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Name

As of 09/29/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Multi-Manager Directional Alternative Strategies Fund

CDAZX | Fund

$6.52

$267 M

2.22%

$0.15

2.62%

Vitals

YTD Return

-1.5%

1 yr return

17.1%

3 Yr Avg Return

11.1%

5 Yr Avg Return

4.0%

Net Assets

$267 M

Holdings in Top 10

23.8%

52 WEEK LOW AND HIGH

$6.6
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.62%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 254.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$100

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 09/29/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Multi-Manager Directional Alternative Strategies Fund

CDAZX | Fund

$6.52

$267 M

2.22%

$0.15

2.62%

CDAZX - Profile

Distributions

  • YTD Total Return -1.5%
  • 3 Yr Annualized Total Return 11.1%
  • 5 Yr Annualized Total Return 4.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.31%
DIVIDENDS
  • Dividend Yield 2.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Multi-Manager Directional Alternative Strategies Fund
  • Fund Family Name
    Columbia Funds Complex
  • Inception Date
    Jan 03, 2017
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Harindra de Silva

Fund Description

The Fund pursues its investment objective by allocating the Fund’s assets among different asset managers that collectively use various investment styles and strategies, including, for example, fundamental (bottom-up), macroeconomic (top-down), and/or quantitative methods or models, across different markets. The Fund’s investment manager, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), and investment subadvisers (Subadvisers) each provide day-to-day portfolio management for a portion of the Fund’s assets, or sleeve of the Fund. The Investment Manager and the Subadvisers employ a variety of alternative investment strategies, involving strategies, techniques and practices that are designed to seek capital appreciation through participation in the broad equity and other markets while hedging overall market exposure relative to traditional long-only equity strategies. Generally, the Fund seeks to provide higher risk-adjusted returns with lower volatility compared to equity markets.
Columbia Management is responsible for providing day-to-day portfolio management of a sleeve and is also responsible for oversight of the Subadvisers. The Fund’s Subadvisers are Allspring Global Investments, LLC. (Allspring), Boston Partners Global Investors, Inc., dba Boston Partners (Boston Partners), and J.P. Morgan Investment Management Inc. (JPMIM). Columbia Management, subject to the oversight of the Fund’s Board of Trustees, determines the allocation of the Fund’s assets to each sleeve, and may change these allocations at any time. Columbia Management and the Subadvisers act independently of each other and use their own methodologies for selecting investments.
The Subadvisers’ investment strategies and techniques may involve seeking to exploit disparities or inefficiencies in markets, geographical areas and companies; seeking to take advantage of security mispricings or anticipated price movements; seeking to hedge equity or fixed income market exposure; and/or seeking to benefit from cyclical themes and relationships and/or special situations and events (such as mergers, acquisitions or reorganizations). Such strategies are subject to risks that are relatively unrelated to the broad equity and fixed income markets.
The Fund may invest in foreign and domestic equity securities (including common stock, preferred stock, convertible securities, depositary receipts, limited partnership interests, trust certificates, real estate investment trusts (REITs), equity participations, warrants and rights), and debt instruments (including U.S. government obligations, sovereign and quasi-sovereign debt obligations, corporate bonds, Eurodollar and Yankee dollar instruments, notes and debentures), as well as derivative instruments (including futures, forwards, and swaps), and exchange-traded funds (ETFs) and other investment companies.
The Fund may take both long and short positions in all of its investments. A long position is an ordinary purchase of a currency, security, or other asset. When the Fund takes a short position, it typically sells a currency, security, instrument or other asset that it has borrowed in anticipation of a decline in the price of the asset. To complete the short sale transaction, the Fund buys back the same security or other asset in the market and returns it to the lender. If the price of the security or other asset falls sufficiently, the Fund will make money. If it instead increases in price, the Fund will lose money. Similarly, the Fund may also take long and short positions in a derivative instrument. A long position in a derivative instrument will benefit from an increase in the price of the underlying instrument. A short position in a derivative instrument will benefit from a decrease in price of the underlying instrument and will lose value if the price of the underlying instrument increases. A sleeve may at any time have either a net long exposure or a net short exposure to markets, and neither the sleeves nor the Fund’s portfolio as a whole will be managed to maintain any fixed net long or net short market exposure. Actual long and short exposures will vary over time based on factors such as market movements and assessments of market conditions.
The Fund may invest in early stage companies and initial public offerings. The Fund may invest in companies of any market capitalization and may invest without limitation in foreign securities or instruments and currencies, including investments in emerging market instruments. The Fund may invest in debt instruments of any maturity and does not seek to maintain a particular dollar-weighted average maturity. A bond is issued with a specific maturity date, which is the date when the issuer must pay back the bond’s principal (face value). Bond maturities range from less than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the more price risk the Fund and the Fund’s investors face as interest rates rise, but the Fund could receive a higher yield in return for that longer maturity and higher interest rate risk. The Fund may invest in debt instruments of any credit quality, including investments that are rated below investment-grade or, if unrated, deemed by the Investment Manager or applicable Subadviser, as the case may be, to be of comparable quality (commonly referred to as “high yield” instruments or “junk” bonds). The Fund may also engage in repurchase agreements and reverse repurchase agreements.
It is anticipated that the Fund will make substantial use of derivatives, including both exchange-traded and over-the-counter (OTC) instruments. The Fund may invest in forward contracts (including forward foreign currency contracts and forward interest rate agreements), futures (including currency futures, equity futures, index futures, interest rate futures, and other bond futures), options (including options on futures, indexes, currencies, equities and interest rates), swaps (including credit default swaps, interest rate swaps, equity swaps, index swaps, swaps on equity and bond futures, cross-currency swaps, total return swaps, and contracts for difference (CFDs)), and options on swaps (commonly known as swaptions). The Fund may use these derivatives in an effort to implement the Fund’s strategy, to produce incremental earnings and enhance total return, to hedge existing positions, to increase market or credit exposure (including using derivatives as a substitute for the purchase or sale of the underlying security or other asset), to manage certain investment risks and/or as a substitute for the purchase or sale of securities or currencies, and/or to change the Fund’s effective duration. One or more of the strategies used by the Fund may result in leveraged exposure in general and to one or more specific asset classes.
The Fund expects to hold a significant amount of cash, U.S. Treasury securities, money market instruments (which may include investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high-quality or short-term investments, or other liquid assets to meet its segregation obligations as a result of its investment in derivatives and short positions.
Each sleeve manager’s investment strategy may involve the frequent trading of portfolio securities.
Read More

CDAZX - Performance

Return Ranking - Trailing

Period CDAZX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.5% -13.0% 24.5% 83.91%
1 Yr 17.1% -19.1% 18.1% 28.74%
3 Yr 11.1%* -27.9% 29.2% 28.48%
5 Yr 4.0%* -14.2% 16.2% 51.88%
10 Yr N/A* -8.0% 5.6% N/A

* Annualized

Return Ranking - Calendar

Period CDAZX Return Category Return Low Category Return High Rank in Category (%)
2022 -9.2% -54.0% 17.4% 42.41%
2021 13.0% -40.0% 54.1% 32.24%
2020 -6.4% -47.6% 88.4% 84.25%
2019 7.3% -20.3% 62.6% 67.15%
2018 -41.4% -53.1% 12.7% 98.48%

Total Return Ranking - Trailing

Period CDAZX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.5% -13.0% 24.5% 83.91%
1 Yr 17.1% -9.9% 27.3% 28.74%
3 Yr 11.1%* -27.5% 49.9% 28.48%
5 Yr 4.0%* -6.5% 28.4% 51.88%
10 Yr N/A* -3.7% 9.0% N/A

* Annualized

Total Return Ranking - Calendar

Period CDAZX Return Category Return Low Category Return High Rank in Category (%)
2022 11.9% -54.0% 50.3% 12.66%
2021 20.3% -40.0% 61.6% 34.87%
2020 -6.4% -29.9% 91.0% 89.04%
2019 8.2% -17.9% 79.4% 72.99%
2018 -11.8% -47.8% 12.7% 84.09%

NAV & Total Return History

CDAZX - Holdings

Concentration Analysis

CDAZX Category Low Category High CDAZX % Rank
Net Assets 267 M 1.78 M 147 B 27.84%
Number of Holdings 611 3 2670 4.62%
Net Assets in Top 10 63.5 M -175 M 1.1 B 42.20%
Weighting of Top 10 23.80% 1.5% 100.0% 82.66%

Top 10 Holdings

  1. COLUMBIA SHORT TERM CASH FUND 6.76%
  2. UnitedHealth Group Inc 3.02%
  3. PGE Corp 2.25%
  4. Alphabet Inc 2.06%
  5. Fiserv Inc 2.01%
  6. Adobe Inc 1.76%
  7. Berkshire Hathaway Inc 1.62%
  8. Walmart Inc 1.49%
  9. NXP Semiconductors NV 1.49%
  10. NVIDIA Corp 1.36%

Asset Allocation

Weighting Return Low Return High CDAZX % Rank
Stocks 		62.50% -2.90% 119.13% 56.65%
Cash 		37.19% -67.46% 106.99% 34.68%
Preferred Stocks 		0.32% 0.00% 7.08% 8.67%
Convertible Bonds 		0.00% -0.02% 4.48% 21.56%
Bonds 		0.00% -48.31% 85.44% 44.51%
Other 		-0.01% -35.22% 39.56% 65.32%

Stock Sector Breakdown

Weighting Return Low Return High CDAZX % Rank
Healthcare 		17.72% 0.00% 100.00% 23.81%
Technology 		13.01% 0.00% 43.24% 80.95%
Industrials 		11.92% 0.00% 31.93% 42.86%
Energy 		11.50% 0.00% 32.57% 10.20%
Financial Services 		8.97% 0.00% 83.83% 78.91%
Consumer Defense 		8.28% 0.00% 33.38% 17.69%
Consumer Cyclical 		8.05% 0.00% 88.83% 69.39%
Basic Materials 		7.20% 0.00% 28.58% 11.56%
Communication Services 		6.27% 0.00% 32.32% 62.59%
Real Estate 		3.60% 0.00% 10.93% 22.45%
Utilities 		3.49% 0.00% 21.71% 21.09%

Stock Geographic Breakdown

Weighting Return Low Return High CDAZX % Rank
US 		54.01% -24.26% 116.70% 58.38%
Non US 		8.49% -43.01% 95.82% 12.72%

CDAZX - Expenses

Operational Fees

CDAZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.62% 0.44% 13.51% 30.11%
Management Fee 1.60% 0.00% 2.50% 88.64%
12b-1 Fee 0.00% 0.00% 1.00% 5.21%
Administrative Fee N/A 0.03% 1.54% N/A

Sales Fees

CDAZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

CDAZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CDAZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 254.00% 0.00% 479.00% 90.07%

CDAZX - Distributions

Dividend Yield Analysis

CDAZX Category Low Category High CDAZX % Rank
Dividend Yield 2.22% 0.00% 9.38% 36.36%

Dividend Distribution Analysis

CDAZX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Annually Annually

Net Income Ratio Analysis

CDAZX Category Low Category High CDAZX % Rank
Net Income Ratio -1.31% -3.33% 2.16% 75.29%

Capital Gain Distribution Analysis

CDAZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

CDAZX - Fund Manager Analysis

Managers

Harindra de Silva

Start Date

Tenure

Tenure Rank

Oct 17, 2016

5.62

5.6%

Harindra (Harin) de Silva is a portfolio manager for the Systematic Edge team at Allspring Global Investments. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Before WFAM, Harin was a principal at Analysis Group, Inc., where he was responsible for providing economic research services to institutional investors, including investment managers, large pension funds, and endowments. He focuses on the ongoing research effort for equity and factor-based asset allocation strategies. Harin earned a bachelor’s degree in mechanical engineering from the University of Manchester Institute of Science and Technology, a master’s degree in business administration with an emphasis in finance, a master’s degree in econometrics from the University of Rochester, and a Ph.D. in finance from the University of California, Irvine. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

Joseph Feeney

Start Date

Tenure

Tenure Rank

Oct 17, 2016

5.62

5.6%

Mr. Feeney is Chief Executive Officer and Chief Investment Officer for Boston Partners. He is responsible for the firm’s strategic, financial and operating decisions, and all aspects of investment management including the firm’s fundamental and quantitative research groups. He was one of the original partners of Boston Partners Asset Management in 1995. Prior to assuming these roles, he was Director of Research. Mr. Feeney joined Boston Partners upon its inception in 1995 from Putnam Investments where he managed mortgage-backed securities portfolios. He began his career at the Bank of Boston where he was a loan officer specializing on highly leveraged loan portfolios. Mr. Feeney holds a B.S. degree in finance from the University of New Hampshire and an M.B.A. with High Honors from the University of Chicago. He holds the Chartered Financial Analyst® designation and is past President of the Fixed Income Management Society of Boston. He has thirty-five years of investment experience.

David Krider

Start Date

Tenure

Tenure Rank

Oct 17, 2016

5.62

5.6%

David Krider is a portfolio manager for the Systematic Edge team at Allspring Global Investments. He is responsible for the ongoing research and development of global equity-based investment strategies as well as the day-to-day trading of global portfolios. David joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Prior to WFAM, David was founder and chief technology officer of Visualize, Inc., a firm that specializes in financial visualization and analytic software. He was a research associate at First Quadrant before leaving to start his own firm. David earned a bachelor’s degree in economics and computer science from the California Institute of Technology. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

Eric Connerly

Start Date

Tenure

Tenure Rank

Oct 17, 2016

5.62

5.6%

Mr. Connerly is the director of quantitative research for Boston Partners. Prior to assuming this role, he was a research analyst covering the financial, electronics, defense, transportation, and energy sectors and managed a merger arbitrage portfolio. He joined the firm from John Hancock Mutual Funds where he was an analyst and assisted in the management of a small cap portfolio. Prior to that, he was a senior equity analyst at SEI Investments overseeing their small cap equity portfolios. Mr. Connerly holds a BSFS degree Cum Laude in development economics from Georgetown University and an MBA degree in security analysis and investment management, Beta Gamma Sigma, from Columbia Business School. He holds the Chartered Financial Analyst® designation. He has twenty-seven years of experience.

Rick Singh

Start Date

Tenure

Tenure Rank

Feb 17, 2022

0.28

0.3%

Mr. Singh, is a senior member of the U.S. Equity Core team and has worked as a portfolio manager for J.P. Morgan Investment Management Inc. since 2013. Prior to joining the firm, Mr. Singh was a partner/Managing Director at 3G Capital, Standard Pacific and Karsch Capital. Mr. Singh began his investment career in 2000 and earned a B.S. in Commerce from University of Virginia.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 23.55 5.96 7.93

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