Fund Evaluator:
1290 Multi-Alternative Strategies R (TNMRX)
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
1290 Multi-Alternative Strategies R Overview
1290 Multi-Alternative Strategies R (TNMRX) is an actively managed Alternative Multistrategy fund. 1290 Funds launched the fund in 2015.
The investment seeks long-term growth of capital. The fund pursues its investment objective by investing in exchange-traded securities of other investment companies or investment vehicles comprising various asset categories and strategies. Under normal market conditions, the fund allocates substantially all of its assets to Underlying ETFs that invest primarily in non-traditional (alternative) asset categories and strategies. The fund seeks to invest its assets among the Underlying ETFs to achieve a diversified exposure across multiple alternative asset categories and strategies.
About 1290 Multi-Alternative Strategies R (TNMRX)
There are 5 members of the management team with an average tenure of 8.02 years: Kenneth Kozlowski (2015), Xavier Poutas (2015), Miao Hu (2016), Kevin McCarthy (2019), Lee Soja (2026). 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 ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. 1290 Multi-Alternative Strategies R has 12 securities in its portfolio. The top 10 holdings constitute 95.0% 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.
1290 Multi-Alternative Strategies R is part of the Alternative Strategies global asset class and is within the Alternative fund group. 1290 Multi-Alternative Strategies R has 10.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 26.6%. There is 10.2% allocated to foreign stock, and 1.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 19.3% (19.1% domestic bond, 0.2% foreign bond and 14.7% convertible bond). 1290 Multi-Alternative Strategies R has 18.5% of the portfolio in cash.
Assets Under Management
The fund has $195 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.
TNMRX 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 1290 Multi-Alternative Strategies R expense ratio is high compared to funds in the Multistrategy category. 1290 Multi-Alternative Strategies R has an expense ratio of 1.78%, which is 13% lower than its category average, making the fund expense ratio grade a C. 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. 1290 Multi-Alternative Strategies R has a portfolio turnover rate of 22%, 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, 1290 Multi-Alternative Strategies R returned 0.1%, 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.
1290 Multi-Alternative Strategies R has a trailing yield of 1.58%, which is below the 2.97% category average. The fund normally distributes its income annually and its capital gains 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.
1290 Multi-Alternative Strategies R Grades
Year to date, the fund has returned 8.3%, 3.0 percentage points better than the category, which translates into a grade of A. The fund has returned 15.9% over the past year (grade of A), 9.9% over the past three years (grade of A) and 3.7% per year over the past five years (grade of D) and 3.3% per year over the past 10 years (grade of D).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about 1290 Multi-Alternative Strategies R, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
TNMRX 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 |
|
| TNMRX Return (NAV) | 0.1% | -1.1% | 15.9% | 9.9% | 3.7% | 3.3% |
| TNMRX Grade | D | F | A | A | D | D |
| +/- Category | -0.7% | -2.9% | 5.0% | 2.2% | -1.6% | -0.4% |
| Multistrategy Avg | 0.8% | 1.8% | 10.8% | 7.7% | 5.3% | 3.7% |
| TNMRX Tax Cost Ratio | na | na | 0.7% | 0.8% | 1.1% | 0.7% |
TNMRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TNMRX Return (NAV) | 8.3% | 12.9% | 8.7% | 4.9% | -11.6% | 2.7% | 4.0% | 7.1% | -4.6% | 3.7% | 5.2% |
| TNMRX Grade | A | A | B | D | F | D | C | C | D | D | A |
| +/- Category | 3.0% | 5.0% | 2.6% | -1.6% | -11.1% | -3.6% | 2.0% | 0.2% | 0.3% | -1.3% | 3.2% |
| 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: | 5.9% |
| Total Risk Index: | 0.48 - Below Average |
| Category Risk Index: | 1.06 - High |
| Category Risk Grade: | F (80% Rank) |
| Beta: | 0.37 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $38 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 22% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 11.1 years | |||
| Average Tenure: 8.0 years | |||
| Managers (Year): Kozlowski Kenneth (2015), Poutas Xavier (2015), Hu Miao (2016), McCarthy Kevin (2019), Soja Lee (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 12 |
| % in Top 10 Holdings: | 95.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.4% |
Portfolio Allocation |
|
| Domestic Stock: | 26.6% |
| Foreign Stock: | 10.2% |
| Preferred Stock: | 1.2% |
| Domestic Bond: | 19.1% |
| Foreign Bond: | 0.2% |
| Convertible Bond: | 14.7% |
| Other: | 9.5% |
| Cash: | 18.5% |
Purchase Information
| Fund Family: | 1290 Funds |
| Phone Number: | 888-310-0416 |
| Website: | www.1290Funds.com |
| Status: | Open |
| Inception Date: | July 6, 2015 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.78% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.05% |
| Share Class: | 1290 Multi-Alternative Strategies I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
