Fund Evaluator:
Symmetry Panoramic Alternatives I (SPATX)
Follow This Fund
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
Symmetry Panoramic Alternatives I Overview
Symmetry Panoramic Alternatives I (SPATX) is an actively managed Alternative Multistrategy fund. Symmetry Partners launched the fund in 2018.
The investment seeks positive total return over the long-term. Under normal circumstances, the fund pursues its investment strategy by investing at least 80% of its net assets in alternative investment strategies that target returns from the investment in relatively illiquid strategies such as event-driven and convergence, or arbitrage, trades, as well as factor returns from long-short strategies across multiple asset classes. It will invest in shares of registered, open-end investment companies and exchange-traded funds or directly in securities or other instruments that provide exposure to a wide array of such alternative investment strategies.
About Symmetry Panoramic Alternatives I (SPATX)
There are 4 members of the management team with an average tenure of 2.30 years: Austin Wen (2025), Devin Ryder (2025), John McDermott (2018), David Connelly (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI IMI NR USD index with a weighting of 100% and HFRI FOF Conservative USD index with a weighting of 100%. Symmetry Panoramic Alternatives I has 6 securities in its portfolio. The top 10 holdings constitute 100.0% 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.
Symmetry Panoramic Alternatives I is part of the Alternative Strategies global asset class and is within the Alternative fund group. Symmetry Panoramic Alternatives I has -63.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.1%. There is 6.2% allocated to foreign stock, and 1.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 14.3% (83.7% domestic bond, -69.4% foreign bond and 8.7% convertible bond). Symmetry Panoramic Alternatives I has 39.0% of the portfolio in cash.
Assets Under Management
The fund has $8 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.
SPATX 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 Symmetry Panoramic Alternatives I expense ratio is high compared to funds in the Multistrategy category. Symmetry Panoramic Alternatives I has an expense ratio of 2.78%, which is 35% higher than its category average, making the fund expense ratio grade a F. 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. Symmetry Panoramic Alternatives I has a portfolio turnover rate of 6%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 289% for the Multistrategy category.
Recently, in the month of July 2026, Symmetry Panoramic Alternatives I returned 1.9%, which earned it a grade of A, 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.
Symmetry Panoramic Alternatives I has a trailing yield of 2.80%, which is below 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.
Symmetry Panoramic Alternatives I Grades
Year to date, the fund has returned 8.9%, 3.7 percentage points better than the category, which translates into a grade of A. The fund has returned 14.0% over the past year (grade of B), 10.6% over the past three years (grade of A) and 9.3% per year over the past five years (grade of A).
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SPATX 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 |
|
| SPATX Return (NAV) | 1.9% | 2.3% | 14.0% | 10.6% | 9.3% | na |
| SPATX Grade | A | A | B | A | A | na |
| +/- Category | 1.1% | 0.5% | 3.2% | 2.9% | 4.0% | na |
| Multistrategy Avg | 0.8% | 1.8% | 10.8% | 7.7% | 5.3% | 3.7% |
| SPATX Tax Cost Ratio | na | na | 1.2% | 1.6% | 1.6% | na |
SPATX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPATX Return (NAV) | 8.9% | 11.1% | 8.1% | 5.0% | 12.8% | 5.9% | 3.4% | 2.5% | na | na | na |
| SPATX Grade | A | B | B | C | A | C | C | F | na | na | na |
| +/- Category | 3.7% | 3.2% | 2.0% | -1.4% | 13.2% | -0.4% | 1.4% | -4.5% | 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: | 4.1% |
| Total Risk Index: | 0.33 - Low |
| Category Risk Index: | 0.73 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | -0.04 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $8 Mil |
| Fund Total Assets: | $ 9 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 6% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.7 years | |||
| Average Tenure: 2.3 years | |||
| Managers (Year): McDermott John (2018), Wen Austin (2025), Ryder Devin (2025), Connelly David (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 6 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -63.1% |
Portfolio Allocation |
|
| Domestic Stock: | -0.1% |
| Foreign Stock: | 6.2% |
| Preferred Stock: | 1.1% |
| Domestic Bond: | 83.7% |
| Foreign Bond: | -69.4% |
| Convertible Bond: | 8.7% |
| Other: | 30.8% |
| Cash: | 39.0% |
Purchase Information
| Fund Family: | Symmetry Partners |
| Phone Number: | 844-796-3863 |
| Website: |
| Status: | Open |
| Inception Date: | November 12, 2018 |
| Min. Initial Purchase: | $1,000 |
| 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 (%): | 2.78% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.05% |
| Share Class: | Symmetry Panoramic Alternatives I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
