Fund Evaluator:
PACE Alternative Strategies P2 (PAPTX)
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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
PACE Alternative Strategies P2 Overview
PACE Alternative Strategies P2 (PAPTX) is an actively managed Alternative Multistrategy fund. UBS Asset Management launched the fund in 2022.
The investment seeks long-term capital appreciation. The fund invests in equity securities of U.S. and non-U.S. companies of various market capitalizations. It also invests in fixed income securities, which are not subject to any credit rating or maturity limitations, issued by companies and government and supranational entities around the world. The fund may invest in emerging as well as developed markets and may invest a significant portion of its assets in the securities of companies in particular economic sectors. It may also invest in the securities of other investment companies, including exchange-traded funds ("ETFs"), and in structured securities.
About PACE Alternative Strategies P2 (PAPTX)
There are 12 members of the management team with an average tenure of 4.51 years: Frank Bianco (2024), Ian Pizer (2021), Suhail Shaikh (2024), Gavyn Davies (2024), Sean Reynolds (2024), Fred Lee (2009), Andrew Bevan (2024), Andrew Kurita (2017), Mayoor Joshi (2021), Fawaz Chaudhry (2024), Ran Zhou (2023), Neil Choi (2023). 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 MSCI World NR USD index with a weighting of 100%. PACE Alternative Strategies P2 has 3 securities in its portfolio. The top 10 holdings constitute 0.0% 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.
PACE Alternative Strategies P2 is part of the Alternative Strategies global asset class and is within the Alternative fund group. PACE Alternative Strategies P2 has 0.0% 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PACE Alternative Strategies P2 has 100.0% of the portfolio in cash.
Assets Under Management
The fund has $18 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.
PAPTX 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 PACE Alternative Strategies P2 expense ratio is high compared to funds in the Multistrategy category. PACE Alternative Strategies P2 has an expense ratio of 2.18%, which is 6% higher than its category average, making the fund expense ratio grade a D. 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. PACE Alternative Strategies P2 has a portfolio turnover rate of 497%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 289% for the Multistrategy category.
Recently, in the month of July 2026, PACE Alternative Strategies P2 returned -1.4%, which earned it a grade of F, 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.
PACE Alternative Strategies P2 has a trailing yield of 3.97%, which is above the 2.97% 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.
PACE Alternative Strategies P2 Grades
Year to date, the fund has returned 2.5%, 2.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 5.8% over the past year (grade of D), 7.3% over the past three years (grade of C) and 4.2% per year over the past five years (grade of C) and 3.7% per year over the past 10 years (grade of C).
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PAPTX 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 |
|
| PAPTX Return (NAV) | -1.4% | 0.2% | 5.8% | 7.3% | 4.2% | 3.7% |
| PAPTX Grade | F | F | D | C | C | C |
| +/- Category | -2.2% | -1.6% | -5.0% | -0.4% | -1.2% | 0.0% |
| Multistrategy Avg | 0.8% | 1.8% | 10.8% | 7.7% | 5.3% | 3.7% |
| PAPTX Tax Cost Ratio | na | na | 3.6% | 2.5% | na | na |
PAPTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAPTX Return (NAV) | 2.5% | 7.5% | 7.4% | 4.7% | -2.1% | 2.9% | 9.7% | 6.4% | -5.3% | 4.0% | -0.8% |
| PAPTX Grade | D | C | B | D | B | D | A | D | D | D | F |
| +/- Category | -2.7% | -0.3% | 1.3% | -1.7% | -1.7% | -3.3% | 7.7% | -0.6% | -0.4% | -0.9% | -2.7% |
| 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: | 4.2% |
| Total Risk Index: | 0.34 - Low |
| Category Risk Index: | 0.75 - Below Average |
| Category Risk Grade: | B (36% Rank) |
| Beta: | 0.28 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $260 Mil |
| Fund Total Assets: | $ 19 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 497% |
Management Team
| Number of Managers: 12 | |||
| Longest Tenure: 16.6 years | |||
| Average Tenure: 4.5 years | |||
| Managers (Year): Lee Fred (2009), Kurita Andrew (2017), Joshi Mayoor (2021), Pizer Ian (2021), Zhou Ran (2023), Choi Neil (2023), Shaikh Suhail (2024), Davies Gavyn (2024), Bevan Andrew (2024), Chaudhry Fawaz (2024), Reynolds Sean (2024), Bianco Frank (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 3 |
| % in Top 10 Holdings: | 0.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 100.0% |
Purchase Information
| Fund Family: | UBS Asset Management |
| Phone Number: | 800-647-1568 |
| Website: | www.ubs.com |
| Status: | Open |
| Inception Date: | November 11, 2022 |
| 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 (%): | 2.18% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.05% |
| Share Class: | PACE Alternative Strategies P |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
