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Name

As of 09/27/2023

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

$28.95

$732 M

0.83%

$0.24

1.13%

Vitals

YTD Return

3.0%

1 yr return

2.5%

3 Yr Avg Return

1.2%

5 Yr Avg Return

28.7%

Net Assets

$732 M

Holdings in Top 10

90.9%

52 WEEK LOW AND HIGH

$28.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.13%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 09/27/2023

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

$28.95

$732 M

0.83%

$0.24

1.13%

CLIVX - Profile

Distributions

  • YTD Total Return 3.0%
  • 3 Yr Annualized Total Return 1.2%
  • 5 Yr Annualized Total Return 28.7%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.14%
DIVIDENDS
  • Dividend Yield 0.8%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Columbia Multi Strategy Alternatives Fund
  • Fund Family Name
    Columbia
  • Inception Date
    Jan 28, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Marc Khalamayzer

Fund Description

Under normal circumstances, the Fund employs alternative investment strategies that seek to identify and capitalize upon changes in macroeconomic fundamentals, market inefficiencies, market behavioral biases, market mis-pricings, risk premia, and other market factors or events within equity, fixed income, interest rate, commodity and currency markets around the world, including emerging markets. The Fund uses alternative investment strategies in seeking to achieve its investment objective of absolute (positive) returns over a complete market cycle, which, for stocks and bonds can be measured from market peak to peak or from market trough to trough.
Alternative investment and other strategies used within the Fund may include commodity, currency, global macroeconomic (global macro), global tactical asset allocation, and mortgage-related strategies, which may be pursued through investment in long/short securities positions, derivatives, and other instruments and assets.
The Fund pursues its investment objective by allocating its assets among different asset managers. 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. Columbia Management is also responsible for the oversight of, including the monitoring of risk management parameters for, the Subadvisers. The Fund’s Subadvisers are AQR Capital
Management, LLC (AQR) and PGIM Quantitative Solutions LLC (PGIM Quantitative Solutions). Columbia Management, subject to the oversight of the Fund’s Board of Trustees, determines the allocation of the Fund’s assets to each sleeve (including sleeves it manages, as well as those managed by the Subadvisers), 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.
Columbia Management employs the following strategies in separate sleeves: Commodity Futures Long/Short (this strategy typically invests in derivatives, using long and short strategy exposures to commodity markets); G10 Currency (this strategy typically invests in short-term debt obligations and currency-linked derivatives); Global Tactical Asset Allocation (GTAA) (this strategy typically invests in stocks and bonds across traditional asset classes and markets through the use of derivatives such as futures and swaps); and Mortgage Opportunities (this strategy typically invests in mortgage- and other asset-backed securities); as well as a Liquidity Sleeve (this strategy typically invests in U.S. government securities, high-quality, short-term debt instruments, ETFs and futures). Each of AQR and PGIM Quantitative Solutions employs a global macro strategy in its respective sleeve (these strategies typically invest globally across a wide range of asset classes, including equities, fixed income, currencies and commodities, and may take both long and short positions in each of the asset classes or instruments, including derivative instruments).
The Fund is actively managed and seeks exposure to a broad range of markets, asset classes and market sectors economically tied to U.S. and foreign, including emerging, markets utilizing both exchange-traded and over-the-counter instruments. While the Fund anticipates having exposure among the various sleeves under normal circumstances, there is no maximum or minimum exposure the Fund may have to any specific asset class, market sector, currency, or instrument.
The derivative instruments (both exchange-traded and over-the-counter instruments) in which the Fund may invest include forwards, futures, options, structured investments, and swaps. The Fund typically will not gain investment exposure to the commodities markets directly, but may do so indirectly through investment in one or more Subsidiaries (as defined below). The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, seeking to enhance returns or as a substitute for a position in an underlying asset, instrument, or other reference, to increase market exposure and investment flexibility, or to obtain or reduce particular exposures.
The Fund expects to have significant investment leverage (market exposure substantially in excess of the Fund’s assets) as a result of certain investments (e.g., derivatives). The Investment Manager anticipates that the Fund’s net notional investment exposure will range up to approximately 350% of the net assets of the Fund in the market environment the Investment Manager expects to be the most frequent, although leverage may be temporarily higher or lower, including negative, when the Investment Manager otherwise believes conditions so warrant.
The Fund may invest in its investments directly, or indirectly by investing up to 25% of its total assets in one or more offshore, wholly-owned subsidiaries (each, a Subsidiary, and, collectively, the Subsidiaries). Generally, Subsidiaries will invest primarily in commodity-linked derivatives, but they may also invest in other instruments such as financial futures, option and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered under the Investment Company Act of 1940, as amended (the 1940 Act), and other investments intended to serve as margin or collateral for the Subsidiaries’ derivative positions.
Unlike the Fund (which is subject to limitations under U.S. federal income tax laws), Subsidiaries may invest without limitation in commodity-linked derivatives; however, the Fund, in combination with its Subsidiaries, will comply with the same 1940 Act asset coverage requirements with respect to the Subsidiaries’ investments in commodity-linked derivatives that are applicable to the Fund’s direct transactions in derivatives.
The equity securities, instruments or assets in which the Fund may invest (or have investment exposure to) include issuers of any market capitalization located throughout the world (including the U.S. and emerging markets) across various investment styles (e.g., growth- and value-oriented styles), which may include common stocks, preferred stocks, convertible securities, depositary receipts, listed private equity, and real estate investment trusts (REITs) and instruments of similar entities formed under the laws of non-U.S. countries.
The fixed income securities, instruments or assets in which the Fund may invest (or have investment exposure to) include those of governments throughout the world (including the U.S. and emerging markets) as well as their agencies and instrumentalities and government-sponsored enterprises, debt securities of non-governmental issuers (e.g., corporate issuers) throughout the world (including the U.S. and emerging markets), debt securities of any credit quality/rating (including below investment grade debt securities, commonly known as “high-yield” or “junk” bonds) or debt securities that are unrated, mortgage-related assets (as described below), asset-backed securities (including those backed by consumer assets), floating rate loans, bank loans, loan assignments and loan participations, bankruptcy or trade claims, exchange-traded notes, cash/cash equivalents, and inflation-hedging assets, with exposure to governments including sovereign and quasi-sovereign debt investments.
Mortgage-related assets may be issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities, including Government National Mortgage Association (GNMA or Ginnie Mae) mortgage-backed bonds, which are backed by the full faith and credit of the U.S. Government, and Federal National Mortgage Association (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) mortgage-backed bonds. FNMA and FHLMC are chartered or sponsored by Acts of Congress; however, their securities are neither issued nor guaranteed by the U.S. Treasury or backed by the full faith and credit of the U.S. Government. The Fund’s investments in mortgage-related assets also include investments in stripped mortgage-backed securities such as interest-only (IO), principal-only (PO) and inverse interest-only (IIO) securities.
The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such securities may include mortgage-backed securities acquired or sold in the “to be announced” (TBA) market and those in a dollar roll transaction.
There is no limitation on the credit quality/rating, maturity or duration of the instruments to which the Fund may have investment exposure.
From time to time, the Fund can have significant exposure to non-U.S. dollar denominated currencies, including emerging markets currencies.
The Fund may take both long and short positions in all of its investments. The Fund may at any time have either a net long exposure or a net short exposure to markets, and the Fund’s portfolio is not managed to maintain any fixed net long or net short market exposure. The Fund may also take long or short positions using derivative instruments.
The Fund may purchase securities in private placements, repurchase agreements, and exchange-traded funds (ETFs).
The Fund may hold a significant amount of cash, money market instruments (which may include investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high-quality, short-term investments, or other liquid assets for investment purposes or to meet its segregation obligations as a result of its investments in derivatives. In certain market conditions, the Fund may have no market positions (i.e., the Fund may hold only cash and cash equivalents) when the Investment Manager believes it is in the best interests of the Fund.
The Fund’s investment strategy may involve the frequent trading of portfolio securities.
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CLIVX - Performance

Return Ranking - Trailing

Period CLIVX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -73.0% 19.4% 72.76%
1 Yr 2.5% -9.1% 86.9% 55.64%
3 Yr 1.2%* -9.5% 16.2% 95.58%
5 Yr 28.7%* -4.9% 14.4% 97.76%
10 Yr N/A* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period CLIVX Return Category Return Low Category Return High Rank in Category (%)
2022 -1.0% -22.7% 305.1% 1.11%
2021 -5.0% -9.8% 27.3% 93.55%
2020 304.9% -20.8% 10.9% 96.44%
2019 -4.4% -12.4% 29.4% 38.61%
2018 -18.4% -10.5% 15.8% 87.96%

Total Return Ranking - Trailing

Period CLIVX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.0% -73.0% 19.4% 72.76%
1 Yr 2.5% -13.4% 86.9% 50.91%
3 Yr 1.2%* -9.5% 16.2% 95.58%
5 Yr 28.7%* -5.3% 14.4% 97.76%
10 Yr N/A* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period CLIVX Return Category Return Low Category Return High Rank in Category (%)
2022 -0.2% -22.7% 305.1% 1.11%
2021 -2.7% -9.8% 27.3% 93.55%
2020 304.9% -20.8% 10.9% 96.44%
2019 -4.4% -8.4% 29.4% 32.18%
2018 -18.4% -10.2% 18.0% 87.96%

NAV & Total Return History


CLIVX - Holdings

Concentration Analysis

CLIVX Category Low Category High CLIVX % Rank
Net Assets 732 M 1.5 M 5.01 B 16.97%
Number of Holdings 748 4 4478 35.34%
Net Assets in Top 10 673 M -398 M 2.55 B 13.78%
Weighting of Top 10 90.92% 13.1% 100.0% 3.92%

Top 10 Holdings

  1. COLUMBIA SHORT TERM CASH FUND 41.28%
  2. TREASURY BILL 11.96%
  3. TREASURY BILL 9.25%
  4. UMBS 30YR TBA(REG A) 8.12%
  5. UMBS 30YR TBA(REG A) 5.94%
  6. UMBS 30YR TBA(REG A) 4.08%
  7. UMBS 30YR TBA(REG A) 3.56%
  8. UMBS 30YR TBA(REG A) 3.33%
  9. GNMA2 30YR TBA(REG C) 2.63%
  10. STACR_19-CS02 0.78%

Asset Allocation

Weighting Return Low Return High CLIVX % Rank
Bonds
76.12% -326.45% 6347.80% 100.00%
Cash
41.28% -6278.21% 410.43% 2.47%
Stocks
0.00% -3.75% 97.95% 87.99%
Preferred Stocks
0.00% -0.12% 46.97% 94.70%
Convertible Bonds
0.00% 0.00% 87.92% 98.94%
Other
-1.40% -21.53% 148.54% 27.92%

Bond Sector Breakdown

Weighting Return Low Return High CLIVX % Rank
Cash & Equivalents
41.28% 0.27% 100.00% 14.84%
Government
10.08% 0.00% 84.29% 51.59%
Securitized
6.09% 0.00% 56.83% 34.28%
Corporate
0.00% 0.00% 87.73% 98.94%
Municipal
0.00% 0.00% 27.33% 98.94%
Derivative
-1.40% 0.00% 88.81% 36.40%

Bond Geographic Breakdown

Weighting Return Low Return High CLIVX % Rank
US
76.12% -126.19% 6311.18% 18.02%
Non US
0.00% -382.37% 121.02% 100.00%

CLIVX - Expenses

Operational Fees

CLIVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.13% 0.29% 31.15% 85.61%
Management Fee 0.96% 0.00% 2.50% 47.00%
12b-1 Fee 0.00% 0.00% 1.00% 19.59%
Administrative Fee N/A 0.01% 0.30% 50.00%

Sales Fees

CLIVX 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% 5.00% N/A

Trading Fees

CLIVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 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.

CLIVX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 491.00% 7.91%

CLIVX - Distributions

Dividend Yield Analysis

CLIVX Category Low Category High CLIVX % Rank
Dividend Yield 0.83% 0.00% 4.56% 98.59%

Dividend Distribution Analysis

CLIVX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

CLIVX Category Low Category High CLIVX % Rank
Net Income Ratio 1.14% -2.51% 6.83% 26.98%

Capital Gain Distribution Analysis

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

Distributions History

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CLIVX - Fund Manager Analysis

Managers

Marc Khalamayzer


Start Date

Tenure

Tenure Rank

Jan 28, 2015

7.34

7.3%

Mr. Khalamayzer joined the Columbia Management Investment Advisers, LLC in July 2014 as an analyst for the Global Investment Solutions Team. Prior to joining Columbia Management Investment Advisers, LLC, Mr. Khalamayzer was a director at Gottex Fund Management Sarl from 2008 to 2014. Mr. Khalamayzer began his investment career in 2006 and earned a B.S. in economics-finance and an M.S. in finance from Bentley University.

Joshua Kutin


Start Date

Tenure

Tenure Rank

Oct 01, 2015

6.67

6.7%

Joshua Kutin is Head of Asset Allocation, North America, and a senior portfolio manager for the Global Asset Allocation Team at Columbia Threadneedle Investments. He is responsible for research across solutions, with a particular focus on global asset allocation and alternatives. Prior to joining Columbia Threadneedle Investments in 2015, Mr. Kutin worked at Putnam Investments as a portfolio manager on the global asset allocation team. He has been a member of the investment community since 1998. Mr. Kutin received a B.S. in economics and a B.S. in mathematics with computer science from MIT, as well as a masters degree in finance from Princeton University.

Jason Callan


Start Date

Tenure

Tenure Rank

Aug 01, 2019

2.83

2.8%

Jason Callan is Head of Structured Assets, Head of Core and Core Plus and a Senior Portfolio Manager for multi-sector fixed income at Columbia Threadneedle Investments. He joined Columbia Threadneedle Investments in 2007 as a senior quantitative analyst covering Non-Agency RMBS, was promoted to portfolio manager in 2008, and head of structured assets in 2009 . Mr. Callan assumed multi-sector portfolio management responsibilities in 2016 and became lead portfolio manager on Core and Core Plus strategies in 2017. Mr. Callan is also a co-portfolio manager on the Strategic Income portfolio and a member of the Global Fixed Income Asset Allocation Committee. Previously, Mr. Callan worked at GMAC in their Principal Investments unit as a portfolio manager and an analyst. He has been a member of the investment community, specializing in structured assets, since 2003. Mr. Callan received a B.S. in Economics from the University of Minnesota and an MBA from University of Minnesota’s Carlson School of Management

Thomas Heuer


Start Date

Tenure

Tenure Rank

Aug 01, 2019

2.83

2.8%

Mr. Heuer joined Columbia Management Investment Advisers, LLC in 1993. Mr. Heuer began his investment career in 1993. He earned a B.A. in Accounting from the University of Wisconsin and an M.B.A. with a concentration in Finance from the University of Minnesota. He holds both the Certified Public Accountant designation and the Chartered Financial Analyst designation.

Brian Virginia


Start Date

Tenure

Tenure Rank

Aug 01, 2019

2.83

2.8%

Mr. Virginia joined the Investment Manager in 2010. Prior to joining the Investment Manager, Mr. Virginia was Vice President of Investor Services and Accounting at Citadel’s Omnium Administration. Mr. Virginia began his investment career in 1996 and earned a B.S. from Kansas State University.

Dan Boncarosky


Start Date

Tenure

Tenure Rank

Aug 01, 2019

2.83

2.8%

Daniel Boncarosky is a portfolio manager on the Global Asset Allocation Team for Columbia Threadneedle Investments. Mr. Boncarosky joined one of the Columbia Threadneedle Investments legacy firms in 2008. Before joining the Global Asset Allocation Team, Mr. Boncarosky was an analyst on the international bond team. He has been a member of the investment community since 2008. Mr. Boncarosky received a B.S. in finance and statistics from the New York University Stern School of Business. In addition, he holds the Chartered Financial Analyst® designation.

Jordan Brooks


Start Date

Tenure

Tenure Rank

Sep 30, 2019

2.67

2.7%

Jordan Brooks is a Principal at AQR Capital Management, where he is the Co-Head of the Macro Strategies Group. In this role, he oversees equity index, fixed income, currency, and risk parity research, and is a portfolio manager for the firm’s risk parity, global macro, and multi-strategy portfolios. Jordan is also a Lecturer in Management at Yale University and an Adjunct Professor of Finance at New York University. He has published numerous articles on fixed income, global macro, and the intersection of asset pricing and macroeconomics. Prior to joining AQR, Jordan was a teaching fellow in the economics department at New York University, and a dissertation intern in the division of monetary affairs at the Federal Reserve Board of Governors and in the capital markets group at the Federal Reserve Bank of New York. Jordan earned a B.A. in economics and mathematics from Boston College, and an M.A. and Ph.D., both in economics, from New York University.

Marco Aiolfi


Start Date

Tenure

Tenure Rank

Sep 30, 2019

2.67

2.7%

Marco Aiolfi, PhD, is a Portfolio Manager for QMA and a member of the Global Portfolio Solutions team. His responsibilities include research and portfolio management with a focus on Global Tactical Asset Allocation. Prior to joining QMA, Marco was a portfolio manager and researcher at Goldman Sachs Asset Management where he was a member of the Quantitative Investment Strategies team. His experience included serving as lead portfolio manager for Global Tactical Asset Allocation implementation in select portfolios and co-head of volatility strategies for a multi-strategy fund. Previously, Marco was a Principal at Platinum Grove Asset Management, where he designed, implemented and co-managed a systematic G10 currency trading strategy. Marco was a Research Scholar at the University of California, San Diego, specializing in macro asset pricing and econometrics, and he was a Visiting Scholar for the Research Department at the International Monetary Fund. Marco has published papers in several academic journals including the Journal of Econometrics, the Journal of Forecasting, the Journal of Financial Econometrics, the Journal of Development Economics and the Oxford Handbook of Economic Forecasting. He earned a BA in Economics Summa Cum Laude and a PhD in Economics from Bocconi University, Milan, Italy.

Lars Nielsen


Start Date

Tenure

Tenure Rank

Sep 30, 2019

2.67

2.7%

Nielsen is a Principal of AQR Capital Management. Mr. Nielsen joined AQR in 2000 and currently serves as the co-head of portfolio management, research, risk and trading. He earned a B.Sc. and an M.Sc. in economics from the University of Copenhagen. Prior to joining the Adviser in 2000, he was an Analyst in the Quantitative Research Group of Danske Invest.

Yao Ooi


Start Date

Tenure

Tenure Rank

Mar 31, 2021

1.17

1.2%

Yao Hua Ooi is a Principal at AQR Capital Management, where he is the Head of our Macro and Multi-Strategy team. In this role, he leads the Research and Portfolio Management teams focused on AQR’s macro and multi-strategy funds, including the firm’s Managed Futures, Risk Parity, Alternative Risk Premia, Multi-Strategy, Multi-Asset and Global Macro products. His research has been published in the Journal of Financial Economics, the Journal of Portfolio Management, the Financial Analysts Journal and the Journal of Investment Management. He was named the 2013 Alternatives Fund Manager of the Year by Morningstar for his work on managed futures, and shared the 2013 Whitebox Prize for his work on time series momentum. Yao Hua earned a B.S. in economics and a B.S. in engineering from the Jerome Fisher Program in Management and Technology at the University of Pennsylvania, graduating summa cum laude.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67