Strategic Advisers Fidelity Alternatives Fund
Fidelity Rutland Square Trust II · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Strategic Advisers Fidelity Alternatives Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Features
- Fund of funds
Fund profile
As filed in the prospectus · 2025 Q2
Strategic Advisers Fidelity Alternatives Fund seeks total return.
The fund is a fund of funds that allocates assets among underlying mutual funds, exchange-traded funds, and sub-advisers to gain diversified exposure across equity, high-yield debt, commodities, currencies, and derivatives across global markets and sectors. It uses leverage through derivatives including futures, options, swaps, and forward contracts to adjust exposure and enhance returns. Commodity exposure is obtained through wholly-owned Cayman Islands subsidiaries that hold commodity-linked derivatives, up to 25% of assets. Because the fund delegates day-to-day management to multiple sub-advisers and underlying funds selected through proprietary research, performance depends on the selection and execution of those managers.
| Share class | Gross | Net |
|---|---|---|
| FSAOX | 1.52% | 1.27% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 97.56% |
| Derivatives | 0.38% |
| Cash & short-term | 0.06% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
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
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
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
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 | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|
| FSAWX | Fidelity Greenwood Street TrustFSAWX | 13.21% | $11.23 | $677.73M | 60.3M |
| FMADX | Fidelity Greenwood Street TrustFMADX | 11.81% | $10.38 | $606.17M | 58.4M |
| — | BLACKROCK FDS | 11.19% | $15.77 | $574.00M | 36.4M |
| EGRAX | EATON VANCE MUT FDS TREGRAX | 10.60% | $12.19 | $543.99M | 44.6M |
| — | Fidelity Colchester Street Trust | 8.59% | $1.00 | $440.61M | 440.6M |
| GVMXX | STATE STR INVT TRGVMXX | 7.94% | $1.0000 | $407.47M | 407.5M |
| BAMBX | BANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN.BAMBX | 7.90% | $10.32 | $405.31M | 39.3M |
| SRDAX | STONE RIDGE TRSRDAX | 5.50% | $10.32 | $281.94M | 27.3M |
| FMFLX | Fidelity Greenwood Street TrustFMFLX | 4.72% | $11.38 | $241.93M | 21.3M |
| ARBOX | BANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN.ARBOX | 3.48% | $11.98 | $178.76M | 14.9M |
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 84.94% of net assets, top 25 90.46%, across 113 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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