Fund Evaluator:
Six Circles Multi-Strategy (CALTX)
Follow This Fund
Best Performing in Multistrategy Over the Last Year
| 38.5% | AQR Alternative Risk Premia N (QRPNX) |
| 24.4% | AQR Style Premia Alternative N (QSPNX) |
| 14.3% | AQR Diversifying Strategies N (QDSNX) |
| 13.9% | Goldman Sachs Multi-Strategy Alts Inv (GIMMX) |
| 12.7% | Blackstone Alternative Multi-Strategy Y (BXMYX) |
Fund Details
Six Circles Multi-Strategy Overview
Six Circles Multi-Strategy (CALTX) is an actively managed Alternative Multistrategy fund. Six Circles launched the fund in 2024.
The investment seeks to achieve long-term capital appreciation. The fund is designed to achieve long-term capital appreciation by allocating its assets across multiple sub‑advised strategies that are intended to allow the fund to maintain an investment portfolio with, on average, lower volatility over a market cycle than the broader equity markets. The fund is non-diversified.
About Six Circles Multi-Strategy (CALTX)
There are 20 members of the management team with an average tenure of 1.61 years: Marc Potters (2025), Paul Massaro (2024), Alfred Murata (2024), Daniel Hyman (2024), Kevin Franklin (2025), Russell Korgaonkar (2024), Andrew Beer (2024), Mathias Mamou-Mani (2024), Jeffrey Gaffney (2024), Richard Mathieson (2025), Stephen Finamore (2024), Jesse Rosenblum (2026), Giuliana Bordigoni (2025), Jeffrey Eshleman (2024), Boris Arabadjiev (2024), Thomas Byrnes (2024), Yves Lemperiere (2025), Raphael Benichou (2025), Raffaele Savi (2025), Richard Madigan (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and HFRX Global Hedge Fund USD index with a weighting of 100%. Six Circles Multi-Strategy has 7656 securities in its portfolio. The top 10 holdings constitute 65.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Six Circles Multi-Strategy is part of the Alternative Strategies global asset class and is within the Alternative fund group. Six Circles Multi-Strategy has 92.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 79.2%. There is 73.8% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 168.4% (149.3% domestic bond, 19.1% foreign bond and 0.0% convertible bond). Six Circles Multi-Strategy has -200.4% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $539 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.
CALTX 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 Six Circles Multi-Strategy expense ratio is high compared to funds in the Multistrategy category. Six Circles Multi-Strategy has an expense ratio of 0.94%, which is 55% lower than its category average, making the fund expense ratio grade a A. 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. Six Circles Multi-Strategy has a portfolio turnover rate of 652%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 230% for the Multistrategy category.
Recently, in the month of August 2026, Six Circles Multi-Strategy returned 0.9%, which earned it a grade of C, as the Multistrategy category had an average return of 1.1%. 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.
Six Circles Multi-Strategy has a trailing yield of 4.08%, which is above the 3.03% 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.
Six Circles Multi-Strategy Grades
Year to date, the fund has returned 6.6%, 0.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 10.7% over the past year (grade of C).
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CALTX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CALTX Return (NAV) | 0.9% | 1.9% | 10.7% | na | na | na |
| CALTX Grade | C | B | C | na | na | na |
| +/- Category | -0.2% | -0.0% | -0.3% | na | na | na |
| Multistrategy Avg | 1.1% | 1.9% | 11.0% | 8.0% | 5.5% | 3.8% |
| CALTX Tax Cost Ratio | na | na | 2.0% | na | na | na |
CALTX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CALTX Return (NAV) | 6.6% | 6.4% | na | na | na | na | na | na | na | na | na |
| CALTX Grade | C | D | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.3% | -1.8% | na | na | na | na | na | na | na | na | na |
| Multistrategy Avg | 6.9% | 8.2% | 6.1% | 6.4% | -0.4% | 6.2% | 2.0% | 7.0% | -4.9% | 5.0% | 2.0% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 4.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2324 Mil |
| Fund Total Assets: | $2,324 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 652% |
Management Team
| Number of Managers: 20 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 1.6 years | |||
| Managers (Year): Massaro Paul (2024), Murata Alfred (2024), Hyman Daniel (2024), Korgaonkar Russell (2024), Beer Andrew (2024), Mamou-Mani Mathias (2024), Gaffney Jeffrey (2024), Finamore Stephen (2024), Eshleman Jeffrey (2024), Arabadjiev Boris (2024), Byrnes Thomas (2024), Madigan Richard (2024), Savi Raffaele (2025), Mathieson Richard (2025), Franklin Kevin (2025), Lemperiere Yves (2025), Benichou Raphael (2025), Potters Marc (2025), Bordigoni Giuliana (2025), Rosenblum Jesse (2026) | |||
Portfolio Composition (as of 9/30/25)
| # of Holdings: | 7656 |
| % in Top 10 Holdings: | 65.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 92.9% |
Portfolio Allocation |
|
| Domestic Stock: | 79.2% |
| Foreign Stock: | 73.8% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 149.3% |
| Foreign Bond: | 19.1% |
| Convertible Bond: | 0.0% |
| Other: | -21.2% |
| Cash: | -200.4% |
Purchase Information
| Fund Family: | Six Circles |
| Phone Number: | 212-464-2070 |
| Website: |
| Status: | Open |
| Inception Date: | September 18, 2024 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.94% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.08% |
| Share Class: | Six Circles Multi-Strategy |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
