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Columbia Management Shutters 3 Alternative Mutual Funds

By DailyAlts Staff

Just last week, Columbia Management announced the launch of a new alternative mutual fund, the Columbia Adaptive Alternatives Fund (CLAAX), in partnership with Blackstone Alternative Investment Advisors. The same day that partnership was announced, Columbia also filed paperwork with the SEC to shutter four of its own mutual funds, three of which are alternative funds:

  • The Columbia Absolute Return Emerging Markets Macro Fund;
  • The Columbia Absolute Return Enhanced Multi-Strategy Fund; and
  • The Columbia Absolute Return Multi-Strategy Fund.

The Emerging Markets Macro Fund

The Columbia Absolute Return Emerging Markets Macro Fund (CMMAX) had $72.6 million in assets under management (AUM) as of February 1. The long/short emerging market debt fund had a 3-year return as of 12/31/14 of 0.15%, ranking it in the 88th percentile in Morningstar's non-traditional bond fund category and trailing the category average by 3.13%.

The Enhanced Multi-Strategy Fund

The Columbia Absolute Return Enhanced Multi-Strategy… Read More …