Fund Evaluator:
Strategic Advisers® Fidelity® Alts (FSAOX)
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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
Strategic Advisers® Fidelity® Alts Overview
Strategic Advisers® Fidelity® Alts (FSAOX) is an actively managed Alternative Multistrategy fund. Fidelity Investments launched the fund in 2025.
The investment seeks total return. The fund manager seeks to provide shareholders with positive total returns over a complete market cycle (generally five to eight years) through multiple "alternative" or non-traditional strategies that may have positive, low or negative correlation to equity markets. Allocating a majority of the fund's assets among underlying Fidelity® Funds and sub-advisers, as well as derivatives. The fund is non-diversified.
About Strategic Advisers® Fidelity® Alts (FSAOX)
There are 1 members of the management team with an average tenure of 1.19 years: Kevin Britton (2025). Management tenure is more important for actively managed funds than passive index funds.
Strategic Advisers® Fidelity® Alts has 439 securities in its portfolio. The top 10 holdings constitute 85.7% 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.
Strategic Advisers® Fidelity® Alts is part of the Alternative Strategies global asset class and is within the Alternative fund group. Strategic Advisers® Fidelity® Alts has 21.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 23.5%. There is 11.2% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 25.1% (15.3% domestic bond, 9.9% foreign bond and 7.6% convertible bond). Strategic Advisers® Fidelity® Alts has 25.6% of the portfolio in cash.
Assets Under Management
The fund has $5 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.
FSAOX 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 Strategic Advisers® Fidelity® Alts expense ratio is high compared to funds in the Multistrategy category. Strategic Advisers® Fidelity® Alts has an expense ratio of 1.27%, which is 39% lower than its category average, making the fund expense ratio grade a B. 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. Strategic Advisers® Fidelity® Alts has a portfolio turnover rate of 47%, 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, Strategic Advisers® Fidelity® Alts returned 0.5%, which earned it a grade of D, 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.
Strategic Advisers® Fidelity® Alts has a trailing yield of 3.63%, which is above the 3.03% category average. The fund normally distributes its income semi-annually and its capital gains semi-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.
Strategic Advisers® Fidelity® Alts Grades
Year to date, the fund has returned 5.4%, 1.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.4% over the past year (grade of C).
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FSAOX 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 |
|
| FSAOX Return (NAV) | 0.5% | 1.8% | 9.4% | na | na | na |
| FSAOX Grade | D | B | C | na | na | na |
| +/- Category | -0.7% | -0.1% | -1.5% | na | na | na |
| Multistrategy Avg | 1.1% | 1.9% | 11.0% | 8.0% | 5.5% | 3.8% |
| FSAOX Tax Cost Ratio | na | na | 1.6% | na | na | na |
FSAOX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSAOX Return (NAV) | 5.4% | na | na | na | na | na | na | na | na | na | na |
| FSAOX Grade | D | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -1.4% | na | 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 Value |
| Bond Investment Style: | na |
| Yield: | 3.6% |
| Dividend Distribution: | Semi-Annually |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $5451 Mil |
| Fund Total Assets: | $5,452 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 47% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.2 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Britton Kevin (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 439 |
| % in Top 10 Holdings: | 85.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 21.0% |
Portfolio Allocation |
|
| Domestic Stock: | 23.5% |
| Foreign Stock: | 11.2% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 15.3% |
| Foreign Bond: | 9.9% |
| Convertible Bond: | 7.6% |
| Other: | 6.7% |
| Cash: | 25.6% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | June 23, 2025 |
| 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 (%): | 1.27% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.08% |
| Share Class: | Strategic Advisers® Fidelity® Alts |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
