Strategic Advisers Alternatives Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Strategic Advisers Alternatives Fund held 535 positions with $2.71B in net assets. Its ten largest holdings made up 81.7% of the fund. The FSLTX share class costs 1.56% a year. Over the 12 months to May 2026, FSLTX returned 10.6%, with dividends reinvested. In 2026 Q2 it added 487 new positions and exited 417.
Strategic Advisers Alternatives Fund seeks total return.
The fund pursues total return over a complete market cycle by allocating assets among underlying mutual funds and exchange-traded funds, derivatives, and sub-advisers spanning equities, high-yield debt, currencies, and commodities across global markets and sectors. Up to 25% of assets may be invested in wholly-owned Cayman Islands subsidiaries that hold commodity-linked derivatives. Day-to-day management is delegated to one or more unaffiliated sub-advisers, with Strategic Advisers overseeing sub-adviser selection and replacement subject to Board approval. Because the fund holds other funds and relies on sub-adviser performance rather than making direct security selections, returns depend on the underlying funds' and sub-advisers' execution.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FSAWXFidelity Greenwood Street Trust | 21.34% | $579.33M | 51.6M | $11.23 |
BLACKROCK FDS | 11.25% | $305.30M | 19.4M | $15.77 |
EGRAXEATON VANCE MUT FDS TR | 10.07% | $273.35M | 22.4M | $12.19 |
SRDAXSTONE RIDGE TR | 8.07% | $219.08M | 21.2M | $10.32 |
QAMNXBANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN. | 6.88% | $186.60M | 8.8M | $21.27 |
GVMXXSTATE STR INVT TR | 6.61% | $179.36M | 179.4M | $1.00 |
MERFXMERGER FUND | 5.61% | $152.25M | 8.7M | $17.41 |
ARBOXBANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN. | 4.65% | $126.32M | 10.5M | $11.98 |
Fidelity Colchester Street Trust | 4.21% | $114.35M | 114.4M | $1.00 |
BAMBXBANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN. | 2.99% | $81.18M | 7.9M | $10.32 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 535 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%.
| Stocks | 94.05% |
| Cash & short-term | 0.84% |
| Bonds | 0.83% |
| Derivatives | 0.58% |
| Securitized | 0.39% |
Derivatives are shown at market value, not notional exposure.
How it has done
FSLTX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.66%. Past returns are a record, not a forecast.
Fees & fund details
Strategic Advisers Alternatives Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified · Fund of funds
- Expense ratio, by class
- 1.56%· FSLTX 1.56%
- Portfolio turnover
- 109.00% 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.
487 new· the largest 6
417 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 | 72.6% |
| Floating rate | 27.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 36.2% |
| 1-3y | 6.3% |
| 3-5y | 1.9% |
| 5-10y | 10.3% |
| 10y+ | 45.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 100% |
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 | +0.00 yr |
| Investment grade | -0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 33% |
| 1 yr | 0.00 yr | 60% |
| 5 yr | 0.00 yr | 7% |
10 yr and 30 yr are NEGATIVE (-0.00 yr, -0.00 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $265 | $1 |
| 1 yr | +0.00 | +0.00 | +0.00 | $479 | $13 |
| 5 yr | +0.00 | -0.00 | +0.00 | -$194 | $251 |
| 10 yr | +0.00 | -0.00 | +0.00 | -$589 | $0 |
| 30 yr | +0.00 | -0.00 | +0.00 | -$160 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — FSLTX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”