Fund Evaluator:
Destinations Multi Strategy Alts Z (DMSZX)
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Best Performing in Multistrategy Over the Last Year
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Fund Details
Destinations Multi Strategy Alts Z Overview
Destinations Multi Strategy Alts Z (DMSZX) is an actively managed Alternative Multistrategy fund. Destinations Funds launched the fund in 2018.
The investment seeks capital appreciation with reduced correlation to equity and fixed income markets. The adviser employs a strategy intended to generate long term growth across market cycles with reduced correlation to the equity and fixed income markets. The adviser employs a "multi-manager" strategy whereby the Adviser allocates the fund's assets among professional money managers, each of which is responsible for investing its allocated portion of the fund's assets. The fund may invest a significant portion of its assets in a particular geographic region or country, including emerging markets countries.
About Destinations Multi Strategy Alts Z (DMSZX)
There are 9 members of the management team with an average tenure of 5.33 years: Timothy Holland (2022), David Weeks (2019), Brian Storey (2022), Ajit Kumar (2019), Edwin Tsui (2019), Andreas Eckner (2019), Guillaume Horel (2019), Andrew Goins (2023), John Hoffmann (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: ICE BofA US Broad Market TR USD index with a weighting of 100%. Destinations Multi Strategy Alts Z has 65 securities in its portfolio. The top 10 holdings constitute 64.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Destinations Multi Strategy Alts Z is part of the Alternative Strategies global asset class and is within the Alternative fund group. Destinations Multi Strategy Alts Z has 10.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 18.1%. There is 2.0% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 50.6% (41.7% domestic bond, 8.9% foreign bond and 0.9% convertible bond). Destinations Multi Strategy Alts Z has 28.0% of the portfolio in cash.
Assets Under Management
The fund has $48 million in total assets, which is below the $511 million average for the Multistrategy category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DMSZX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Destinations Multi Strategy Alts Z expense ratio is high compared to funds in the Multistrategy category. Destinations Multi Strategy Alts Z has an expense ratio of 1.18%, which is 43% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Destinations Multi Strategy Alts Z has a portfolio turnover rate of 55%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 289% for the Multistrategy category.
Recently, in the month of July 2026, Destinations Multi Strategy Alts Z returned 0.4%, which earned it a grade of D, as the Multistrategy category had an average return of 0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Destinations Multi Strategy Alts Z has a trailing yield of 3.81%, which is above the 2.97% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Destinations Multi Strategy Alts Z Grades
Year to date, the fund has returned 1.2%, 4.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.9% over the past year (grade of F), 6.3% over the past three years (grade of D) and 4.8% per year over the past five years (grade of C).
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DMSZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DMSZX Return (NAV) | 0.4% | 1.4% | 4.9% | 6.3% | 4.8% | na |
| DMSZX Grade | D | C | F | D | C | na |
| +/- Category | -0.4% | -0.5% | -5.9% | -1.4% | -0.5% | na |
| Multistrategy Avg | 0.8% | 1.8% | 10.8% | 7.7% | 5.3% | 3.7% |
| DMSZX Tax Cost Ratio | na | na | 2.0% | 2.5% | 2.2% | na |
DMSZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DMSZX Return (NAV) | 1.2% | 5.6% | 6.4% | 13.2% | -3.3% | 5.5% | 10.1% | 9.1% | -3.7% | na | na |
| DMSZX Grade | F | D | D | A | C | C | A | B | C | na | na |
| +/- Category | -4.0% | -2.2% | 0.2% | 6.7% | -2.9% | -0.8% | 8.1% | 2.1% | 1.2% | na | na |
| Multistrategy Avg | 5.3% | 7.8% | 6.1% | 6.4% | -0.4% | 6.2% | 2.0% | 7.0% | -4.9% | 5.0% | 2.0% |
| Risk Measures | |
| Standard Deviation: | 2.6% |
| Total Risk Index: | 0.21 - Low |
| Category Risk Index: | 0.46 - Low |
| Category Risk Grade: | A (10% Rank) |
| Beta: | 0.11 |
| R-Squared: | 33% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 3.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $577 Mil |
| Fund Total Assets: | $ 49 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 55% |
Management Team
| Number of Managers: 9 | |||
| Longest Tenure: 7.4 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Kumar Ajit (2019), Tsui Edwin (2019), Eckner Andreas (2019), Horel Guillaume (2019), Weeks David (2019), Storey Brian (2022), Holland Timothy (2022), Goins Andrew (2023), Hoffmann John (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 65 |
| % in Top 10 Holdings: | 64.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.9% |
Portfolio Allocation |
|
| Domestic Stock: | 18.1% |
| Foreign Stock: | 2.0% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 41.7% |
| Foreign Bond: | 8.9% |
| Convertible Bond: | 0.9% |
| Other: | 0.2% |
| Cash: | 28.0% |
Purchase Information
| Fund Family: | Destinations Funds |
| Phone Number: | 877-771-7979 |
| Website: |
| Status: | Open |
| Inception Date: | July 16, 2018 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.18% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.05% |
| Share Class: | Destinations Multi Strategy Alts I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
