Fund Evaluator:
Morningstar Alternatives (MSTVX)
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
Morningstar Alternatives Overview
Morningstar Alternatives (MSTVX) is an actively managed Alternative Multistrategy fund. Morningstar launched the fund in 2018.
The investment seeks long-term capital appreciation and low sensitivity to traditional U.S. asset classes. The fund will normally invest in both U.S. and non‑U.S. securities, including securities of companies located in emerging markets. The fund may invest in non‑U.S. dollar denominated investments, including investments denominated in European and Asian currencies and in other non‑U.S. and emerging market currencies.
About Morningstar Alternatives (MSTVX)
There are 12 members of the management team with an average tenure of 5.60 years: Roger Foltynowicz (2018), Alexander Volz (2018), Scott Radell (2020), Daniel McNeela (2025), Dagney Maseda (2018), Tom Parker (2020), Matthew Osowiecki (2024), Jeffrey Rosenberg (2020), John Orrico (2018), Chad Meuse (2023), Michael Budzinski (2024), George Douglas (2018). 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 Morningstar US Cash T-bill TR USD index with a weighting of 100%. Morningstar Alternatives has 3162 securities in its portfolio. The top 10 holdings constitute 33.4% 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.
Morningstar Alternatives is part of the Alternative Strategies global asset class and is within the Alternative fund group. Morningstar Alternatives has 7.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 10.5%. There is 1.8% allocated to foreign stock, and 3.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 56.8% (51.5% domestic bond, 5.3% foreign bond and 26.2% convertible bond). Morningstar Alternatives has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $244 million in total assets, which is below 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.
MSTVX 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 Morningstar Alternatives expense ratio is high compared to funds in the Multistrategy category. Morningstar Alternatives has an expense ratio of 1.39%, which is 33% 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. Morningstar Alternatives has a portfolio turnover rate of 208%, 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, Morningstar Alternatives returned 0.1%, which earned it a grade of F, 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.
Morningstar Alternatives has a trailing yield of 3.34%, which is above the 3.03% category average. The fund normally distributes its income 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.
Morningstar Alternatives Grades
Year to date, the fund has returned 2.1%, 4.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.2% over the past year (grade of F), 6.2% over the past three years (grade of D) and 4.0% per year over the past five years (grade of D).
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MSTVX 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 |
|
| MSTVX Return (NAV) | 0.1% | 1.2% | 4.2% | 6.2% | 4.0% | na |
| MSTVX Grade | F | D | F | D | D | na |
| +/- Category | -1.0% | -0.7% | -6.8% | -1.7% | -1.5% | na |
| Multistrategy Avg | 1.1% | 1.9% | 11.0% | 8.0% | 5.5% | 3.8% |
| MSTVX Tax Cost Ratio | na | na | 1.3% | 1.4% | 1.5% | na |
MSTVX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MSTVX Return (NAV) | 2.1% | 6.4% | 6.4% | 6.9% | -2.7% | 4.2% | 3.8% | 5.8% | na | na | na |
| MSTVX Grade | F | D | D | B | C | D | C | D | na | na | na |
| +/- Category | -4.8% | -1.8% | 0.2% | 0.4% | -2.3% | -2.0% | 1.8% | -1.2% | 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: | 2.7% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 0.49 - Low |
| Category Risk Grade: | A (11% Rank) |
| Beta: | 0.12 |
| R-Squared: | 32% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $244 Mil |
| Fund Total Assets: | $ 244 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 208% |
Management Team
| Number of Managers: 12 | |||
| Longest Tenure: 7.8 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Foltynowicz Roger (2018), Volz Alexander (2018), Maseda Dagney (2018), Orrico John (2018), Douglas George (2018), Rosenberg Jeffrey (2020), Parker Tom (2020), Radell Scott (2020), Meuse Chad (2023), Budzinski Michael (2024), Osowiecki Matthew (2024), McNeela Daniel (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 3162 |
| % in Top 10 Holdings: | 33.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.0% |
Portfolio Allocation |
|
| Domestic Stock: | 10.5% |
| Foreign Stock: | 1.8% |
| Preferred Stock: | 3.9% |
| Domestic Bond: | 51.5% |
| Foreign Bond: | 5.3% |
| Convertible Bond: | 26.2% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Morningstar |
| Phone Number: | 202-551-8090 |
| Website: |
| Status: | Open |
| Inception Date: | November 2, 2018 |
| 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 (%): | 1.39% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.08% |
| Share Class: | Morningstar Alternatives |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
