CZAMX Performance — Multi-Manager Alternative Strategies Fund, Institutional Class
Data updated: 2026-07-29
CZAMX returned +4.24% year to date and +10.62% over one year to May 2026. Annualised returns are +4.57% over 3 years and +2.89% over 5 years. The fund trailed its Alternative category average: $100 invested three years ago grew to $114, against $176 for the category, and to $111 over one year, against $113. Volatility over the past three years was 3.60% a year. In the 12 months to May 2026 the fund took in a net $98.2M, and assets reached $615.66M.
CZAMX Growth of $100
What $100 invested in Multi-Manager Alternative Strategies Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Alternative category average over the same months.
| Period | CZAMX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $111 | $113 |
| 3 years (Jun 2023 – May 2026) | $114 | $176 |
| 5 years (Jun 2021 – May 2026) | $115 | $161 |
| Since data start (Sep 2019 – May 2026) | $125 | $192 |
CZAMX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +4.24% |
| 1 year | +10.62% |
| 3 years (annualised) | +4.57% |
| 5 years (annualised) | +2.89% |
CZAMX Annual Returns
Calendar-year total returns of Multi-Manager Alternative Strategies Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +4.24% |
| 2025 | +4.58% |
| 2024 | +2.00% |
| 2023 | +3.06% |
| 2022 | +2.84% |
| 2021 | +0.80% |
| 2020 | +5.78% |
| 2019 (Sep–Dec) | −0.82% |
CZAMX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +1.7% | +1.6% | −1.5% | +1.9% | +0.4% | — | — | — | — | — | — | — |
| 2025 | +0.8% | −0.1% | −0.8% | −1.6% | +0.2% | +1.0% | +0.1% | +1.3% | +1.5% | +0.4% | +0.6% | +0.9% |
| 2024 | +0.3% | +1.0% | +1.8% | −0.3% | +0.8% | −0.5% | +0.5% | −0.9% | +1.4% | −2.6% | +1.0% | −0.4% |
| 2023 | +0.8% | 0.0% | −0.9% | +0.8% | −0.4% | +1.1% | +0.7% | −0.3% | −0.1% | −0.7% | +0.8% | +1.4% |
| 2022 | −0.5% | +0.3% | +2.2% | +0.8% | −0.3% | −0.2% | 0.0% | +1.0% | +0.9% | 0.0% | −1.2% | −0.2% |
| 2021 | +0.1% | +0.8% | +0.3% | +0.9% | +0.8% | −0.7% | −0.7% | 0.0% | −0.1% | +0.6% | −2.1% | +0.8% |
| 2020 | +0.3% | −0.4% | −2.5% | +2.7% | +0.8% | +0.1% | +1.8% | +0.4% | −0.8% | +0.4% | +1.3% | +1.5% |
| 2019 | — | — | — | — | — | — | — | — | −1.0% | −0.4% | 0.0% | +0.6% |
CZAMX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 3.60%
- 3-year Sharpe ratio: 0.02 (vs 4.5% risk-free rate)
- Best month: +1.92% (Apr 2026)
- Worst month: −2.64% (Oct 2024)
CZAMX Fund Flows
Monthly money in and out of Multi-Manager Alternative Strategies Fund, from SEC Form N-PORT.
- 12-month net flow: $98.2M
- 12-month gross sales (incl. reinvestments): $193.6M
- Sales ÷ redemptions: 2.03×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $7.2M | $10.5M | −$3.3M |
| Apr 2026 | $5.7M | $10.1M | −$4.4M |
| Mar 2026 | $6.9M | $9.9M | −$3.0M |
| Feb 2026 | $107.6M | $6.8M | $100.9M |
| Jan 2026 | $4.2M | $6.9M | −$2.7M |
| Dec 2025 | $20.0M | $6.9M | $13.1M |
| Nov 2025 | $5.2M | $7.4M | −$2.3M |
| Oct 2025 | $4.9M | $8.4M | −$3.6M |
| Sep 2025 | $3.9M | $9.3M | −$5.4M |
| Aug 2025 | $19.3M | $7.5M | $11.8M |
| Jul 2025 | $3.8M | $6.3M | −$2.5M |
| Jun 2025 | $4.8M | $5.5M | −$625K |
CZAMX Assets Under Management
Net assets of Multi-Manager Alternative Strategies Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $615.66M |
| 2026-02-28 | $621.32M |
| 2025-11-30 | $503.49M |
| 2025-08-31 | $501.97M |
| 2025-05-31 | $481.17M |
| 2025-02-28 | $489.40M |
| 2024-11-30 | $486.73M |
| 2024-08-31 | $476.88M |
| 2024-05-31 | $479.54M |
| 2024-02-29 | $448.04M |
| 2023-11-30 | $429.16M |
| 2023-08-31 | $438.58M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.