Blackstone Alternative Multi-Strategy Fund

C000141764 Fund Overview

Blackstone Alternative Multi-Strategy Fund is a US mutual fund managed by Blackstone Alternative Investment Funds, categorised as Capital Appreciation / Growth Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Blackstone Alternative Investment Funds
• Category: Capital Appreciation / Growth Allocation
• Assets under management: $3.76B
• 1-year return: 12.7%
• SEC CIK: 0001557794
• SEC series ID: S000045538
• Share class ID: C000141764

C000141764 Investment Objective and Strategy

Blackstone Alternative Multi-Strategy Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Blackstone Alternative Investment Funds.

Investment objective

The investment objective of Blackstone Alternative Multi-Strategy Fund (the “Fund”) is to seek capital appreciation.

Principal investment strategy

Blackstone Alternative Investment Advisors LLC (the Adviser) seeks to achieve the Funds objective by allocating the Funds assets among a variety of non-traditional or alternative investment strategies. The Adviser allocates the Funds assets among sub-advisers with experience managing alternative investment strategies (the Sub-Advisers) and among Investment Funds (as described below). The Adviser also manages a portion of the Funds assets directly and, from time to time, may instruct Sub-Advisers with respect to particular investments. In pursuing the Funds investment objective, the Adviser focuses on the preservation of capital and seeks to maintain an investment portfolio with, on average, lower volatility relative to the broader equity markets. The main strategies of the Fund and Investment Funds include: Equity Hedge Strategies , which employ both long and short positions in primarily equity securities and equity security derivatives.

Event-Driven Strategies , which focus on event-linked, reinsurance-related, and other types of securities and instruments that are currently or may be prospectively affected by transactions or events, including mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance, other capital structure adjustments, shareholder activism, or triggering events relating to weather, natural disasters and other catastrophes. Macro Strategies , which seek to profit from movements in, or risks related to, underlying macroeconomic variables and/or risk premia factors, and the impact those variables and factors have on equity, fixed income, currency, and/or commodity markets. Relative Value Strategies , which focus on potential valuation discrepancies in related financial instruments.

Multi-Strategy Strategies , which employ a wide variety of strategies, including some or all of those described above. The Adviser determines the allocations of the Funds assets and allocates a majority of the Funds assets among a number of affiliated and unaffiliated Sub-Advisers with expertise in alternative investment strategies. The Adviser is responsible for selecting the strategies, for identifying and retaining Sub-Advisers with expertise in the selected strategies, and for determining the amount of Fund assets to allocate to each Sub-Adviser or to manage directly. The Adviser may adjust allocations from time to time among strategies or Sub-Advisers based on its assessment of market conditions and/or Sub-Adviser strategies. The Adviser, from time to time, may also choose not to allocate to certain Sub-Advisers, and there may be lengthy periods of time when there is no allocation to one or more Sub-Advisers or strategies described in this Prospectus.

In allocating the Funds assets among alternative strategies, the Adviser reviews a number of quantitative and qualitative factors, including, without limitation, macroeconomic scenarios, diversification, strategy capacity, regulatory constraints, and the fees associated with the strategy. For additional information, see More on Fund ManagementSelection of Sub-Advisers. The Adviser may retain discretionary and non-discretionary Sub-Advisers for the Fund. Each discretionary Sub-Adviser is responsible for the day-to-day management of the Funds assets that the Adviser allocates to it. Each non-discretionary Sub-Adviser is responsible for providing the Adviser with a model portfolio for the assets allocated to it to be implemented by the Adviser in its discretion. The Adviser has the ultimate responsibility to oversee each Sub-Adviser, subject to the oversight of the Funds Board of Trustees.

The Adviser also is responsible for recommending the hiring, termination, and replacement of Sub-Advisers. The Adviser recommends the hiring, termination, and replacement of Sub-Advisers in accordance with the terms of an exemptive order that the Fund and the Adviser have obtained from the Securities and Exchange Commission (the SEC). This order permits the Adviser, subject to supervision and approval by the Board of Trustees, to enter into, and to amend in material respects, sub-advisory agreements without seeking the approval of the Funds shareholders. The Fund will furnish shareholders with information about a new Sub-Adviser within 90 days of hiring the Sub-Adviser. The Adviser has currently entered into sub-advisory agreements with, and may allocate the Funds assets to, the following Sub-Advisers: Discretionary Sub-Advisers Strategy Bayview Asset Management, LLC Relative Value Strategies Boussard & Gavaudan Investment Management, LLP Event-Driven Strategies Caspian Capital LP Event-Driven Strategies Cerberus Sub-Advisory I, LLC Relative Value Strategies Cerebellum GP, LLC Equity Hedge Strategies D.

E. Shaw Investment Management, L.L.C. Multi-Strategy Strategies Emso Asset Management Limited Macro Strategies Endeavour Capital Advisors Inc. Equity Hedge Strategies Good Hill Partners LP Relative Value Strategies GSA Capital Partners LLP Macro Strategies H2O AM LLP Macro Strategies HealthCor Management, L.P. Equity Hedge Strategies IPM Informed Portfolio Management AB Macro Strategies Magnetar Asset Management LLC Event-Driven Strategies Nephila Capital Ltd. Event-Driven Strategies NWI Management, L.P. Macro Strategies Sorin Capital Management, LLC Relative Value Strategies Two Sigma Advisers, LP Equity Hedge Strategies Waterfall Asset Management, LLC Relative Value Strategies The investment strategy for each Sub-Adviser listed above is its principal strategy, but the Sub-Advisers may also implement other investment strategies with the portion of the Funds assets allocated to them.

The Adviser manages Fund assets not allocated to the Sub-Advisers. Under normal circumstances, the Adviser expects to allocate at least 65% of the Funds assets to the Sub-Advisers and may manage up to 35% of the Funds assets directly. Allocations to any Sub-Advisers that are affiliates of the Adviser, allocations to non-discretionary Sub-Advisers, cash and cash equivalents held by the Adviser for portfolio management purposes, and investments made in connection to temporary defensive positions are not considered to be part of the 35% of Fund assets the Adviser may manage directly. The Adviser has adopted additional limitations on assets managed directly and through affiliated Sub-Advisers. Such limits may change from time to time at the sole discretion of the Adviser. See the Potential Conflicts of Interest section in the Statement of Additional Information (SAI) for more information.

The Adviser may invest up to 25% of the Funds assets in unaffiliated hedge funds, funds traded publicly on foreign exchanges, funds that are Undertakings for Collective Investment in Transferable Securities (UCITS funds), and open-end and closed-end management investment companies, including exchange-traded funds (ETFs) (collectively, the Investment Funds). A portion of the Investment Funds (no more than 15% of the Funds net assets, taken together with any other illiquid assets held by the Fund) is expected to be illiquid (i.e., holdings that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Investment Funds in which the Fund invests are not subject to the investment policies of the Fund and may have different or contrary investment policies.

The Funds assets may be invested in its three wholly-owned and controlled subsidiaries (the Subsidiaries), each of which has the same investment objective as the Fund. One of the Subsidiaries is formed under the laws of the Cayman Islands (the Cayman Subsidiary) and two are formed as limited liability companies under the laws of the State of Delaware (each, a Domestic Subsidiary and together, the Domestic Subsidiaries). The Cayman Subsidiary invests, directly or indirectly through the use of derivatives, in securities and commodity interests. The Domestic Subsidiaries invest, directly or indirectly through the use of derivatives, almost entirely in securities (with only de minimis exposure to commodity interests). The Adviser advises each Subsidiary and may retain one or more Sub-Advisers to manage the Funds assets or the assets of a Subsidiary.

In addition, the Adviser or a Sub-Adviser may obtain for the Fund synthetic exposure to investment strategies through the use of one or more total return swaps through which the Fund or a Subsidiary makes payments to a counterparty (at either a fixed or variable rate) in exchange for receiving from the counterparty payments that reflect the return of a basket of securities, derivatives, or commodity interests representing a particular index sponsored by a third-party investment manager identified by the Adviser. The Fund has investment exposure, directly or indirectly through the Subsidiaries or Investment Funds, to a broad range of instruments, markets, and asset classes economically tied to U.S. and foreign markets (including emerging markets). (Unless indicated otherwise, references to the investment exposure or risks of the Fund should be understood to refer to the Funds direct investment exposure and risks and its indirect investment exposure and risks through the Subsidiaries or Investment Funds.) Investments may include, but are not limited to, equity securities, fixed income securities, and derivative and commodity instruments.

The Fund may take both long and short positions in all of its investments. The Fund has flexibility in its allocation to asset classes, market sectors, and instruments and expects to vary the percentage of its assets invested in each asset class, market sector, and instrument from time to time. There is no limit on the amount of exposure the Fund may have to any specific asset class, market sector, or instrument. The Fund may purchase securities throughout the world on recognized markets, in private placements, and through both initial and secondary underwritten offerings (including Rule 144 and 144A securities, which are securities that may be resold without registration under the Securities Act of 1933, as amended (the 1933 Act), pursuant to exemptions from registration under the 1933 Act).

The Fund may have significant investment leverage as a result of its use of derivatives or its investments in Investment Funds. Additionally, the Fund may lend its portfolio securities, and may use the collateral it receives for the securities on loan to purchase any investment, which may result in investment leverage. The equity securities in which the Fund may invest include equity securities of companies of any market capitalization throughout the world (both U.S. and foreign markets (including emerging markets)), which may include common stocks, preferred stocks, convertible securities, depositary receipts, ETFs, real estate investment trusts (REITs), and partnership interests. The fixed income securities in which the Fund may invest include debt securities of governments throughout the world (both U.S.

and foreign markets (including emerging and frontier markets)) as well as their agencies and/or instrumentalities, debt securities of corporations throughout the world (both U.S.

C000141764 Holdings

Top 10 holdings of Blackstone Alternative Multi-Strategy Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000141764 holdings

C000141764 Portfolio Allocation

Asset-class allocation of Blackstone Alternative Multi-Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000141764 Performance

Total returns for C000141764 (as of 2026-10-01), from SEC filings.

C000141764 Risk Information

Risk metrics for C000141764, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 3.3%

C000141764 Costs and Fees

C000141764 costs about $366 per $10,000 invested per year in fund expenses.

• Net expense ratio: 3.66%
• Gross expense ratio: 3.68%
• Portfolio turnover: 547%
• Brokerage commissions: 27.47 bps of average net assets (SEC N-CEN)

C000141764 Cashflows

Over the 12 months to 2026-06, Blackstone Alternative Multi-Strategy Fund had net outflows of $177.47M, from monthly SEC N-PORT filings.

C000141764 Debt Constituents

Largest debt holdings of Blackstone Alternative Multi-Strategy Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000141764 Prospectus and SEC Filings

Official Blackstone Alternative Multi-Strategy Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-07-29
• Prospectus (485BPOS) — filed 2025-07-29
• Prospectus (485BPOS) — filed 2024-07-29
• Portfolio holdings (N-PORT) — filed 2026-08-27
• Portfolio holdings (N-PORT) — filed 2026-05-27
• Portfolio holdings (N-PORT) — filed 2026-02-26
• Annual census (N-CEN) — filed 2026-06-12
• Annual census (N-CEN) — filed 2025-06-13

Related Funds

Other Capital Appreciation / Growth Allocation funds tracked on ABC INVEST:

• Catalyst/Millburn Hedge Strategy Fund (MBXAX)
• Roundhill Magnificent Seven ETF (MAGS)
• SPDR Bridgewater All Weather ETF (ALLW)
• Capital Appreciation Value Fund (JCAVX)
• Goldman Sachs Growth Strategy Portfolio (GGSIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.