FSMSX — FS Multi-Strategy Alternatives Fund
Data updated: 2026-08-28
FSMSX — FS Multi-Strategy Alternatives Fund. Long Securitized (MBS/ABS/CMBS) Bond · $1.47B AUM. Holdings, fees, performance and SEC filings.
FSMSX Fund Overview
FSMSX — 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: $1.47B
- 1-year return: 6.5%
- Ticker: FSMSX
- SEC CIK: 0001593547
- SEC series ID: S000075444
- Share class ID: C000234545
FSMSX 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 | 105.43% |
| Federal National Mortgage Association | 25.41% |
| Barclays Bank PLC | 10.15% |
| Barclays Bank PLC | 3.64% |
| Societe Generale SA | 3.23% |
| Barclays Bank PLC | 2.65% |
| iShares Bitcoin Trust ETF | 1.21% |
| Swch Commercial Mortgage Trust | 0.91% |
| Elmwood Clo | 0.75% |
| Northwoods Capital Limited | 0.72% |
FSMSX 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 | 183.3% |
| Securitized | 29.3% |
| Equity | 4.0% |
| Other | 0.3% |
FSMSX Performance
Total returns for FSMSX (as of 2026-09-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 3.2% |
| 1 year | 6.5% |
| 3 years (annualised) | 5.1% |
FSMSX Risk Information
Risk metrics for FSMSX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.8%
FSMSX Costs and Fees
FSMSX costs about $202 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.02%
- Gross expense ratio: 2.05%
- Portfolio turnover: 636%
- Brokerage commissions: 0.52 bps of average net assets (SEC N-CEN)
FSMSX Cashflows
Over the 12 months to 2026-06, FS Multi-Strategy Alternatives Fund had net outflows of $341.73M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$30.67M |
| 2026-05 | −$11.05M |
| 2026-04 | −$17.34M |
| 2026-03 | −$64.89M |
| 2026-02 | −$54.69M |
| 2026-01 | −$32.53M |
FSMSX 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 | 105.43% |
| Federal National Mortgage Association | 25.41% |
| Barclays Bank PLC | 10.15% |
| Barclays Bank PLC | 3.64% |
| Societe Generale SA | 3.23% |
| Barclays Bank PLC | 2.65% |
| Alibaba Group Holding Limited | 0.53% |
| Ppl Capital Funding, Inc. | 0.50% |
| Pg&e Corporation | 0.50% |
| Maxim Crane Works Holdings Capital, LLC | 0.50% |
FSMSX Prospectus and SEC Filings
Official FS Multi-Strategy Alternatives Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-30
- Prospectus (485BPOS) — filed 2025-04-30
- Prospectus (485BPOS) — filed 2024-04-29
- Portfolio holdings (N-PORT) — filed 2026-08-28
- Portfolio holdings (N-PORT) — filed 2026-06-01
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2026-03-13
- Annual census (N-CEN) — filed 2025-03-14
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.