Strategic Advisers Fidelity Alternatives Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Strategic Advisers Fidelity Alternatives Fund held 447 positions with $5.13B in net assets. Its ten largest holdings made up 84.9% of the fund. The FSAOX share class costs 1.27% a year. In 2026 Q2 it added 225 new positions and exited 226.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FSAWXFidelity Greenwood Street Trust | 13.21% | $677.73M | 60.3M | $11.23 |
FMADXFidelity Greenwood Street Trust | 11.81% | $606.17M | 58.4M | $10.38 |
BLACKROCK FDS | 11.19% | $574.00M | 36.4M | $15.77 |
EGRAXEATON VANCE MUT FDS TR | 10.60% | $543.99M | 44.6M | $12.19 |
Fidelity Colchester Street Trust | 8.59% | $440.61M | 440.6M | $1.00 |
GVMXXSTATE STR INVT TR | 7.94% | $407.47M | 407.5M | $1.0000 |
BAMBXBANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN. | 7.90% | $405.31M | 39.3M | $10.32 |
SRDAXSTONE RIDGE TR | 5.50% | $281.94M | 27.3M | $10.32 |
FMFLXFidelity Greenwood Street Trust | 4.72% | $241.93M | 21.3M | $11.38 |
ARBOXBANK OF NEW YORK MELLON EMPLOYEE BENEFIT COLLECTIVE INVT FD PLAN. | 3.48% | $178.76M | 14.9M | $11.98 |
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 447 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 | 97.56% |
| Derivatives | 0.38% |
| Cash & short-term | 0.06% |
Derivatives are shown at market value, not notional exposure.
How it has done
FSAOX share class · total returns with dividends reinvested
Past returns are a record, not a forecast.
Fees & fund details
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
- Expense ratio, by class
- 1.27%· FSAOX 1.27%
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
225 new· the largest 7
226 exited· the largest 8
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.
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 — FSAOX, 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?”