FSMSX Performance — FS Multi-Strategy Alternatives Fund, Class I
Data updated: 2026-08-28
FSMSX returned +3.23% year to date and +6.53% over one year to Jun 2026. The annualised 3-year return is +5.07%. The fund beat its Long-Term Securitized Bond category average: $100 invested three years ago grew to $116, against $113 for the category, and to $107 over one year, against $103. Volatility over the past three years was 2.50% a year. In the 12 months to Jun 2026 the fund lost a net $341.7M, and assets reached $1.47B.
FSMSX Growth of $100
What $100 invested in FS Multi-Strategy Alternatives Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Securitized Bond category average over the same months.
| Period | FSMSX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $107 | $103 |
| 3 years (Jul 2023 – Jun 2026) | $116 | $113 |
| Since data start (Apr 2022 – Jun 2026) | $121 | $107 |
FSMSX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +3.23% |
| 1 year | +6.53% |
| 3 years (annualised) | +5.07% |
FSMSX Annual Returns
Calendar-year total returns of FS Multi-Strategy Alternatives Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +3.23% |
| 2025 | +4.31% |
| 2024 | +4.64% |
| 2023 | +5.44% |
| 2022 (Apr–Dec) | +2.03% |
FSMSX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −0.4% | +0.3% | +1.1% | −0.8% | +1.2% | +1.9% | — | — | — | — | — | — |
| 2025 | −0.6% | +0.5% | +0.5% | +0.6% | +0.5% | −0.5% | −0.5% | +1.2% | +1.0% | +0.3% | +0.3% | +0.9% |
| 2024 | +0.8% | +0.8% | +0.6% | −0.5% | +0.9% | +0.3% | +0.4% | −1.5% | +1.5% | +0.4% | +1.3% | −0.5% |
| 2023 | +0.3% | +0.1% | +1.3% | +0.6% | −0.4% | +0.5% | +0.3% | +0.2% | +0.8% | +0.1% | +0.8% | +0.7% |
| 2022 | — | — | — | −0.9% | +0.5% | +0.4% | −1.2% | −0.8% | +0.6% | +0.2% | +1.4% | +1.9% |
FSMSX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 2.50%
- 3-year Sharpe ratio: 0.23 (vs 4.5% risk-free rate)
- Best month: +1.87% (Jun 2026)
- Worst month: −1.49% (Aug 2024)
FSMSX Fund Flows
Monthly money in and out of FS Multi-Strategy Alternatives Fund, from SEC Form N-PORT.
- 12-month net flow: −$341.7M
- 12-month gross sales (incl. reinvestments): $445.5M
- Sales ÷ redemptions: 0.57×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $31.0M | $61.7M | −$30.7M |
| May 2026 | $25.6M | $36.6M | −$11.1M |
| Apr 2026 | $25.6M | $42.9M | −$17.3M |
| Mar 2026 | $30.1M | $95.0M | −$64.9M |
| Feb 2026 | $39.9M | $94.6M | −$54.7M |
| Jan 2026 | $29.6M | $62.1M | −$32.5M |
| Dec 2025 | $37.1M | $82.4M | −$45.4M |
| Nov 2025 | $34.4M | $47.4M | −$13.0M |
| Oct 2025 | $106.6M | $90.4M | $16.2M |
| Sep 2025 | $27.6M | $49.6M | −$22.0M |
| Aug 2025 | $26.9M | $80.6M | −$53.7M |
| Jul 2025 | $31.2M | $43.8M | −$12.6M |
FSMSX Assets Under Management
Net assets of FS Multi-Strategy Alternatives Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $1.47B |
| 2026-03-31 | $1.49B |
| 2025-12-31 | $1.63B |
| 2025-09-30 | $1.71B |
| 2025-06-30 | $1.77B |
| 2025-03-31 | $1.90B |
| 2024-12-31 | $2.00B |
| 2024-09-30 | $1.95B |
| 2024-06-30 | $1.84B |
| 2024-03-31 | $1.63B |
| 2023-12-31 | $1.48B |
| 2023-09-30 | $1.19B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.