Stone Ridge Diversified Alternatives Fund
Stone Ridge Trust · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Stone Ridge Diversified Alternatives Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Features
- Interval fund
Fund profile
As filed in the prospectus · 2026 Q1
The Stone Ridge Diversified Alternatives Funds (the Fund) investment objective is to seek total return. There can be no assurance that the Fund will achieve its investment objective.
The fund pursues three broad categories of risk premium strategies: risk transfer strategies that generate returns by selling insurance-like protection through catastrophe bonds and options on asset prices; alternative cash flow strategies providing exposure to consumer and small-business loans and single-family rental debt; and alternative capital appreciation strategies including value, momentum and carry style investing, plus a systematic quantitative strategy managed by AQR Capital Management on behalf of a swap counterparty. Leverage obtained through borrowings and derivatives may magnify both gains and losses. Shares are redeemable only on the periodic terms the fund establishes, not on demand.
| Share class | Gross | Net | As of |
|---|---|---|---|
| SRDBX | 2.22% | 2.43% | 2025 Q1 |
| SRDAX | 1.92% | 2.13% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 2793.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 63.42% |
| Securitized | 19.61% |
| Stocks | 6.64% |
| Cash & short-term | 4.77% |
| 2 smaller | 1.87% |
| Derivatives | -0.61% |
Look-through blends 2 underlying funds; 0.0% 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.
Latest quarter
What changed since the fund's previous filing
Largest new: TREASURY BILL ×3, Upstart Asset Trust I, Proper Pass-Thru Trust III, Purple Re Ltd., Sanders Re III Ltd. ×2
Largest exited: TREASURY BILL ×7, Lightning Re Ltd.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +9.91% | +24.56% | +46.26% | 4.58% | -6.00% | |
| +10.24% | +25.55% | +48.54% | 4.69% | -5.96% |
These classes hold the same portfolio, so the 2.28pp spread over 5 years is the cost difference between them — roughly 0.46pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 60.5% |
| Floating rate | 39.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 45.2% |
| 1-3y | 23.2% |
| 3-5y | 9.3% |
| 5-10y | 8.1% |
| 10y+ | 14.2% |
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
This fund carries a net credit hedge: it would gain roughly ≈ 0% if credit spreads widened 100bp, where a comparable bond fund would lose.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | -0.21 | -0.00 | -0.07 | -$505 | -$15.0k |
| 5 yr | -0.06 | -0.01 | -0.05 | -$2.6k | -$10.8k |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | TREASURY BILL0.00% · due 2027-02-18 | 7.66% | — | $167.04M | — |
| — | TREASURY BILL0.00% · due 2026-12-24 | 7.30% | — | $159.21M | — |
| — | Longleaf (Artex Segregated Account Company) | 5.38% | $2,367.96 | $117.42M | 49.6K |
| — | TREASURY BILL0.00% · due 2027-01-21 | 4.91% | — | $107.15M | — |
| — | TREASURY BILL0.00% · due 2027-03-18 | 4.66% | — | $101.68M | — |
| — | TREASURY BILL0.00% · due 2027-04-15 | 4.25% | — | $92.68M | — |
| — | Upstart Asset Trust I0.00% · due 2056-06-20 | 2.87% | — | $62.62M | — |
| — | Proper Pass-Thru Trust III0.00% · due 2031-06-15 | 2.78% | — | $60.67M | — |
| — | First American Government Obli | 2.38% | — | $51.88M | — |
| MVRXX | MSILF Government PortfolioMVRXX | 2.38% | — | $51.88M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 44.58% of net assets, top 25 59.71%, across 6.5K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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