Fund Evaluator:

Blackstone Alternative Multi-Strategy Y Overview

Blackstone Alternative Multi-Strategy Y (BXMYX) is an actively managed Alternative Multistrategy fund. Blackstone launched the fund in 2015.

The investment seeks capital appreciation. The fund seeks to achieve its objective by allocating its assets among a variety of non-traditional or "alternative" investment strategies. The adviser allocates the fund's assets among sub-advisers with experience managing alternative investment strategies and among investment funds. The adviser also manages a portion of the fund's assets directly and, from time to time, may instruct sub-advisers with respect to particular investments.

About Blackstone Alternative Multi-Strategy Y (BXMYX)

There are 4 members of the management team with an average tenure of 3.60 years: David Ben-Ur (2022), Max Jaffe (2021), Riad Abrahams (2023), Stephen Zhu (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI World GR USD index with a weighting of 100% and Bloomberg Global-Aggregate TR USD index with a weighting of 100%. Blackstone Alternative Multi-Strategy Y has 5386 securities in its portfolio. The top 10 holdings constitute 69.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Blackstone Alternative Multi-Strategy Y is part of the Alternative Strategies global asset class and is within the Alternative fund group. Blackstone Alternative Multi-Strategy Y has 8.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 33.7%. There is 0.2% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 12.1% (3.9% domestic bond, 8.2% foreign bond and 0.1% convertible bond). Blackstone Alternative Multi-Strategy Y has 31.6% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $499 million average for the Multistrategy category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

BXMYX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Blackstone Alternative Multi-Strategy Y expense ratio is high compared to funds in the Multistrategy category. Blackstone Alternative Multi-Strategy Y has an expense ratio of 3.75%, which is 82% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Blackstone Alternative Multi-Strategy Y has a portfolio turnover rate of 547%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 292% for the Multistrategy category.

Recently, in the month of June 2026, Blackstone Alternative Multi-Strategy Y returned 1.5%, which earned it a grade of A, as the Multistrategy category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Blackstone Alternative Multi-Strategy Y has a trailing yield of 5.33%, which is above the 2.90% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Blackstone Alternative Multi-Strategy Y Grades

Year to date, the fund has returned 5.0%, 0.6 percentage points better than the category, which translates into a grade of C. The fund has returned 12.9% over the past year (grade of B), 9.7% over the past three years (grade of A) and 5.0% per year over the past five years (grade of B) and 4.5% per year over the past 10 years (grade of B).

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