The investment seeks long-term capital appreciation and low sensitivity to traditional U.S. asset classes. In seeking long-term capital appreciation and low sensitivity to traditional U.S. asset classes, the fund allocates assets to strategies that provide alternative sources of return including (i) long/short macro strategies; (ii) long/short alpha strategies; (iii) merger arbitrage strategy; and (iv) convertible arbitrage strategy. It 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.

Nasdaq

MSTVX

The fund seeks to achieve its goal by allocating its assets to multiple subadvisers that employ a variety of investment strategies. The Portfolio Managers are responsible for selecting each subadviser and for determining the amount of fund assets to allocate to each subadviser. The Portfolio Managers allocate fund assets among a variety of investment strategies to subadvisers whose strategy the Portfolio Managers believe, when combined to form a single portfolio, can provide attractive risk-adjusted returns over the long term.

NABIX

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.

PASIX

The investment seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries.

PSMIX

The fund invests in affiliated mutual funds managed by the Adviser to gain exposure across global markets and various asset classes like equities, fixed-income, commodities, and currencies through long and short positions in a range of securities and derivatives.

QDSIX

The investment seeks positive absolute returns. The advisor pursues the investment objective by aiming to provide exposure to five separate investment styles: value, momentum, carry, defensive and trend using both long and short positions within the following asset groups: stocks, equity indices, bonds, currencies and commodities. The fund will achieve its exposure to any of the Asset Groups by using derivatives or holding those assets directly. It will also use derivatives for hedging purposes.

QRPIX

The investment seeks positive absolute returns. The fund pursues its investment objective by aiming to provide exposure to four separate investment styles ("Styles"): value, momentum, carry and defensive, using both "long" and "short" positions within the following asset groups ("Asset Groups"): equities, bonds, interest rates, commodities and currencies. It will achieve its exposure to any of the Asset Groups by using derivatives or holding those assets directly.

QSPIX

The investment seeks total return. The fund's Adviser exercises a flexible strategy in selecting its investments. The flexibility of the fund's overall strategy derives from its use of multiple alternative investment strategies to build a portfolio that seeks total return over the long term by investing in instruments believed to have strong risk-adjusted return potential across asset classes.

QVOPX

The fund is a "fund-of-funds" that seeks to provide an investment return that has lower volatility than traditional asset classes (i.e., public equity and investment grade bonds) by combining several non-traditional or alternative asset class exposures, including investments that focus on a specialized asset class such as long-short strategies.

RMDFX

The investment seeks long-term capital appreciation with less risk than traditional equity funds. The fund pursues multiple investment styles or mandates that correspond to investment strategies widely employed by hedge funds. The advisor's decision to allocate assets to a particular strategy or strategies is based on a proprietary evaluation of the strategy's risk and return characteristics. It also may invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary.

RYMQX

The investment seeks to generate an absolute return with reduced correlation to the stock and bond markets. The advisor employs a strategy intended to generate an absolute (i.e., positive) return in various market cycles with reduced correlation to the stock and bond markets. The fund allocates its assets among a variety of investment strategies through the use of: (i) affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange traded funds (underlying funds); and/or (ii) one or more investment sub-advisers (each, a Sub-Adviser and collectively, the Sub-Advisers).

SMSAX

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.

SPATX

The fund aims to generate total returns through diverse investment strategies such as Reinsurance, Market Risk Transfer, Style Premium Investing, Alternative Lending, Single Family Real Estate, and Bitcoin, known as risk premium strategies. These strategies aim to earn returns by bearing risk and diversify from traditional stocks and bonds.

SRDAX

SYMIX

The fund allocates its assets among shares of mutual funds, exchange-traded funds or closed-end funds managed by third-party professional money managers ("underlying funds"). The underlying funds may apply a variety of alternative investment strategies, but will typically apply one or more of four main investment strategies, including: (i) investments in real asset strategies, (ii) equity-based tactical, value or event-driven strategies, (iii) absolute return strategies that seek to generate returns independent of market conditions, and (iv) equity hedged (i.e., long/short) strategies.

TALTX

The fund may invest in equity securities of domestic and foreign issuers of any size, equity-related securities such as options on equity indices or index exchange-traded funds (“ETFs”), and exchange-traded notes (“ETNs”) linked to the VIX (market volatility) index. The fund’s ETF investments include leveraged ETFs and ETFs that invest in fixed-income securities of any duration or credit quality, including high-yield bonds. The fund adviser expects to have a high portfolio turnover which may result in higher transactional costs.

TFAFX

The fund uses a highly flexible investment approach in an effort to provide attractive returns, relative to the returns on cash, that are uncorrelated to moves in the broader equity and fixed income markets through various market environments, as well as to maintain low overall volatility. It has broad discretion in seeking investments and utilizes a wide range of strategies to invest across a variety of asset classes including stocks, fixed-income securities, and derivatives.

TMSRX

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.

TNMIX

The fund seeks to provide investors with exposure to sources of excess return, known as alternative risk premia (ARP), which result from systematic risks and/or behavioral biases existing within the financial markets. The return patterns of ARP have historically displayed low correlations with one another and with traditional asset classes. In order to capture various ARP, the fund will establish both long and short positions in equities, fixed income, currencies and commodities directly or with derivatives.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
MSTVX	Morningstar Alternatives Fund	Multistrategy	Nov 1, 2018	1.15%	2.00%	—	3.79%
NABIX	Neuberger Berman Absolute Return Multi-Manager Fun...	Multistrategy	May 14, 2012	1.98%	2.22%	2.21%	0.91%
PASIX	PACE Alternative Strategies Investments	Multistrategy	Apr 9, 2006	1.88%	4.24%	2.71%	3.42%
PSMIX	Principal Global Multi-Strategy Fund	Multistrategy	Oct 23, 2011	1.63%	5.77%	3.68%	3.31%
QDSIX	AQR Diversifying Strategies Fund	Multistrategy	Jun 7, 2020	0.20%	12.48%	—	10.09%
QRPIX	AQR Alternative Risk Premia Fund	Multistrategy	Sep 18, 2017	1.40%	20.99%	—	3.73%
QSPIX	AQR Style Premia Alternative Fund	Multistrategy	Oct 29, 2013	1.49%	20.85%	6.32%	19.67%
QVOPX	Invesco Fundamental Alternatives Fund	Multistrategy	Jan 2, 1989	1.33%	3.89%	1.59%	4.44%
RMDFX	Aspiriant Defensive Allocation Fund	Multistrategy	Dec 13, 2015	0.18%	5.53%	—	3.49%
RYMQX	Guggenheim Series Multi-Hedge Strategies Fund	Multistrategy	Sep 18, 2005	1.76%	4.12%	2.76%	3.00%
SMSAX	SEI Institutional Managed Trust Multi-Strategy Alt...	Multistrategy	Mar 30, 2010	1.35%	3.52%	2.56%	4.20%
SPATX	Symmetry Panoramic Alternatives Fund	Multistrategy	Nov 11, 2018	0.50%	0.87%	—	6.11%
SRDAX	Stone Ridge Diversified Alternatives Fund	Multistrategy	Apr 29, 2020	1.27%	-0.66%	—	15.07%
SYMIX	AlphaCentric Symmetry Strategy Fund Class I	Multistrategy	Aug 8, 2019	1.69%	3.94%	—	1.98%
TALTX	Morgan Stanley Pathway Funds Alternative Strategie...	Multistrategy	Feb 14, 2018	0.59%	2.38%	—	3.03%
TFAFX	Tactical Growth Allocation Fund	Multistrategy	Jun 9, 2019	1.96%	9.73%	—	0.18%
TMSRX	T. Rowe Price Multi-Strategy Total Return Fund	Multistrategy	Feb 22, 2018	1.19%	4.08%	—	5.71%
TNMIX	1290 Multi-Alternative Strategies Fund	Multistrategy	Jul 5, 2015	0.85%	5.02%	—	3.20%
WRPIX	Allspring Alternative Risk Premia Fund	Multistrategy	Jan 28, 2019	0.72%	4.16%	—	4.47%

The Best Multistrategy Mutual Funds

Risk vs. Return Scatterplot