Stone Ridge Diversified Alternatives Fund
Actively managed global bond fund
As of its 2026 Q2 report, Stone Ridge Diversified Alternatives Fund held 7,530 positions with $2.18B in net assets. Its ten largest holdings made up 44.6% of the fund. The SRDBX share class costs 2.43% a year. Over the 12 months to May 2026, SRDBX returned 9.5%, with dividends reinvested. In 2026 Q3 it added 2,254 new positions and exited 1,828.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TREASURY BILL 0.00% · due 2027-02-18 | 7.66% | $167.04M | — | — |
TREASURY BILL 0.00% · due 2026-12-24 | 7.30% | $159.21M | — | — |
Longleaf (Artex Segregated Account Company) | 5.38% | $117.42M | 49.6K | $2,367.96 |
TREASURY BILL 0.00% · due 2027-01-21 | 4.91% | $107.15M | — | — |
TREASURY BILL 0.00% · due 2027-03-18 | 4.66% | $101.68M | — | — |
TREASURY BILL 0.00% · due 2027-04-15 | 4.25% | $92.68M | — | — |
Upstart Asset Trust I 0.00% · due 2056-06-20 | 2.87% | $62.62M | — | — |
Proper Pass-Thru Trust III 0.00% · due 2031-06-15 | 2.78% | $60.67M | — | — |
First American Government Obli | 2.38% | $51.88M | — | — |
MVRXXMSILF Government Portfolio | 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.
The 200 largest of 7,530 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%.
| 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.
How it has done
SRDBX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.58%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 2.43% | +9.46% | +23.60% | +46.97% | -6.00% | |
| 2.13% | +9.79% | +24.82% | +49.26% | -5.96% |
These classes hold the same portfolio, so the 2.29pp spread over 5 years is the cost difference between them — roughly 0.46pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 2.13% – 2.43%· SRDBX 2.43%
- Portfolio turnover
- 2793.00% a year · as of 2026 Q1
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.
2254 new· the largest 5
1828 exited· the largest 4
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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