BXMDX – Fund Analysis – Blackstone Alternative Multi-Strategy D | Morningstar

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Will BXMDX outperform in the future?

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Process Pillar

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

The People Pillar is our evaluation of the BXMDX 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 BXMDX’s parent organization’s priorities and whether they’re in line with investors’ interests.

It's not easy being expensive.

Senior Principal Jason Kephart

Jason Kephart

Senior Principal

Summary

Blackstone Alternative Multi-Strategy offers an appealingly diversified mix of hedge fund strategies, but its heavy cost burden has made its targets hard to reach.

by Jason Kephart

Rated on Jul 10, 2026 Published on Jul 10, 2026

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