- ISIN
- US00775Y5950
- CUSIP
- 302691209
- Issuer
- FS Investments
- Inception Date
- May 15, 2017
- Category
- Multistrategy
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
Share Price Chart
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Performance
FSMSX Performance Chart
FS Multi-Strategy Alternatives Fund (FSMSX) is up 3.8% since the beginning of the year. FSMSX is currently trading at $12 per share. Investors who bought $1,000 worth of FSMSX shares 5 years ago would now be looking at an investment worth $1,290.
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Returns By Period
FS Multi-Strategy Alternatives Fund (FSMSX) has returned 3.77% so far this year and 7.96% over the past 12 months.
FS Multi-Strategy Alternatives Fund
- 1D
- -0.09%
- 1M
- 0.00%
- YTD
- 3.77%
- 6M
- 3.86%
- 1Y
- 7.96%
- 3Y*
- 5.22%
- 5Y*
- 5.22%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
FSMSX Monthly Returns History
Based on dividend-adjusted daily data since May 22, 2017, FSMSX's average daily return is +0.02%, while the average monthly return is +0.33%. At this rate, an investment would double in approximately 17.5 years.
Historically, 70% of months were positive and 30% were negative. The best month was Mar 2021 with a return of +3.4%, while the worst month was Mar 2020 at -3.1%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 3 months.
On a daily basis, FSMSX closed higher 43% of trading days. The best single day was Dec 8, 2022 with a return of +4.1%, while the worst single day was Dec 9, 2022 at -3.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.17% | 0.27% | -0.44% | 1.87% | 1.22% | -0.34% | 3.77% | ||||||
| 2025 | 0.45% | 0.54% | -0.62% | -0.54% | 0.54% | 0.63% | 0.98% | 1.23% | -0.52% | 0.87% | 0.35% | 0.17% | 4.13% |
| 2024 | 0.64% | 0.82% | 0.81% | 0.27% | 0.89% | -0.62% | 1.60% | -1.49% | 0.53% | -0.62% | 1.34% | 0.40% | 4.63% |
| 2023 | 1.31% | 0.09% | 0.28% | 0.46% | -0.37% | 0.64% | 0.82% | 0.18% | 0.27% | 0.72% | 0.80% | 0.12% | 5.44% |
| 2022 | 1.11% | -0.64% | 0.64% | 0.37% | 0.55% | -0.91% | 0.64% | -0.82% | -1.19% | 1.85% | 1.36% | 0.20% | 3.17% |
| 2021 | 1.12% | 2.42% | 3.35% | 1.14% | 0.85% | -0.28% | -0.09% | 0.56% | 0.00% | 1.59% | 0.55% | 2.00% | 13.97% |
Benchmark Metrics
FS Multi-Strategy Alternatives Fund has an annualized alpha of 2.90%, beta of 0.08, and R2 of 0.11 versus S&P 500 Index. Calculated based on daily prices since May 22, 2017.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (13.17%) than losses (5.30%) - typical of diversified or defensive assets.
- Beta of 0.08 may look defensive, but with R2 of 0.11 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.11 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.90%
- Beta
- 0.08
- R²
- 0.11
- Upside Capture
- 13.17%
- Downside Capture
- 5.30%
Expense Ratio
FSMSX has a high expense ratio of 1.89%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FSMSX ranks 88 for risk / return — in the top 88% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for FS Multi-Strategy Alternatives Fund (FSMSX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FSMSX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.32 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 5.46 | 2.46 | +3.00 |
| Martin ratioReturn relative to average drawdown | 16.46 | 10.92 | +5.54 |
Dividends
Dividend History
FS Multi-Strategy Alternatives Fund provided a 3.97% dividend yield over the last twelve months, with an annual payout of $0.46 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.46 | $0.46 | $0.28 | $0.39 | $0.44 | $0.35 | $0.08 | $0.23 | $0.08 |
Dividend yield | 3.97% | 4.12% | 2.48% | 3.61% | 4.12% | 3.22% | 0.77% | 2.20% | 0.82% |
Monthly Dividends
The table displays the monthly dividend distributions for FS Multi-Strategy Alternatives Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.46 | $0.46 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.28 | $0.28 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.39 | $0.39 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.44 | $0.44 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.35 | $0.35 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the FS Multi-Strategy Alternatives Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the FS Multi-Strategy Alternatives Fund was 8.94%, occurring on Mar 24, 2020. Recovery took 243 trading sessions.
The current FS Multi-Strategy Alternatives Fund drawdown is 0.43%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -8.94%Mar 2020 | 6mo 21d | 11mo 22d | 1y 6moSep 2019 - Mar 2021 |
Rate-hike selloffLate 2018 | -6.51%Dec 2018 | 10mo 29d | 4mo 1d | 1y 2moJan 2018 - Apr 2019 |
Bear market2022 | -4.13%Dec 2022 | 6d | 9mo 23d | 9mo 29dDec 2022 - Oct 2023 |
2023 pullback2023 | -4.06%Dec 2023 | 7d | 6mo 29d | 7mo 6dDec 2023 - Jul 2024 |
2025 selloff2025 | -2.84%Apr 2025 | 1mo 8d | 2mo 16d | 3mo 24dMar 2025 - Jun 2025 |
Drawdown Indicators
| FSMSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.94% | -56.78% | +47.84% |
Max Drawdown (1Y)Largest decline over 1 year | -1.46% | -9.10% | +7.64% |
Max Drawdown (3Y)Largest decline over 3 years | -4.06% | -18.90% | +14.84% |
Max Drawdown (5Y)Largest decline over 5 years | -4.13% | -25.43% | +21.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.43% | -3.21% | +2.78% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -10.71% | +9.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 2.04% | -1.56% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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