FS Multi-Strategy Alternatives Fund–I
Past performance is not a guarantee of future results. Overall Morningstar rating is based on the risk-adjusted returns for Class I out of 103 funds in the Multistrategy category as of 6/30/2025.
- The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.
- © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For the three-year period, FS Multi-Strategy Alternatives Fund Class I was rated against 103 funds in the Morningstar Multistrategy category and received two stars. For the five-year period, FS Multi-Strategy Alternatives Fund Class I was rated against 101 funds in the Morningstar Multistrategy category and received four stars.
The Morningstar Rating for funds, or "star rating,” is calculated for managed products (including mutual funds, variable annuity, variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales load. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be higher or lower. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Performance for periods less than one year are cumulative. The Fund’s other share classes may have different performance characteristics.
The indexes referenced herein are the exclusive property of each respective index provider and have been licensed for use by Future Standard. The index providers do not guarantee the accuracy and/or completeness of the indexes and accept no liability in connection with the use, accuracy or completeness of the data included therein. Inclusion of the indexes in these materials does not imply that the index providers endorse or express any opinion in respect of Future Standard. Visit index disclaimers and definitions for more information.
Index returns do not reflect management fees, transaction costs, or expenses. Indexes are unmanaged, and one cannot invest directly in an index. Past performance does not guarantee future results.
Hypothetical Growth oF $100,000
The chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.
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liquid alternatives team
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- Wilshire Advisors, LLC participates in the selection of sub-advisors for the Fund. Wilshire does not actively participate in managing fund assets.
- Class I shares minimum initial investment ranges from $2,500 (eligible accounts through certain intermediary institutions) to $100,000. Any minimum initial investment requirement may be waived in the fund’s sole discretion.
Diversification does not eliminate the risk of experiencing investment losses.
An investment in FS Multi-Strategy Alternatives Fund (the “Fund”) should be considered a speculative investment that entails substantial risks; you may lose part or all of your investment or your investment may not perform as well as other similar investments. An investment in the Fund should be viewed only as part of an overall investment program. No assurance can be given that the Fund’s investment program will be successful. The following is a summary of the principal risks of investing in the Fund. Please refer to the “Additional Information about the Fund’s Additional Risks” section in the Fund’s statutory prospectus for additional information. Some or all of these risks may adversely affect the Fund’s NAV, yield, total return and ability to meet its investment objective.
Investing in the Fund involves risk, including the risk that a shareholder may receive little or no return on their investment or that a shareholder may lose part or all of their investment. The strategies used by the Adviser, Underlying Managers, and Alternative Beta Providers may not be successful on an ongoing basis or could contain errors, omissions, imperfections, or malfunctions. These errors may result in, among other things, execution and allocation failures and failures to properly gather and organize large amounts of data from third parties and other external sources. The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. The stability and liquidity of many derivative transactions depend in large part on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction defaults, exercising contractual rights may involve delays or costs for the Fund. The Fund may seek to profit from the occurrence of specific corporate or other events. A delay in the timing of these events, or the failure of these events to occur at all, may have a significant negative effect on the Fund’s performance. A short sale of a security involves the theoretical risk of unlimited loss because of increases in the market price of the security sold short. The Fund’s use of short sales, in certain circumstances, can result in significant losses. If there is a perception that a proposed merger, exchange offer, or cash tender offer transaction will not be consummated or will be delayed, the market price of the security may decline sharply negatively affecting the fund. In addition to the normal risks associated with investing, international and emerging markets may involve the risk of capital loss from unfavorable fluctuations in currency values, differences in generally accepted accounting principles, or social, economic, or political instability in other nations. The Fund is subject to interest rate risk and will decline in value as interest rates rise. Mortgage Backed Securities may experience significantly greater price and yield volatility than traditional debt securities. Including the potential for a complete loss of expected future cash flow based on the prepayment behavior of underlying borrowers. Investments in commodities are subject to higher volatility than more traditional investments. The Fund may engage in leveraging and other speculative investment practices that may increase the risk of loss of investment, and accelerate the velocity of potential losses. The Fund is classified as a “non-diversified” investment company, which means that the percentage of its assets that may be invested in the securities of a single issuer is not limited by the 1940 Act. Bitcoin futures contracts involve the risk that changes in their value may not move as expected relative to changes in the value of Bitcoin. Futures contracts exhibit “futures basis,” which refers to the difference between the current market value of Bitcoin (the “spot” price) and the price of the cash-settled Bitcoin futures contracts. As a result, the use of Bitcoin futures contracts involves risks that are in addition to, and potentially greater than, the risks of investing directly in securities and other more traditional assets, and may be considered a speculative investment.
As with any fund, there is no guarantee that the Fund will achieve its investment objective.