DMA - Destra Multi-Alternative Fund
A closed-end fund run by Destra. Invests in a mix of shares and bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - 3 large investors hold stakes in this fund, and 1 of them is pushing for changes.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.
Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.
Large investors can also sell down and walk away. We show every notice they file, the day it is filed.
What happened, and when
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Aug 13, 2026
Matisse now owns 5.1%, as a passive investor.
Original document → -
Oct 15, 2025
Bulldog sold down below 5% and stopped reporting.
Original document → -
Sept 10, 2025
Saba raised its stake to 24.9% (from 23.9%). It has said it may push for changes.
Original document → -
Aug 18, 2025
Saba raised its stake to 23.9% (from 22.7%). It has said it may push for changes.
Original document → -
July 30, 2025
Saba raised its stake to 22.7% (from 21.6%). It has said it may push for changes.
Original document →
Show all 16 events
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July 16, 2025
Herzfeld sold down below 5% and stopped reporting.
Original document → -
May 13, 2025
Saba raised its stake to 21.6% (from 20.4%). It has said it may push for changes.
Original document → -
May 2, 2025
Saba raised its stake to 20.4% (from 19.4%). It has said it may push for changes.
Original document → -
Oct 18, 2024
The fund said how much it plans to pay out.
Original document → -
Oct 2, 2024
Herzfeld now owns 7.3%, as a passive investor.
Original document → -
July 25, 2024
Saba raised its stake to 19.4% (from 17.9%). It has said it may push for changes.
Original document → -
July 17, 2024
Saba raised its stake to 17.9% (from 16.5%). It has said it may push for changes.
Original document → -
July 12, 2024
Saba raised its stake to 16.5% (from 14.1%). It has said it may push for changes.
Original document → -
June 26, 2024
Saba now owns 14.1%. It has said it may push for changes.
Original document → -
Feb 14, 2024
Almitas now owns 5%, as a passive investor.
Original document → -
Jan 26, 2024
Bulldog now owns 5.1%, as a passive investor.
Original document →
About this fund
- Run by Destra Capital Advisors LLC. Part of the Destra fund family. As of March 31, 2026, from the fund's yearly report. Original document →
- Size: about $80.3 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 14% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 1.4% a year in management fees; 3.3% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
- Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). As of March 31, 2026, from the fund's yearly report. Original document →
- Value of holdings per share at the last fiscal year end (March 31, 2026): $8.87. The shares traded at $8.11, about 8.6% below that. As of March 31, 2026, from the fund's yearly report. Original document →
- How the holdings did: down 3.5% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: -7.6%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
- First reported to the regulator in 2011.
What the fund holds
Mostly other holdings (42%), the rest shares, bonds and cash and short-term holdings. About 95% issued in the U.S.
- Canyon CLO Fund III - 15.3%
- Cash and short-term - 10.2%
- Clear Street Group - 8.2%
- AlwaysAI, Inc.Ser C preferred shares - 5.8%
- Canyon CLO Fund II L.P. - 5.6%
- AlwaysAI, Inc.Ser C1 preferred shares - 5.3%
- Nuture, Nurture Life, Inc Ser B-2 - 4.5%
- Copia Wealth Studios - 4.7%
- Alphawave - 1 LLC - 6.9%
- Derivatives - 3.4%
Show all 22
- Barclays Bank PLC, Bacr Float 03/08/28 - 2.5%
- National Healthcare Properties - 1.6%
- Gs Finance, Gs 0 11/19/27 - 1.6%
- COPIA WEALTH Cap Stock - 1.2%
- Iridia, Inc 8% 10/29/2029 - 1.2%
- Iridia, Inc 8% 12/12/2027 - 1.2%
- Treehouse Real Estate Inv - 1.2%
- Arboretum Core Asset Fund - 1.1%
- Home Service Champ - 1.1%
- Axon Enterprise - 1%
- AlwaysAI, Inc.Ser B preferred shares - 0.9%
- Nuture, Nurture Life, Inc Ser B-1 - 0.8%
As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Aug 13, 2026 | Matisse | 5.1% | Passive investor |
| Oct 15, 2025 | Bulldog | 3.6% | Sold down below 5% |
| Sept 10, 2025 | Saba | 24.9% | Updated notice |
| Aug 18, 2025 | Saba | 23.9% | Updated notice |
| July 30, 2025 | Saba | 22.7% | Updated notice |
| July 16, 2025 | Herzfeld | 3.8% | Sold down below 5% |
| May 13, 2025 | Saba | 21.6% | Updated notice |
| May 2, 2025 | Saba | 20.4% | Updated notice |
| Oct 2, 2024 | Herzfeld | 7.3% | Updated notice |
| July 25, 2024 | Saba | 19.4% | Updated notice |
| July 17, 2024 | Saba | 17.9% | Updated notice |
| July 12, 2024 | Saba | 16.5% | Updated notice |
| June 26, 2024 | Saba | 14.1% | Updated notice |
| Feb 14, 2024 | Almitas | 5% | Passive investor |
| Jan 26, 2024 | Bulldog | 5.1% | Passive investor |
| Date | What | Deadline | Document |
|---|---|---|---|
| Oct 18, 2024 | Payout set | none | Original document → |
- Run by
- Destra Capital Advisors LLC
- Fund family
- DESTRA
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-22572
- Auditor
- COHEN AND COMPANY, LTD
- Fiscal year end
- March 31, 2026
- Number of holdings
- 167
- Preferred share classes
- none
Email me when something new is filed for DMA
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