Columbia Adaptive Risk Allocation Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Columbia Adaptive Risk Allocation Fund held 316 positions with $2.59B in net assets. Its ten largest holdings made up 65.0% of the fund. The CRAAX share class costs 1.06% a year. Over the 12 months to May 2026, CRAAX returned 21.3%, with dividends reinvested. In 2026 Q2 it added 62 new positions and exited 88.
Columbia Adaptive Risk Allocation Fund (the Fund) pursues consistent total returns by seeking to allocate risks across multiple asset classes.
The fund allocates risk across multiple asset classes—equities, inflation hedges, and fixed income in U.S. and non-U.S. markets—by identifying distinct market states and adjusting strategic allocations accordingly, with tactical shifts in response to changing conditions. The Investment Manager may use leverage within asset classes and take short positions to maintain target risk exposures. The fund may invest all of its assets in underlying funds rather than holding securities directly, and may hold significant cash when market conditions warrant no market positions. Because allocations of risk to asset classes differ significantly across market states and the fund employs tactical adjustments, actual holdings and exposures will vary with the Investment Manager's assessment of market conditions.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
COLUMBIA SHORT TERM CASH FUND | 41.51% | $1.07B | — | — |
CCFYXCOLUMBIA COMMODITY STRATEGY FUND | 8.62% | $223.11M | 16.5M | $13.52 |
United States Treasury 3.38% · due 2033-05-15 | 4.14% | $107.20M | — | — |
Chicago Mercantile Exchange | 2.87% | $74.22M | — | — |
MEX BONOS DESARR FIX RT 8.00% · due 2036-02-21 | 2.06% | $53.32M | — | — |
United States Treasury 4.38% · due 2034-05-15 | 1.82% | $47.11M | — | — |
Canada Government Bonds 3.00% · due 2034-06-01 | 1.06% | $27.32M | — | — |
United States Treasury 3.38% · due 2032-04-15 | 1.00% | $25.93M | — | — |
UMBS, TBA 3.00% · due 2056-06-01 | 0.99% | $25.59M | — | — |
United States Treasury 0.88% · due 2029-01-15 | 0.89% | $23.13M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 316 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Cash & short-term | 44.95% |
| Bonds | 39.55% |
| Stocks | 6.53% |
| Securitized | 5.91% |
| Derivatives | 5.01% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
CRAAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.12%. Past returns are a record, not a forecast.
The 8 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.06% | +21.32% | +43.89% | +30.65% | -7.84% | |
| 1.81% | +20.34% | +40.48% | +25.74% | -7.95% | |
| — | — | — | — | — | |
| 0.82% | +21.58% | +44.89% | +32.14% | -7.80% | |
| 0.81% | +21.59% | +44.86% | +32.24% | -7.70% | |
| — | — | — | — | — | |
| 0.77% | +21.74% | +45.04% | +32.47% | -7.68% | |
| 0.81% | +21.68% | — | — | — |
Fees & fund details
Columbia Adaptive Risk Allocation Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Fund of funds
- Expense ratio, by class
- 0.77% – 1.81%· CRAAX 1.06%
- Portfolio turnover
- 186.00% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
62 new· the largest 7
88 exited· the largest 4
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 1-3y | 8.5% |
| 3-5y | 7.1% |
| 5-10y | 57.8% |
| 10y+ | 26.6% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 62% |
| Credit spreads | 38% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.05 yr |
| Investment grade | +0.56 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.19 yr | 4% |
| 5 yr | 1.14 yr | 26% |
| 10 yr | 2.37 yr | 55% |
| 30 yr | 0.61 yr | 14% |
| 3 mo | 0.31 yr | 12% |
| 1 yr | 0.01 yr | 0% |
| 5 yr | 1.96 yr | 75% |
| 10 yr | 0.23 yr | 9% |
| 30 yr | 0.09 yr | 4% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.25 | +0.06 | $65.1k | $15.9k |
| 1 yr | +0.19 | +0.01 | +0.00 | $2.6k | $0 |
| 5 yr | +1.14 | +0.07 | +1.89 | $19.0k | $489.2k |
| 10 yr | +2.37 | +0.21 | +0.02 | $55.0k | $4.9k |
| 30 yr | +0.61 | +0.01 | +0.08 | $2.3k | $21.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 4.34 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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