Columbia Mortgage Opportunities Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Columbia Mortgage Opportunities Fund held 489 positions with $2.65B in net assets. Its ten largest holdings made up 83.1% of the fund. The CLMAX share class costs 1.04% a year. Over the 12 months to May 2026, CLMAX returned 6.9%, with dividends reinvested. In 2026 Q2 it added 53 new positions and exited 27.
Columbia Mortgage Opportunities Fund (the Fund) seeks total return, consisting of long-term capital appreciation and current income.
The fund invests at least 80% of assets in mortgage-related securities, including government-backed mortgage-backed bonds, agency securities, and non-agency residential and commercial mortgage-backed securities, along with stripped mortgage securities and derivatives such as swaps and futures to manage interest rate and credit exposure. The fund may also hold asset-backed securities, high-yield debt, and cash. Because the fund's use of derivatives may result in leverage and its strategy involves frequent trading, returns depend on the manager's timing and selection decisions across these positions.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UMBS, TBA 6.00% · due 2056-06-01 | 18.23% | $482.97M | — |
UMBS, TBA 4.50% · due 2056-06-01 | 17.50% | $463.63M | — |
UMBS, TBA 4.00% · due 2056-06-01 | 15.46% | $409.57M | — |
UMBS, TBA 5.00% · due 2056-06-01 | 9.69% | $256.76M | — |
Government National Mortgage Association 4.50% · due 2056-06-20 | 8.71% | $230.85M | — |
UMBS, TBA 3.50% · due 2056-06-01 | 5.15% | $136.33M | — |
COLUMBIA SHORT TERM CASH FUND | 3.87% | $102.38M | — |
UMBS, TBA 5.50% · due 2056-06-01 | 2.27% | $60.26M | — |
FEDERAL NATIONAL MORTGAGE ASSOCIATION 4.00% · due 2052-08-01 | 1.11% | $29.43M | — |
Freddie Mac - STACR 9.11% floating · due 2034-01-25 | 1.07% | $28.36M | — |
The 200 largest of 489 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%.
| Securitized | 172.20% |
| Cash & short-term | 3.87% |
| Bonds | 1.10% |
| Stocks | 0.65% |
| Derivatives | -0.60% |
These positions come to 177.22% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
CLMAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.42%. Past returns are a record, not a forecast.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.04% | +6.90% | +24.50% | +3.05% | -5.90% | |
| 1.79% | +6.24% | +21.74% | -0.75% | -6.12% | |
| — | — | — | — | — | |
| 0.73% | +7.25% | +25.50% | +4.44% | -5.84% | |
| 0.79% | +7.16% | +25.43% | +4.27% | -5.85% | |
| 0.69% | +7.40% | +25.76% | +4.78% | -5.82% | |
| 0.79% | +7.16% | — | — | — |
Fees & fund details
Columbia Mortgage Opportunities Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.69% – 1.79%· CLMAX 1.04%
- Portfolio turnover
- 706.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
53 new· the largest 3
27 exited· the largest 3
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 | 57.0% |
| Floating rate | 42.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 0.7% |
| 3-5y | 4.1% |
| 5-10y | 6.8% |
| 10y+ | 88.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 60% |
| Interest rates | 40% |
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.
| Investment grade | +6.28 yr |
| High yield | +1.42 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 | 0.04 yr | 1% |
| 1 yr | 1.51 yr | 30% |
| 5 yr | 1.11 yr | 22% |
| 10 yr | 1.79 yr | 35% |
| 30 yr | 0.61 yr | 12% |
| 3 mo | 3.86 yr | 50% |
| 1 yr | 0.04 yr | 0% |
| 5 yr | 0.31 yr | 4% |
| 10 yr | 0.60 yr | 8% |
| 30 yr | 2.89 yr | 38% |
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 | +0.04 | +4.30 | -0.44 | $1.14m | -$115.2k |
| 1 yr | +1.51 | +0.00 | +0.04 | $0 | $9.4k |
| 5 yr | +1.11 | +0.04 | +0.28 | $10.2k | $73.0k |
| 10 yr | +1.79 | +0.13 | +0.46 | $35.7k | $122.9k |
| 30 yr | +0.61 | +1.82 | +1.08 | $480.9k | $285.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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