Morningstar

First Trust Alternative Opportunities Fund Class A VFLAX

Morningstar Medalist Rating
Medalist Rating as of

Morningstar’s Analysis VFLAX

Will VFLAX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VFLAX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the VFLAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of VFLAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Delivering its objective.

Senior Principal Jason Kephart

Jason Kephart

Senior Principal

Summary

First Trust Alternative Opportunities is led by an experienced team that has delivered on its mandate, but outperformance over a public market equivalent benchmark is a high bar over a full market cycle. In August 2026, Morningstar downgraded First Trust’s Parent rating to Below Average from Average, following concerns over its sales-first culture.

by Jason Kephart
Rated on Published on

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