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Multi-Manager Alternative Strategies Fund
mutual fund
CZAMX
Payout Change
Pending
Price as of:
$9.32
-0.06
-0.64%
primary theme
N/A
share class
CZAMX (Mutual Fund)
Multi-Manager Alternative Strategies Fund
CZAMX (Mutual Fund)
Multi-Manager Alternative Strategies Fund
Payout Change
Pending
Price as of:
$9.32
-0.06
-0.64%
primary theme
N/A
share class
Name
As of 10/04/2024Price
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
Vitals
YTD Return
2.6%
1 yr return
4.9%
3 Yr Avg Return
2.6%
5 Yr Avg Return
3.0%
Net Assets
$477 M
Holdings in Top 10
37.4%
52 WEEK LOW AND HIGH
$9.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.31%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 203.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
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
CZAMX - Profile
Distributions
- YTD Total Return 2.6%
- 3 Yr Annualized Total Return 2.6%
- 5 Yr Annualized Total Return 3.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.23%
- Dividend Yield 2.5%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameMulti-Manager Alternative Strategies Fund
-
Fund Family NameColumbia Funds Complex
-
Inception DateJan 03, 2017
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerTodd Munn
Fund Description
The Fund pursues its investment objective by allocating the Fund’s assets among different asset managers that use multiple investment styles and strategies 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 of a portion of the Fund’s assets, or sleeve of the Fund. The Investment Manager and the Subadvisers employ a variety of investment strategies, techniques and practices that are designed to seek positive returns, with a low correlation to the performance of the broad equity and fixed income markets over a complete market cycle, which can be measured from market peak to peak or from market trough to trough.
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 AlphaSimplex Group, LLC (AlphaSimplex), Crabel Capital Management, LLC (Crabel), Manulife Investment Management (US) LLC (Manulife) and TCW Investment Management Company LLC (TCW). 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 exposure to capital markets; seeking to exploit disparities or inefficiencies in markets, geographical areas and companies; seeking to take advantage of security mispricings or anticipated price movements; and/or seeking to benefit from cyclical themes and relationships. Such strategies are subject to risks that are relatively unrelated to the broad equity and fixed income markets.
The Fund may employ both long (an ordinary purchase) and short (described below) positions in equity securities (including common stock, preferred stock and convertible securities), fixed-income securities (including sovereign and quasi-sovereign debt obligations, corporate bonds, notes and debentures), derivative instruments (including futures, forwards, swaps and commodity-linked investments) and exchange-traded funds (ETFs). The Fund may take a short position or sell a security held in the portfolio if the Fund believes that there is deterioration (or expected deterioration) in the issuer’s financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons. The Fund may also take short positions in derivative instruments. 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. To close out a short position, the Fund buys back the same security or other asset in the market or allows the position to expire. 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.
The Fund may invest in early stage companies and initial public offerings (IPOs). 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 fixed income securities of any maturity (and does not seek to maintain a particular dollar-weighted average maturity) and of any credit quality, including investments that are rated below investment-grade (commonly referred to as “high yield securities” or “junk bonds”) or, if unrated, deemed by the Investment Manager or applicable Subadviser, as the case may be, to be of comparable quality. The Fund may also engage in repurchase agreements and reverse repurchase agreements. The Fund may invest in private placements.
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 commodity-linked, currency, equity, index, interest rate, and other bond futures), options (including options on currencies, equities, and interest rates), structured investments (including commodity-linked structured notes), swaps (including equity swaps, swaps on commodity, equity and fixed income/bond futures, and credit default, cross-currency, interest rate and total return swaps) 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, currencies or commodities, and/or to change the Fund’s effective duration. One or more of the strategies used by the Fund and the Subsidiaries (as defined below) may result in leveraged exposure in general and to one or more specific asset classes.
The Fund may invest in securities and instruments, including derivatives, indirectly through two offshore, wholly-owned subsidiaries organized under the laws of the Cayman Islands (together the Subsidiaries, each a Subsidiary), managed by Columbia Management and subadvised by AlphaSimplex and Crabel, respectively. The Subsidiaries have substantially the same investment objective as the Fund and their investments are consistent with the Fund’s investment restrictions applied on a “look through” basis. The Subsidiaries invest mainly in futures and/or swaps, including, but not limited to, commodity-related futures, swaps and swaps on commodity futures, but they may also make any other investments the Fund may make, including 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), the Subsidiaries may invest without limitation in commodity-linked derivatives; however, the Fund and its Subsidiaries will comply on a consolidated basis with asset coverage or segregation requirements. AlphaSimplex and Crabel are expected to invest no more than 25% of the total assets of their respective sleeves in the Subsidiaries that they subadvise, and the Fund, in the aggregate, will not invest more than 25% of its total assets in the Subsidiaries.
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, short-term investments or mortgage-backed securities, or other liquid assets to meet its segregation obligations as a result of its investments in derivatives.
The Subsidiaries’ commodity-linked investments are expected to produce leveraged exposure to the performance of the commodities markets. In addition to its investments in commodity-linked derivative instruments, the Fund may, through investments in the Subsidiaries, invest directly in physical commodities, including but not limited to, gold, silver, platinum and palladium.
Each sleeve manager’s investment strategy may involve the frequent trading of portfolio securities or instruments, which may increase brokerage and other transaction costs and have adverse tax consequences.
CZAMX - Performance
Return Ranking - Trailing
| Period | CZAMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.6% | -73.0% | 19.4% | 60.57% |
| 1 Yr | 4.9% | -9.1% | 86.9% | 53.09% |
| 3 Yr | 2.6%* | -9.5% | 16.2% | 46.99% |
| 5 Yr | 3.0%* | -4.9% | 14.4% | 77.13% |
| 10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Return Ranking - Calendar
| Period | CZAMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.4% | -22.7% | 305.1% | 25.56% |
| 2022 | -4.5% | -9.8% | 27.3% | 59.68% |
| 2021 | -0.6% | -20.8% | 10.9% | 28.44% |
| 2020 | 4.8% | -12.4% | 29.4% | N/A |
| 2019 | 3.9% | -10.5% | 15.8% | N/A |
Total Return Ranking - Trailing
| Period | CZAMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.6% | -73.0% | 19.4% | 60.57% |
| 1 Yr | 4.9% | -13.4% | 86.9% | 48.73% |
| 3 Yr | 2.6%* | -9.5% | 16.2% | 42.97% |
| 5 Yr | 3.0%* | -5.3% | 14.4% | 72.65% |
| 10 Yr | N/A* | -0.9% | 7.5% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CZAMX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.1% | -22.7% | 305.1% | 25.93% |
| 2022 | 2.8% | -9.8% | 27.3% | 60.89% |
| 2021 | 0.8% | -20.8% | 10.9% | 20.44% |
| 2020 | 5.8% | -8.4% | 29.4% | N/A |
| 2019 | 6.1% | -10.2% | 18.0% | N/A |
NAV & Total Return History
CZAMX - Holdings
Concentration Analysis
| CZAMX | Category Low | Category High | CZAMX % Rank | |
|---|---|---|---|---|
| Net Assets | 477 M | 1.5 M | 5.01 B | 26.94% |
| Number of Holdings | 1549 | 4 | 4478 | 14.84% |
| Net Assets in Top 10 | 180 M | -398 M | 2.55 B | 41.34% |
| Weighting of Top 10 | 37.44% | 13.1% | 100.0% | 57.34% |
Top 10 Holdings
- COLUMBIA SHORT TERM CASH FUND 32.78%
- UMBS 30YR TBA(REG A) 0.84%
- TREASURY NOTE 0.64%
- UMBS 30YR TBA(REG A) 0.55%
- UMBS 30YR TBA(REG A) 0.50%
- UMBS 30YR TBA(REG A) 0.49%
- GNMA2 30YR TBA(REG C) 0.43%
- TREASURY NOTE 0.42%
- GNMA2 30YR TBA(REG C) 0.40%
- TREASURY NOTE 0.40%
Asset Allocation
| Weighting | Return Low | Return High | CZAMX % Rank | |
|---|---|---|---|---|
| Bonds | 65.49% | -326.45% | 6347.80% | 19.79% |
| Cash | 33.50% | -6278.21% | 410.43% | 64.31% |
| Convertible Bonds | 1.51% | 0.00% | 87.92% | 21.20% |
| Other | 0.66% | -21.53% | 148.54% | 38.52% |
| Preferred Stocks | 0.20% | -0.12% | 46.97% | 16.61% |
| Stocks | 0.15% | -3.75% | 97.95% | 57.95% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CZAMX % Rank | |
|---|---|---|---|---|
| Technology | 24.70% | 0.00% | 39.58% | 1.97% |
| Healthcare | 14.59% | 0.00% | 45.63% | 14.96% |
| Industrials | 12.70% | 0.00% | 21.45% | 10.63% |
| Financial Services | 10.77% | 0.00% | 59.28% | 76.38% |
| Communication Services | 9.77% | 0.00% | 21.78% | 68.50% |
| Consumer Cyclical | 7.09% | 0.00% | 29.09% | 88.19% |
| Utilities | 6.37% | 0.00% | 9.23% | 58.27% |
| Consumer Defense | 4.71% | 0.00% | 13.62% | 92.52% |
| Real Estate | 4.29% | 0.00% | 51.26% | 72.83% |
| Energy | 3.96% | 0.00% | 100.00% | 79.53% |
| Basic Materials | 1.06% | 0.00% | 27.46% | 77.95% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CZAMX % Rank | |
|---|---|---|---|---|
| US | 0.15% | -8.85% | 91.88% | 53.00% |
| Non US | 0.00% | -19.62% | 42.11% | 61.48% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CZAMX % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 32.78% | 0.27% | 100.00% | 62.54% |
| Corporate | 9.05% | 0.00% | 87.73% | 42.76% |
| Securitized | 7.13% | 0.00% | 56.83% | 20.14% |
| Government | 5.87% | 0.00% | 84.29% | 28.62% |
| Derivative | 0.66% | 0.00% | 88.81% | 33.92% |
| Municipal | 0.07% | 0.00% | 27.33% | 15.55% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CZAMX % Rank | |
|---|---|---|---|---|
| US | 57.39% | -126.19% | 6311.18% | 23.32% |
| Non US | 8.10% | -382.37% | 121.02% | 17.67% |
CZAMX - Expenses
Operational Fees
| CZAMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.31% | 0.29% | 31.15% | 71.94% |
| Management Fee | 1.10% | 0.00% | 2.50% | 59.36% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 20.27% |
| Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
| CZAMX 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
| CZAMX 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.
| CZAMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 203.00% | 0.00% | 491.00% | 62.90% |
CZAMX - Distributions
Dividend Yield Analysis
| CZAMX | Category Low | Category High | CZAMX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.54% | 0.00% | 4.56% | 99.65% |
Dividend Distribution Analysis
| CZAMX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| CZAMX | Category Low | Category High | CZAMX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.23% | -2.51% | 6.83% | 38.13% |
Capital Gain Distribution Analysis
| CZAMX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 18, 2023 | $0.236 | OrdinaryDividend |
| Dec 16, 2022 | $0.700 | OrdinaryDividend |
| Dec 17, 2021 | $0.136 | OrdinaryDividend |
| Dec 16, 2020 | $0.085 | OrdinaryDividend |
| Dec 19, 2019 | $0.192 | OrdinaryDividend |
| Dec 19, 2018 | $0.130 | OrdinaryDividend |
CZAMX - Fund Manager Analysis
Managers
Todd Munn
Start Date
Tenure
Tenure Rank
Apr 23, 2012
10.11
10.1%
Munn is a portfolio manager of Water Island Capital, LLC. Prior to becoming a portfolio manager of the Fund, Mr. Munn was a senior equity analyst for the Fund. Mr. Munn received a Master of Business Administration degree from Fordham Graduate School of Business in 2003 and a Bachelors degree from Gettysburg College in 1993 — with a double major in Finance and Accounting.
Roger Foltynowicz
Start Date
Tenure
Tenure Rank
Apr 23, 2012
10.11
10.1%
Roger Foltynowicz, CAIA, received a Master of Science degree from Pace University in 2006 – with a major in Investment Management – and a Bachelor's degree from Presbyterian College in 1999 – with a major in Business Administration.
Bryan Whalen
Start Date
Tenure
Tenure Rank
Mar 30, 2017
5.17
5.2%
Bryan T. Whalen, CFA Group Managing Director U.S. Fixed Income Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA charterholder.
Christopher Chapman
Start Date
Tenure
Tenure Rank
Sep 13, 2017
4.72
4.7%
Chris is co-leader of the company’s global multi sector fixed income strategies, responsible for portfolio management, global sovereign debt, portfolio construction, and currency and risk management. Previously, he was a portfolio manager for global multi sector fixed income and, prior to that, he was a senior investment analyst and trader with the team. Earlier in his career, he worked in several other areas of the firm, including as an investment risk analyst on the quantitative research team. Chris began his career at State Street Bank. He holds the Certified Financial Analyst designation.
Kisoo Park
Start Date
Tenure
Tenure Rank
Sep 13, 2017
4.72
4.7%
Kisoo Park is a managing director and portfolio manager on the Global Multi-Sector Fixed Income Team at Manulife Investment Management. He is responsible for portfolio management, global bond research and currency management for the company’s global multi-sector fixed income strategies. Before joing the company, Kisoo was a founding member and COO of hedge fund firm based in Hong Kong. Prior to that, he was the CIO responsible for tactical asset allocation investing in global equities, fixed income, commodities, FX and interest rate asset classes at Prince Asset Management, Hong Kong.
Robert Rickard
Start Date
Tenure
Tenure Rank
May 23, 2018
4.02
4.0%
As a Portfolio Manager at AlphaSimplex, Mr. Rickard is responsible for managing the cash portion of the firm’s strategies. He has over 25 years of industry experience. Mr. Rickard joined AlphaSimplex in 2015. Prior to this, Mr. Rickard served as the Senior Vice President, Head of Portfolio Management and Trading, and Portfolio Manager at Reich & Tang Asset Management, LLC. Rickard focused on the management of short-term assets at Reich & Tang from 1992 to 2015. Mr. Rickard began managing the money market portion of AlphaSimplex’s products while at Reich & Tang Asset Management, and continues that work at AlphaSimplex. Mr. Rickard earned a B.S. in Accounting from Siena College and an M.B.A. from Pace University.
Philippe Lüdi
Start Date
Tenure
Tenure Rank
May 23, 2018
4.02
4.0%
As a Senior Research Scientist at AlphaSimplex, Dr. Lüdi conducts applied research and product engineering. He also serves as a co-portfolio manager of certain mutual funds advised by AlphaSimplex. Dr. Lüdi joined AlphaSimplex in 2006. He has been involved in system engineering as well as global macro strategies. Dr. Lüdi earned the equivalent of an M.A. in Molecular and Computational Biology from the University of Basel. He also received a M.Sc. in Statistics and a Ph.D. in Bioinformatics, both from Duke University. In his doctoral program, Dr. Lüdi applied a Monte Carlo approach to risk analysis and developed a machine-learning algorithm applied to medicine that was subsequently featured in The Wall Street Journal. Dr. Lüdi is also a CFA® Charterholder.
Alexander Healy
Start Date
Tenure
Tenure Rank
May 23, 2018
4.02
4.0%
As Deputy Chief Investment Officer of AlphaSimplex, Dr. Healy is responsible for applied research and product engineering, including asset allocation, portfolio construction, and adaptive risk management strategies. Dr. Healy is a member of the Investment and Risk Committees and the Board of Directors. He also serves as a co-portfolio manager of certain mutual funds advised by AlphaSimplex. Dr. Healy joined AlphaSimplex in 2007 and has held the roles of Senior Research Scientist and Director of Strategic Research. He has developed various key elements of AlphaSimplex’s investment platform, including non-parametric investment models, volatility management overlays, and dynamic approaches to portfolio construction. Dr. Healy earned an A.B. in Mathematics and Computer Science from Harvard University, where he also received a Ph.D. in Theoretical Computer Science. His doctoral research focused on the uses of randomness in algorithms and cryptography, and introduced novel approaches to generating pseudo-random numbers together with new applications of these methods.
Grant Jaffarian
Start Date
Tenure
Tenure Rank
Jan 12, 2022
0.38
0.4%
Grant Jaffarian graduated from Wheaton College, IL with a double major in Economics and English in 2001. In 2010 Mr. Jaffarian received an MBA from University of Chicago. Mr. Jaffarian began his career at a Belgium based Analytic Investment Management, a high turnover futures manager acquired by Robeco Bank. Upon leaving Analytic Investment, Mr. Jaffarian founded Petra Intraday, a short term systematic emerging manager. In 2004, Mr. Jaffarian joined Efficient Capital Management, LLC where he served as Chief Investment Officer before departing in December 2012. Mr. Jaffarian founded AlphaTerra, LLC in April 2013 to work with the world’s most promising quant systematic trading strategies. In March 2014 AlphaTerra was acquired by Crabel Capital Management and Mr. Jaffarian assumed the role of Portfolio Manager for the Advanced Trend program. Mr. Jaffarian joined the Crabel Executive Committee in April 2016.
Bradley Lutz
Start Date
Tenure
Tenure Rank
Mar 31, 2022
0.17
0.2%
Brad Lutz is a managing director, portfolio manager and senior investment analyst for John Hancock Asset Management. Prior to joining the firm, he held analyst positions at Declaration Management & Research, Summit Investment Partners and Pacholder Associates, Inc. He has been with the investment management industry since 1993, a B.S. from Miami University and holds the Chartered Financial Analyst designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 17.37 | 4.48 | 1.67 |
