Fund Evaluator:
Multisector Bond SMA Completion (MBSAX)
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Fund Details
Multisector Bond SMA Completion Overview
Multisector Bond SMA Completion (MBSAX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. Columbia Threadneedle launched the fund in 2019.
The investment seeks total return, consisting of current income and capital appreciation. Under normal circumstances, the fund has substantial exposure, at least 80% of its net assets, to fixed-income/debt markets. It may invest in derivatives, such as forward contracts, futures, options, and swaps. The fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. It is non-diversified.
About Multisector Bond SMA Completion (MBSAX)
There are 3 members of the management team with an average tenure of 6.39 years: Jason Callan (2019), Gene Tannuzzo (2019), Alex Christensen (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Multisector Bond SMA Completion has 286 securities in its portfolio. The top 10 holdings constitute 51.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Multisector Bond SMA Completion is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Multisector Bond SMA Completion has 17.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 123.1% (105.5% domestic bond, 17.5% foreign bond and 0.0% convertible bond). Multisector Bond SMA Completion has -23.1% of the portfolio in cash.
Assets Under Management
The fund has $111 million in total assets, which is below the $716 million average for the Miscellaneous Fixed Income 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.
MBSAX 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 Multisector Bond SMA Completion expense ratio is low compared to funds in the Miscellaneous Fixed Income category. Multisector Bond SMA Completion has an expense ratio of 0.00%, which is 100% 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. Multisector Bond SMA Completion has a portfolio turnover rate of 656%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Miscellaneous Fixed Income category.
Recently, in the month of August 2026, Multisector Bond SMA Completion returned 1.0%, which earned it a grade of A, as the Miscellaneous Fixed Income category had an average return of 0.5%. 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.
Multisector Bond SMA Completion has a trailing yield of 5.11%, which is below the 5.72% category average. The fund normally distributes its income monthly.
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.
Multisector Bond SMA Completion Grades
Year to date, the fund has returned 3.0%, 1.0 percentage points better than the category, which translates into a grade of B. The fund has returned 6.0% over the past year (grade of B), 9.8% over the past three years (grade of A) and 6.9% per year over the past five years (grade of A).
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MBSAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MBSAX Return (NAV) | 1.0% | 0.3% | 6.0% | 9.8% | 6.9% | na |
| MBSAX Grade | A | C | B | A | A | na |
| +/- Category | 0.5% | 0.1% | 1.1% | 3.1% | 5.2% | na |
| Miscellaneous Fixed Income Avg | 0.5% | 0.3% | 4.9% | 6.7% | 1.8% | 2.9% |
| MBSAX Tax Cost Ratio | na | na | 2.9% | 2.2% | 1.9% | na |
MBSAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MBSAX Return (NAV) | 3.0% | 11.0% | 7.9% | 14.4% | -0.7% | 3.1% | 2.6% | na | na | na | na |
| MBSAX Grade | B | A | B | A | A | B | F | na | na | na | na |
| +/- Category | 1.0% | 3.5% | 1.9% | 5.8% | 9.5% | 0.9% | -3.3% | na | na | na | na |
| Miscellaneous Fixed Income Avg | 2.0% | 7.5% | 6.0% | 8.6% | -10.2% | 2.2% | 6.0% | 8.7% | 0.4% | 5.0% | 4.1% |
| Risk Measures | |
| Standard Deviation: | 6.7% |
| Total Risk Index: | 0.55 - Below Average |
| Category Risk Index: | 1.32 - High |
| Category Risk Grade: | F (84% Rank) |
| Beta: | 1.10 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $111 Mil |
| Fund Total Assets: | $ 111 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 656% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 6.8 years | |||
| Average Tenure: 6.4 years | |||
| Managers (Year): Callan Jason (2019), Tannuzzo Gene (2019), Christensen Alex (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 286 |
| % in Top 10 Holdings: | 51.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 17.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 105.5% |
| Foreign Bond: | 17.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | -23.1% |
Purchase Information
| Fund Family: | Columbia Threadneedle |
| Phone Number: | 800-345-6611 |
| Website: | www.columbiathreadneedleus.com |
| Status: | Open |
| Inception Date: | October 29, 2019 |
| 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: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.26% |
| Share Class: | Multisector Bond SMA Completion |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
