{
  "page": "compare",
  "query": {
    "a": "FSMSX",
    "b": "PFUIX"
  },
  "retrieved_at": "2026-07-07T15:43:32+00:00",
  "disclaimer": "Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them.",
  "attribution": "Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC.",
  "terms": {
    "notice": "Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed.",
    "url": "https://fundwatcher.app/terms/"
  },
  "fund_a": {
    "name": "FS Multi-Strategy Alternatives Fund",
    "ticker": "FSMSX",
    "slug": "FSMSX",
    "series_id": "S000075444",
    "html_url": "https://fundwatcher.app/funds/FSMSX/"
  },
  "fund_b": {
    "name": "PIMCO International Bond Fund (Unhedged)",
    "ticker": "PFUIX",
    "slug": "PFUIX",
    "series_id": "S000009679",
    "html_url": "https://fundwatcher.app/funds/PFUIX/"
  },
  "overlap": {
    "coverage_a_by_b": "0.1248466096689237485676223173",
    "coverage_b_by_a": "0.1248466096689237485676223173",
    "shared_count": 3,
    "as_of": {
      "a": "2026-03-31",
      "b": "2026-03-31"
    },
    "a_top": [
      {
        "name": "FNCL 5.5 4/26",
        "value": "1439993690.00",
        "weight": "0.42265965",
        "shared": false
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "400704239.10",
        "weight": "0.11761268",
        "shared": true
      },
      {
        "name": "BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026",
        "value": "159482275.60",
        "weight": "0.04681043",
        "shared": false
      },
      {
        "name": "US ULTRA BOND CBT Sep25",
        "value": "125214962.53",
        "weight": "0.03675246",
        "shared": true
      },
      {
        "name": "BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026",
        "value": "37547310.00",
        "weight": "0.01102070",
        "shared": false
      },
      {
        "name": "BARCLAYS BANK PLC MTN ZERO COUPON 12/29/2026",
        "value": "34213929.16",
        "weight": "0.01004230",
        "shared": false
      },
      {
        "name": "U.S. Treasury Bills",
        "value": "24839390.62",
        "weight": "0.00729073",
        "shared": false
      },
      {
        "name": "5-Year T-Note Futures, Jun-2026,ETH",
        "value": "22825914.06",
        "weight": "0.00669975",
        "shared": false
      },
      {
        "name": "SHS BEN INT",
        "value": "20522043.00",
        "weight": "0.00602353",
        "shared": false
      },
      {
        "name": "U.S. Treasury Bills",
        "value": "19931540.80",
        "weight": "0.00585020",
        "shared": false
      },
      {
        "name": "U.S. Treasury Bills",
        "value": "14883106.06",
        "weight": "0.00436841",
        "shared": false
      },
      {
        "name": "NEUBERGER BERMAN LOAN ADVISERS CLO 29 LTD NEUB 2018-29A A2R",
        "value": "11664022.50",
        "weight": "0.00342356",
        "shared": false
      },
      {
        "name": "ELMWOOD CLO II LTD ELMW2 2019-2A A2RR",
        "value": "10967187.00",
        "weight": "0.00321903",
        "shared": false
      },
      {
        "name": "WOODS 2018-12BA BR CLO 144A FRN 06-15-31",
        "value": "10498131.00",
        "weight": "0.00308136",
        "shared": false
      },
      {
        "name": "SWITCH Data Centers - SWCH 2025-DATA E",
        "value": "10303152.12",
        "weight": "0.00302413",
        "shared": false
      },
      {
        "name": "USD-SOFR 4.40 01/16/2035 EXPIRATION: 01/16/2035",
        "value": "10240465.52",
        "weight": "0.00300573",
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      },
      {
        "name": "WFCM 2025-DWHP A",
        "value": "10046670.00",
        "weight": "0.00294885",
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      },
      {
        "name": "BSPRT Issuer LLC, Series 2024-FL11, Class A",
        "value": "10023200.00",
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      },
      {
        "name": "KENNEDY LEWIS CLO 6 LTD KLLM 6A AR2",
        "value": "10003960.00",
        "weight": "0.00293631",
        "shared": false
      },
      {
        "name": "STAR 2024-SFR4 TRUST STAR 2024-SFR4 A",
        "value": "9977928.52",
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      },
      {
        "name": "FIP MASTER FUNDING LLC FI 2024-1A A1",
        "value": "7897622.06",
        "weight": "0.00231807",
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      },
      {
        "name": "Renew, Series 2024-2A, Class A",
        "value": "7516830.88",
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      },
      {
        "name": "QTS Data Centers - BX 2025-VLT7 E",
        "value": "7425181.50",
        "weight": "0.00217940",
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      },
      {
        "name": "PG&E Corporation, Convertible",
        "value": "7414006.37",
        "weight": "0.00217612",
        "shared": false
      },
      {
        "name": "JD.COM INC SR UNSECURED 06/29 0.25",
        "value": "7220070.00",
        "weight": "0.00211920",
        "shared": false
      },
      {
        "name": "RADNOR RE 2022-1 LTD RMIR 2022-1 M2",
        "value": "7212480.60",
        "weight": "0.00211697",
        "shared": false
      },
      {
        "name": "Carvana Co",
        "value": "7120531.79",
        "weight": "0.00208998",
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      },
      {
        "name": "KSL Commercial Mortgage Trust, Series 2024-HT2, Class A",
        "value": "7116308.92",
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      },
      {
        "name": "ACHM TRUST 2024-HE2 ACHM 2024-HE2 A",
        "value": "7037607.19",
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      },
      {
        "name": "ADMT 2026-NQM1 A1",
        "value": "6849441.06",
        "weight": "0.00201041",
        "shared": false
      },
      {
        "name": "MICROCHIP TECHNOLOGY INC SER A 7.5% PC 03/15/2028",
        "value": "6774074.82",
        "weight": "0.00198829",
        "shared": false
      },
      {
        "name": "CMS ENERGY CORP SR UNSECURED 144A 05/31 3.125",
        "value": "6664896.00",
        "weight": "0.00195625",
        "shared": false
      },
      {
        "name": "Maxim Crane Works Holdings Capital LLC",
        "value": "6640799.83",
        "weight": "0.00194917",
        "shared": false
      },
      {
        "name": "FLEXENTIAL ISSUER LLC SER 2025-1A CL A2 REGD 144A P/P 6.03000000",
        "value": "6455510.75",
        "weight": "0.00189479",
        "shared": false
      },
      {
        "name": "HERA FINANCING 2024-1 DAC HRFIN 2024-1A A",
        "value": "6406157.64",
        "weight": "0.00188030",
        "shared": false
      },
      {
        "name": "VINE 2023-SFR1 TRUST VINEB 2023-SFR1 A",
        "value": "6386306.92",
        "weight": "0.00187448",
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      },
      {
        "name": "GME 0 04/01/30",
        "value": "6311886.00",
        "weight": "0.00185263",
        "shared": false
      },
      {
        "name": "RADNOR RE 2021-2 LTD RMIR 2021-2 M2",
        "value": "6219376.80",
        "weight": "0.00182548",
        "shared": false
      },
      {
        "name": "TRIP.COM GROUP LTD SR UNSECURED 06/29 0.75",
        "value": "6088539.73",
        "weight": "0.00178708",
        "shared": false
      },
      {
        "name": "QTS Data Centers - BX 2025-VLT7 D",
        "value": "5955000.00",
        "weight": "0.00174788",
        "shared": false
      },
      {
        "name": "AQUA FINANCE TRUST 2024-A SER 2024-A CL A REGD 144A P/P 4.81000000",
        "value": "5828313.46",
        "weight": "0.00171070",
        "shared": false
      },
      {
        "name": "HPE 7 5/8",
        "value": "5805254.90",
        "weight": "0.00170393",
        "shared": false
      },
      {
        "name": "ROCSOF 9 11/28/28 144A",
        "value": "5741364.94",
        "weight": "0.00168518",
        "shared": false
      },
      {
        "name": "Coinbase Global, Inc., Convertible",
        "value": "5716139.50",
        "weight": "0.00167777",
        "shared": false
      },
      {
        "name": "CONSOLIDATED COMMUNICATIONS LLC / FIDIUM FIBER FIN HOLDCO LLC 9.408% 05/20/2055 144A",
        "value": "5203062.00",
        "weight": "0.00152718",
        "shared": false
      },
      {
        "name": "CARVANA AUTO RECEIVABLES TRUST 2025-N1 CRVNA 2025-N1 E",
        "value": "5097945.05",
        "weight": "0.00149632",
        "shared": false
      },
      {
        "name": "FS AI Factor Short TRS",
        "value": "5066599.49",
        "weight": "0.00148712",
        "shared": false
      },
      {
        "name": "US TREASURY N/B",
        "value": "5046875.00",
        "weight": "0.00148133",
        "shared": false
      },
      {
        "name": "AFFIRM MASTER TRUST AFRMT 2025-1A E",
        "value": "5033132.50",
        "weight": "0.00147730",
        "shared": false
      },
      {
        "name": "FIRSTENERGY CORP SR UNSECURED 144A 01/31 3.875",
        "value": "5022468.00",
        "weight": "0.00147417",
        "shared": false
      }
    ],
    "b_top": [
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "190158291.16",
        "weight": "0.12520666",
        "shared": true
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "51578391.19",
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      },
      {
        "name": "CHINA DEVELOPMENT BANK UNSECURED 01/34 2.63",
        "value": "38635296.72",
        "weight": "0.02543879",
        "shared": false
      },
      {
        "name": "Government National Mortgage Association, TBA",
        "value": "36066000.34",
        "weight": "0.02374708",
        "shared": false
      },
      {
        "name": "PIMCO PRV SHORT TERM FLT III MUTUAL FUND",
        "value": "31111872.02",
        "weight": "0.02048511",
        "shared": false
      },
      {
        "name": "CHINA DEVELOPMENT BANK UNSECURED 05/33 2.82",
        "value": "29554391.64",
        "weight": "0.01945961",
        "shared": false
      },
      {
        "name": "GNMA II POOL MB0304 G2 04/55 FIXED 3.5",
        "value": "26024320.00",
        "weight": "0.01713529",
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      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "25560553.63",
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      {
        "name": "FR SD8455",
        "value": "25216030.41",
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      },
      {
        "name": "UNITED KINGDOM GILT BONDS REGS 03/30 4.375",
        "value": "21934195.88",
        "weight": "0.01444222",
        "shared": false
      },
      {
        "name": "FRANCE (GOVT OF) BONDS 144A REGS 02/30 2.75",
        "value": "15903405.60",
        "weight": "0.01047134",
        "shared": false
      },
      {
        "name": "G2 MA8345",
        "value": "15680584.70",
        "weight": "0.01032463",
        "shared": false
      },
      {
        "name": "CHINA GOVERNMENT BOND BONDS 05/35 1.65",
        "value": "14580454.68",
        "weight": "0.00960026",
        "shared": false
      },
      {
        "name": "US TREASURY N/B",
        "value": "13829906.18",
        "weight": "0.00910608",
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      },
      {
        "name": "GNMA II POOL MB0867 G2 01/56 FIXED 3",
        "value": "13448662.39",
        "weight": "0.00885505",
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      },
      {
        "name": "SR UNSECURED REGS 04/28 3.4",
        "value": "13431314.76",
        "weight": "0.00884363",
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      },
      {
        "name": "FNCL 5 4/26",
        "value": "12822693.26",
        "weight": "0.00844290",
        "shared": false
      },
      {
        "name": "REPUBLIC OF SOUTH AFRICA BONDS 02/35 8.875",
        "value": "12603536.97",
        "weight": "0.00829860",
        "shared": false
      },
      {
        "name": "KOREA TREASURY BOND BONDS 06/28 2.625",
        "value": "12041062.17",
        "weight": "0.00792824",
        "shared": false
      },
      {
        "name": "MALAYSIA GOVERNMENT BONDS 04/28 3.519",
        "value": "11892647.76",
        "weight": "0.00783052",
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      },
      {
        "name": "GNMA II, Single Family, 30 Year",
        "value": "11892097.20",
        "weight": "0.00783016",
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      },
      {
        "name": "BONOS Y OBLIG DEL ESTADO SR UNSECURED 144A REGS 04/35 3",
        "value": "11764637.09",
        "weight": "0.00774624",
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      },
      {
        "name": "PROJECT CASHMERE CLASS A1 144A",
        "value": "11315183.04",
        "weight": "0.00745030",
        "shared": false
      },
      {
        "name": "EUROPEAN UNION SR UNSECURED REGS 12/35 3.375",
        "value": "11186464.65",
        "weight": "0.00736555",
        "shared": false
      },
      {
        "name": "RPLDCI 6.581 05/30/49 144A",
        "value": "10906662.77",
        "weight": "0.00718132",
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      },
      {
        "name": "US ULTRA BOND CBT Sep25",
        "value": "10259873.84",
        "weight": "0.00675545",
        "shared": true
      },
      {
        "name": "PROVINCE OF ONTARIO CANADA",
        "value": "9735181.32",
        "weight": "0.00640997",
        "shared": false
      },
      {
        "name": "U.S. TREASURY INFLATION-PROTECTED SECURITIES 0-1/2% 01/15/2028",
        "value": "9683456.83",
        "weight": "0.00637592",
        "shared": false
      },
      {
        "name": "JAPAN GOVT CPI LINKED BONDS 03/28 0.1",
        "value": "9529773.90",
        "weight": "0.00627473",
        "shared": false
      },
      {
        "name": "CHINA GOVERNMENT BOND BONDS 01/55 1.92",
        "value": "9335224.23",
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      },
      {
        "name": "BONOS Y OBLIG DEL ESTADO SR UNSECURED 144A REGS 10/34 3",
        "value": "8451600.62",
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      },
      {
        "name": "CHINA GOVERNMENT BOND BONDS 10/51 3.53",
        "value": "8415878.96",
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      },
      {
        "name": "LETRA TESOURO NACIONAL BILLS 10/26 0.00000",
        "value": "8319585.57",
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      },
      {
        "name": "US TREASURY N/B",
        "value": "8300003.93",
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      },
      {
        "name": "PERU 6.85 08/12/35 REGS",
        "value": "8033900.51",
        "weight": "0.00528979",
        "shared": false
      },
      {
        "name": "Government National Mortgage Association, TBA",
        "value": "7315423.03",
        "weight": "0.00481672",
        "shared": false
      },
      {
        "name": "QUEBEC PROVINCE CDA 3.6% 09/01/2033",
        "value": "7151557.47",
        "weight": "0.00470883",
        "shared": false
      },
      {
        "name": "SAUDI INTERNATIONAL BOND SR UNSECURED 144A 01/30 4.75",
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        "weight": "0.00434649",
        "shared": false
      },
      {
        "name": "BONOS Y OBLIG DEL ESTADO SR UNSECURED 144A REGS 10/35 3",
        "value": "6223294.08",
        "weight": "0.00409763",
        "shared": false
      },
      {
        "name": "EUROPEAN UNION SR UNSECURED REGS 10/45 3.75",
        "value": "6157141.31",
        "weight": "0.00405407",
        "shared": false
      },
      {
        "name": "COMMONWEALTH BANK AUST COVERED 144A 01/30 4.971",
        "value": "6074713.63",
        "weight": "0.00399980",
        "shared": false
      },
      {
        "name": "JP MORGAN MORTGAGE TRUST JPMMT 2021 INV8 A2 144A",
        "value": "6060048.20",
        "weight": "0.00399014",
        "shared": false
      },
      {
        "name": "THAILAND GOVERNMENT BOND SR UNSECURED 06/40 2.7",
        "value": "6046387.20",
        "weight": "0.00398115",
        "shared": false
      },
      {
        "name": "FRANCE (GOVT OF) BONDS 144A REGS 02/29 2.75",
        "value": "5982172.17",
        "weight": "0.00393886",
        "shared": false
      },
      {
        "name": "LETRA TESOURO NACIONAL BILLS 07/26 0.00000",
        "value": "5347134.54",
        "weight": "0.00352073",
        "shared": false
      },
      {
        "name": "Eagle Funding LuxCo S.a.r.l.",
        "value": "5334450.00",
        "weight": "0.00351238",
        "shared": false
      },
      {
        "name": "Uniform Mortgage-Backed Security, TBA",
        "value": "5299796.76",
        "weight": "0.00348957",
        "shared": false
      },
      {
        "name": "TREASURY CORP VICTORIA LOCAL GOVT G 11/37 2",
        "value": "4991507.40",
        "weight": "0.00328658",
        "shared": false
      },
      {
        "name": "NEW S WALES TREASURY CRP LOCAL GOVT G REGS 11/32 2.5",
        "value": "4918014.60",
        "weight": "0.00323819",
        "shared": false
      },
      {
        "name": "TITULOS DE TESORERIA BONDS 02/33 13.25",
        "value": "4896531.20",
        "weight": "0.00322404",
        "shared": false
      }
    ]
  },
  "error": null,
  "sources": [
    {
      "label": "N-PORT (fund A)",
      "accession_no": "0002048251-26-004707",
      "as_of": "2026-03-31",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/1593547/000204825126004707/0002048251-26-004707-index.htm"
    },
    {
      "label": "N-PORT (fund B)",
      "accession_no": "0001099263-26-007254",
      "as_of": "2026-03-31",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/810893/000109926326007254/0001099263-26-007254-index.htm"
    }
  ]
}