FSMMX — FS Multi-Strategy Alternatives Fund
Data updated: 2026-06-01
FSMMX — FS Multi-Strategy Alternatives Fund data: holdings, portfolio allocation, expenses, performance, cashflows, risk and SEC filings. Long Securitized (MBS/ABS/CMBS) Bond · $1.49B AUM · 2.27% expense ratio · -43.5% 1-yr return. From SEC regulatory filings.
FSMMX Fund Overview
FSMMX — FS Multi-Strategy Alternatives Fund is a US mutual fund managed by Advisors' Inner Circle Fund III, categorised as Long Securitized (MBS/ABS/CMBS) Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Advisors' Inner Circle Fund III
- Category: Long Securitized (MBS/ABS/CMBS) Bond
- Assets under management: $1.49B
- 1-year return: -43.5%
- Ticker: FSMMX
- SEC CIK: 0001593547
- SEC series ID: S000075444
- Share class ID: C000234546
FSMMX Holdings
Top 10 holdings of FS Multi-Strategy Alternatives Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Federal National Mortgage Association | 96.59% |
| Federal National Mortgage Association | 26.88% |
| Barclays Bank PLC | 10.70% |
| Barclays Bank PLC | 2.52% |
| Barclays Bank PLC | 2.29% |
| United States of America | 1.53% |
| iShares Bitcoin Trust ETF | 1.38% |
| United States of America | 1.24% |
| United States of America | 1.11% |
| Neuberger Berman Loan Advisers LLC | 0.78% |
FSMMX Portfolio Allocation
Asset-class allocation of FS Multi-Strategy Alternatives Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 176.9% |
| Securitized | 35.0% |
| Cash & Equivalents | 4.5% |
| Equity | 3.4% |
| Derivatives | 0.4% |
| Other | 0.3% |
FSMMX Performance
Total returns for FSMMX (as of 2026-08-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | -13.5% |
| 1 year | -43.5% |
| 3 years (annualised) | -43.7% |
FSMMX Risk Information
Risk metrics for FSMMX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.1%
FSMMX Costs and Fees
FSMMX costs about $227 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.27%
- Gross expense ratio: 2.30%
- Portfolio turnover: 636%
- Brokerage commissions: 0.52 bps of average net assets (SEC N-CEN)
FSMMX Cashflows
Over the 12 months to 2026-03, FS Multi-Strategy Alternatives Fund had net outflows of $417.50M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-03 | −$64.89M |
| 2026-02 | −$54.69M |
| 2026-01 | −$32.53M |
| 2025-12 | −$45.39M |
| 2025-11 | −$12.99M |
| 2025-10 | $16.22M |
FSMMX Debt Constituents
Largest debt holdings of FS Multi-Strategy Alternatives Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Federal National Mortgage Association | 96.59% |
| Federal National Mortgage Association | 26.88% |
| Barclays Bank PLC | 10.70% |
| Barclays Bank PLC | 2.52% |
| Barclays Bank PLC | 2.29% |
| United States of America | 1.24% |
| United States of America | 1.11% |
| United States of America | 0.57% |
| Pg&e Corporation | 0.50% |
| Jd.com, Inc. | 0.48% |
FSMMX Prospectus and SEC Filings
Official FS Multi-Strategy Alternatives Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Long Securitized (MBS/ABS/CMBS) Bond funds tracked on ABC INVEST:
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.