Fund Evaluator:
Fidelity SAI Alt Rsk Pre Ccy Stgy (FRPCX)
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Best Performing in Multistrategy Over the Last Year
| 35.9% | AQR Alternative Risk Premia N (QRPNX) |
| 21.4% | AQR Style Premia Alternative N (QSPNX) |
| 14.2% | Goldman Sachs Multi-Strategy Alts Inv (GIMMX) |
| 13.0% | AQR Diversifying Strategies N (QDSNX) |
| 12.7% | Blackstone Alternative Multi-Strategy Y (BXMYX) |
Fund Details
Fidelity SAI Alt Rsk Pre Ccy Stgy Overview
Fidelity SAI Alt Rsk Pre Ccy Stgy (FRPCX) is an actively managed Alternative Multistrategy fund. Fidelity Investments launched the fund in 2023.
The investment seeks capital appreciation. The adviser will construct a portfolio focused on currency exposure that is established through various alternative risk premia (ARP) investment strategies. ARP investment strategies are systematic and rules-based investment strategies motivated by economic or market structure theory that provide exposure to specific risk premia such as carry, liquidity, low beta, momentum, value and volatility. The fund is non-diversified.
About Fidelity SAI Alt Rsk Pre Ccy Stgy (FRPCX)
There are 2 members of the management team with an average tenure of 0.66 years: Dimitri Curtil (2025), Mayank Gupta (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Trsy Bellwethers 3M TR USD index with a weighting of 100%. Fidelity SAI Alt Rsk Pre Ccy Stgy has 31 securities in its portfolio. The top 10 holdings constitute 292.9% 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.
Fidelity SAI Alt Rsk Pre Ccy Stgy is part of the Alternative Strategies global asset class and is within the Alternative fund group. Fidelity SAI Alt Rsk Pre Ccy Stgy has 133.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 194.3% (60.5% domestic bond, 133.8% foreign bond and 0.0% convertible bond). Fidelity SAI Alt Rsk Pre Ccy Stgy has -94.3% of the portfolio in cash.
Assets Under Management
The fund has $74 million in total assets, which is below the $511 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.
FRPCX 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 Fidelity SAI Alt Rsk Pre Ccy Stgy expense ratio is average compared to funds in the Multistrategy category. Fidelity SAI Alt Rsk Pre Ccy Stgy has an expense ratio of 0.50%, which is 76% 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. A portfolio turnover rate cannot be currently calculated for Fidelity SAI Alt Rsk Pre Ccy Stgy. By way of comparison, the average portfolio turnover is 289% for the Multistrategy category.
Recently, in the month of July 2026, Fidelity SAI Alt Rsk Pre Ccy Stgy returned 0.3%, which earned it a grade of D, as the Multistrategy category had an average return of 0.8%. 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.
Fidelity SAI Alt Rsk Pre Ccy Stgy has a trailing yield of 0.00%, which is below the 2.97% category average.
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.
Fidelity SAI Alt Rsk Pre Ccy Stgy Grades
Year to date, the fund has returned -3.9%, 9.2 percentage points worse than the category, which translates into a grade of F. The fund has returned -3.6% over the past year (grade of F).
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FRPCX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FRPCX Return (NAV) | 0.3% | 2.2% | -3.6% | na | na | na |
| FRPCX Grade | D | B | F | na | na | na |
| +/- Category | -0.5% | 0.4% | -14.5% | na | na | na |
| Multistrategy Avg | 0.8% | 1.8% | 10.8% | 7.7% | 5.3% | 3.7% |
| FRPCX Tax Cost Ratio | na | na | 0.0% | na | na | na |
FRPCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FRPCX Return (NAV) | -3.9% | -6.1% | 4.4% | na | na | na | na | na | na | na | na |
| FRPCX Grade | F | F | D | na | na | na | na | na | na | na | na |
| +/- Category | -9.2% | -14.0% | -1.8% | na | na | na | na | na | na | na | na |
| Multistrategy Avg | 5.3% | 7.8% | 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: | na |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $74 Mil |
| Fund Total Assets: | $ 75 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Curtil Dimitri (2025), Gupta Mayank (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 31 |
| % in Top 10 Holdings: | 292.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 133.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 60.5% |
| Foreign Bond: | 133.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -94.3% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: |
| Status: | Open |
| Inception Date: | December 14, 2023 |
| 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 (%): | 0.50% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 2.05% |
| Share Class: | Fidelity SAI Alt Rsk Pre Ccy Stgy |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
