DMA - Destra Multi-Alternative Fund

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.

Email me if this changes

What happened, and when

1. Oct 13, 2026

   The fund set its payout at $0.115 a share each month.

   Original document →

2. Aug 13, 2026

   Matisse now owns 5.1%, as a passive investor.

   Original document →

3. Oct 17, 2025

   Absolute Investment Advisers, LLC sold down below 5% and stopped reporting.

   Original document →

4. Oct 15, 2025

   Bulldog sold down below 5% and stopped reporting.

   Original document →

5. Sept 10, 2025

   Saba raised its stake to 24.9% (from 23.9%). It has said it may push for changes.

   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 →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -13.2%; at +10%, about +10.3%. As of March 31, 2026, from the fund's annual 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 →
  Among the 10 funds we follow that invest in a mix of shares and bonds, 6 charge a lower management fee and 4 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• 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). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

What a holder made

• The holdings over the last twelve months we have, to June 30, 2026: -7.6%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

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.

1. Canyon CLO Fund III - 15.3%
2. Always AI - 12.1%
3. Cash and short-term - 10.2%
4. Clear Street Group - 8.2%
5. Alphawave - 1 LLC - 6.9%
6. Canyon CLO Fund II L.P. - 5.6%
7. Nuture - 5.3%
8. Copia Wealth Studios - 4.7%
9. Derivatives - 3.4%
10. Barclays Bank PLC, Bacr Float 03/08/28 - 2.5%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →