Strategic Advisers Alternatives Fund
Fidelity Rutland Square Trust II · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q3
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.
| Share class | Gross | Net |
|---|---|---|
| FSLTX | 1.81% | 1.56% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 109.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: BLACKROCK MIDCAP INDEX FUND09258N, UNITED STATES TREASURY, KOREA FUTURES EXCHANGE, CHICAGO MERCANTILE EXCH INC ×2, GNMA II GTD PASS THRU CTF MULTIPLE ISSUER, FNMA/FHLG TBA ISSUER ×2
Largest exited: UNITED STATES TREASURY, GNMA II GTD PASS THRU CTF MULTIPLE ISSUER, KOREA FUTURES EXCHANGE, FNMA/FHLG TBA ISSUER ×4, CHICAGO MERCANTILE EXCH INC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 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.
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.
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 |
|---|---|---|---|---|---|
| FSAWX | Fidelity Greenwood Street TrustFSAWX | 21.34% | $11.23 | $579.33M | 51.6M |
| — | BLACKROCK FDS | 11.25% | $15.77 | $305.30M | 19.4M |
| EGRAX | EATON VANCE MUT FDS TREGRAX | 10.07% | $12.19 | $273.35M | 22.4M |
| SRDAX | STONE RIDGE TRSRDAX | 8.07% | $10.32 | $219.08M | 21.2M |
| QAMNX | BANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN.QAMNX | 6.88% | $21.27 | $186.60M | 8.8M |
| GVMXX | STATE STR INVT TRGVMXX | 6.61% | $1.00 | $179.36M | 179.4M |
| MERFX | MERGER FUNDMERFX | 5.61% | $17.41 | $152.25M | 8.7M |
| ARBOX | BANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN.ARBOX | 4.65% | $11.98 | $126.32M | 10.5M |
| — | Fidelity Colchester Street Trust | 4.21% | $1.00 | $114.35M | 114.4M |
| BAMBX | BANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN.BAMBX | 2.99% | $10.32 | $81.18M | 7.9M |
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.
Top 10 positions are 81.69% of net assets, top 25 96.20%, across 125 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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