Started small DHAMX position - 10 years up, 2 down (but both small losses). Solid returns.
The Fund may employ hedges and other capital protective strategies when deemed appropriate and may try to enhance returns by writing (selling) out of the money call options on stocks held.

Per the Abraham Fortress website: FORTX
Equity
40-60% exposure in equities comprised of stocks of issuers of any market capitalization in the United States, and/or outside of the United States, and derivative instruments such as futures, options or swaps on equity securities or equity indices.
Fixed Income
10-30% in fixed income securities (generally with greater than 5 years of remaining maturity) issued by the US government, other sovereign bonds, and any investment grade bonds.
Diversifying Strategies
10-30% in a diversified portfolio of trading strategies/programs managed by one or more trading advisors including the Advisor (the "Diversifying Strategies") through investments in securities or derivatives (such as futures, swaps, or options) either directly or indirectly through the fund or its subsidiary. The fund through its subsidiary will also generally have a 0-15% long gold exposure through commodity linked derivatives and/or exchange-traded funds (ETFs).
FORTX seems to be a more conservative version of PRPFX, with lower returns and lower SD in it's ~ 6 year lifespan. REMIX has been a champ, besting both of them. Supposed benchmark is 50%-70% allocation funds, but FORTX can use derivatives and gold.
Really low Total Assets of $66M despite the 5 star rating (M*). 75 bps fees per year.

Has anyone had any CDs called in? When I first started buying CDs, I didn’t realize they could be called unless listed as uncallable. I soon realized my mistake and have only bought noncallable CDs or Treasuries since then.
However, I initially bought about six callable CDs in my ladders. Some of the shorter issues have matured, but I’ve still got 5 callable CDs with maturities ranging from a few months to 3-4 years. Only one of my CDs has been called in, and ironically it was a shorter maturity issue that I was able to replace at the same rate. I’m assuming the longer term CDs will be called in, but I’m satisfied with the 5% yields in the meantime. I’m surprised that none of these have been called yet because their yields are well above current rates.

QDSNX looks like an interesting fund. Rather than invest directly with this fund, I decided to put money into sort of a modified “best of” of this fund and made a combination of 3 of the underlying funds. Looking at the returns, the diversified arbitrage fund component seemed like dead money, so I wanted to eliminate that. I wanted to choose one fund between Macro opportunities fund, managed futures strategy HV fund, and style Premia alternatives fund (as these seem to be in a similar category of funds). I went with the premia alternatives fund, as plotting the returns of these funds on a chart, just going with the “eyeball” test, that fund looks the best (it also has the best alpha and sharpe ratio for the past 3 years among the 3), The market neutral fund is another component of QDSNX, but comparing it to the long-short fund by AQR (which is not in QDSNX), the long-short fund passes the eyeball test looking at the chart beteeen the 2. The long-short fund has better alpha and sharpe ratio over the last 3 years, and the standard deviation isn’t much different. The long-short fund looks close to a market neutral fund (the website describes it’s holdings as 237% of NAV long, 216% of NAV short). So I decided to go with 1/3rd multi-asset fund (another underlying fund of QDSNX), 1/3rd style premia alternative fund, and 1/3rd long-short fund. We’ll see if that combination beats out QDSNX.

GONIX has $100K min at Fidelity.
PRPFX the perm fund is behind for years + much higher volatility. See (https://schrts.co/ygVNgMYi)

We have been discussing alternative (several categories here) funds for over 10 years. They look great SOMETIMES when markets go down but then don't keep up with the market. I have looked at AQR years back too. Many of their funds are a black box, no way to know what their model would do. AQR managers have been doing this for many years. QDSNX invests in other AQR funds.
REMIX is a multi-asset and keeps changing funds.
Since you are looking at alt funds, I would look at others. I sorted by highest Sharp and used the following screen(link)
Then, I used SD < 10 + Sharpe > 1 and clicked on overview(link)
Then, I looked for the best combo for 1-3 years of performance + YTD=good performance + good 1 month performance.
The idea is to find good funds with good risk/reward for 1-3-12 months(for traders) + 1-3 years(less traders). I believe that these funds are more for traders and holding for years is too long.
GONIX=L/S This one has the best combo of Sharpe, SD, and performance
QDSNX=Multistrategy. Another good combo of Sharpe, SD, and performance
VMNIX=Equity Market Neutral
QQMNXEquity Market Neutral
YTD chart (https://schrts.co/XyAvVZZW)of QDSNX,GONIX,QQMNX,REMIX,VMNIX. Then I changed to one years.
I like GONIX+QDSNX/QDSIX, but prefer QDSIX right now. See 2 months chart, and especially the last 2 weeks (https://schrts.co/TvuGTWaT).
Fred, thank you for an interesting research.

An easy read. Thanks, @hank. Age 70 is coming for me in July. I can afford some more risk with a longer time-horizon---- given that I have a working spouse, much younger, and have heirs in mind, not just myself. Still, everyone should be prudent about taking either not enough risk, or too much.
I'll switch-out of some of my junk bonds sooner or later. They are still juicy and advantageous at the moment. But yes, they will require me to stay vigilant about their risks in different circumstances. I've just BEGUN a position in FALN: investment-grade bonds which have fallen into "junk" status. The safer side of the junk bond world.
My allocations are not far off from those offered in the article. I do not include savings in the credit unions; those accounts are always earmarked for some goal or expense we are saving for. And in just several months, the car will be paid-off: the new car we bought, after arriving here in the Aloha State. We got a good deal on that Nissan sedan, though there have been battery issues.
7 cash.
48 US stocks
5 foreign stocks.
38 bonds of all sorts, including the balanced funds we own. (Soon switching out of BRUFX and into WBALX to counter-balance some of the risk inherent in the single-stocks we now own. Oil/gas midstream and drilling is doing nicely; but financials and Real Estate? Not good at all, yet.)
3 "other."
Still reinvesting everything that comes, except with TS, because it's an ADR. I'm unable to reinvest profit from TS at Schwab. So, I'll reinvest the cash manually, myself. Every year in January, I take just a very thin slice from the T-IRA, which does not affect tax return. I deliberately keep that withdrawal amount limited, so that the portfolio can make up the difference through the coming year. Finally: I have been continuing to ADD monthly to the portfolio in tiny bites, too. I'll re-start that habit shortly with the new broker dealer (Schwab.)
RMDs are coming in a couple of years. I suppose the "good news" is that I'm already accustomed to taking those RMDs unofficially, already. Maybe not quite as big a chunk as the required RMDs will be...

OP (Fred):
I am a soon-to-be early retiree. (Had planned to retire in Aug 2020, but COVID arrived, and my employer sent me home to work from my sofa -- so I decided to hang around a few years more, not out of financial necessity, but by choice...)
I mention this only because most of my lifetime investment contributions have been made. My primary concern is not maximizing return. Rather its to preserve and protect principal and the purchasing value thereof.. I've 'made it'. I don't wish to 'lose it'.
I discovered QDSNX at the end of last year -- on these message boards. I discovered REMIX (BLDNX), in the same time period. Based on their volatility/performance/risk-management philosophies, I opened positions in both funds very early in 2024, and have added to them periodically. QDSNX in particular seems to be positioned to benefit (modestly) during hard "down days" in the market.
Excepting my company plan -- which has the typical, plain-vanilla, unhedged, indexed type limited choices, QDSNX and REMIX are the 2nd and 3rd largest , non-cash positions in each of my accounts. The largest position is BAMBX -- another fund classified as 'alternative', but which I view as a tremendous bond fund substitute.
When the next recession/bear market hits, I will likely re-deploy more capital to more conventional / unhedged ETFs/funds, at lower prices. Until that happens, given the stretched valuations and exuberant market sentiment, I'm very content to rely on risk-managed funds to eke out returns.

"RELIABILITY, CONSCIENTIOUSNESS, ACCURACY, DEPENDABILITY"

The above are serious accusations...based on what? If this is true Schwab would be shut down. Millions have been using Schwab for years, including several posters...maybe it's you?

Notes with a pencil? again, are you serious? notes are entered into the system so the next customer rep can see them.

So, you miss the point about taking notes. Handwritten notes along the way can assist the phone agent to enter notes into the computer for the NEXT person more ACCURATELY. Unless they just are unable to be accurate. Which is mostly the case, today.
"....If this is true Schwab would be shut down." You've obviously not tried to talk to anyone on the Customer Rage and Aggravation phone line in the past 30 years. I was once assigned by a Temp. Agency to a Call Center. After receiving our instructions, I declined the job. They make ZERO attempt to actually be specific, accurate and helpful. And we were handed a script. If you mention to them that they sound like they're reading from a script, they will deny it. Even if there's no printed script, they are trained to be evasive, unhelpful. They have been instructed to put the bursen on the customer. It's all junk.

@FD1000
Hand-holding, I don't need much. What has gone missing is RELIABILITY, CONSCIENTIOUSNESS, ACCURACY, DEPENDABILITY, and Customer Rage And Aggravation agents who can THINK. I also think it's disgraceful that employers won't ALLOW employees to simply have a pad and pencil to take notes, to assist the process when their help is asked for. I've been told that, explicitly.

The above are serious accusations...based on what? If this is true Schwab would be shut down. Millions have been using Schwab for years, including several posters who stated they never had any issues for years...maybe it's you?
Notes with a pencil? again, are you serious? notes are entered into the system so the next customer rep can see them.
Several days ago you doubted Schwab would give you the $50...and they did...but you didn't report it until I asked you.

@hank, this T+1 (vs T+2) rule for stocks/ETFs/CEFs was adopted 2 years ago. Brokers were given 2 years to make changes to their systems and 5/28/24 is that final date. So, who wants to deal with a broker who couldn't fix this in the 2 year window?

Entertaining and educational reading as @Crash confronts new challenges at Schwab. Been there. Done that. Deeply indebted for all the support received here when I migrated from TRP’s in-house funds to Fido a few years back.
Familiarity sometimes breeds complacency. Often now I just resort to the “pick & pray” method when not sure what to do next / where to look on Fido’s site. Usually solves the problem - but has on occasion been costly.
One available source of advice & inspiration - The Holy Bible. From The Book of Matthew: ”Ask, and it shall be given … seek, and ye shall find …”

Hard for me to imagine, unless you got the one out of 10,000 people there who happens to be bad at what you were trying to accomplish. But I haven't moved any accounts into or out of Schwab in around 8-9 years, which went well at the time.
I probably said this before, but in 27 years I've had zero bad experiences with Schwab.

I wrote that no number provided was wrong, but that they were representing different quantities. When reporting figures, it helps to be clear about what those figures measure. Otherwise it's easy to get tripped up using different metrics (such as monthly or daily performance).
For example, when using M* charts, sometimes M* graphs daily performance by default (when looking at short time periods), and sometimes M* graphs monthly performance by default (for longer, multiyear periods such as 5 years).
With respect to the fund's ER, the May 2023 prospectus says that it is 1.72%. The fund just put out a supplement saying that the ER is 2.62%. Even if one doesn't care about the size of an ER, ISTM that one should care about changes in ER. They affect how one regards past performance. That is, had the ER in previous years been 90 basis points higher, the performance might have been 90 basis points lower.
But that's not the end of the story. The supplement dated April 1 says that the ER change is due to an anticipated implementation change in some of the underlying funds. It hasn't even happened yet.
If one views the anticipated change in ER as merely a formality (as does M* when it calculates adjusted expense ratios), then the "true" (effective) ER remains 1.62%. If one views the anticipated change as something more than a formality, then perhaps one should expect future performance to be diminished by 90 basis points.

Barron’s Funds Quarterly (2024/Q1–April 8, 2024)
https://www.barrons.com/topics/mutual-funds-quarterly
(Performance data quoted in this Supplement are for 2024/Q1 and YTD to 3/31/24)
Pg L2: SP500 is dominated by Magnificent 7 (or 5). For looking BEYOND SP500, consider LC-growth MRFOX; LC-value DAGVX, SMVLX, SPYV; LC-blend DHAMX (hedged); MC-value FSLSX, COWZ; SC-value AVUV; foreign DFJ; sector funds (with lower R^2) SGGDX, RING; FCG, XOP; URA; IAI; IYH, IHF; XLU. (By @LewisBraham at MFO)
Pg L6: New spot-Bitcoin ETFs (IBIT, FBTC, etc) led in inflows and performance; the old GBTC trust that up-converted into ETF GBTC had huge outflows as it stuck to very high ER. Next were energy, LC-growth and Japan (it rallied after many miserable years). Inflows into money-market funds were strong. The top asset gatherer was SP500 VOO. Despite the gold rally, the gold bullion funds had outflows. (By @LewisBraham at MFO)
Pg L?: In 2024/Q1 (SP500 +10.54%): Among general equity funds,... Among other equity funds,.... Among fixed-income funds,..(FI isn’t very refined in Lipper mutual fund categories listed in Barron’s). NOTE – Funds Quarterly online is missing almost half of its content. This quarterly review will be updated later.
MORE Fund Stories
FUNDS. Uncertainties about the fed fund rates are headwinds for bonds. But they will benefit from rate cuts (maybe in June or later). Stick with short/intermediate durations for now, some credit risks with FR/BL BKLN, SRLN; dividend stocks (XLP, XLU).
LINK

you can also use the multisearch analyze tool on the results page to see maxxdd (and several other metrics) by calendar years and about 150 other fixed periods ... all in one datatable.

@yugo, @yogibearbull
thank you.
there are dozens of display periods available on mfop, like: monthly, yearly, calendar year, market cycles, decadal, and other unique periods.
in this case, just set display period to 10 years and then select the maxdd value or rating as desired.
c

@MikeW- For years I have posted excerpts, both edited and unedited, and always specify those conditions. Also, I give credit to, and provide a link directly back to the original information source. So far there have been no complaints regarding this approach.
FWIW- OJ

As a quant manager, AQR has not had the best track record this past decade. AQR stuck with their convictions during tough times, and many of their funds took a major hit, badly underperforming for stretches. They have had heavy portfolio manager turnover these past few years.
This Fund of Funds (FOF) has performed with low volatility (OP mentioned 7% SD) in it's short life. Maybe that FOF diversification works here, and hopefully AQR has learned a few lessons from it's prior experience.
As to what you actually own here, I'd be curious to see what others say. It acts like a hedged fund (long-short?). I had purchased a small amount so as to watch it closely. Recent performance has been rock steady, even on ugly market days.