yr | -0.04 | +0.05 | +0.09 | $20.0k | $35.5k |
| 5 yr | +0.54 | +0.08 | +0.12 | $31.3k | $46.4k |
| 10 yr | +1.35 | +0.19 | +0.70 | $72.8k | $261.2k |
| 30 yr | +0.78 | +0.08 | +0.59 | $30.3k | $222.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.62 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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