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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Columbia Dividend Opportunity Fund underperformed in Q2 2026 due to avoiding high-flying AI stocks that don't meet yield requirements, with the entire shortfall attributable to zero weightings in Micron, Intel, Sandisk and AMD. Technology holdings still contributed through Seagate, Cisco and others benefiting from the memory cycle."
Columbia Dividend Opportunity Fund returned 8.59% in Q2 2026, underperforming the Russell 1000 Value Index's 13.87% return. The shortfall was entirely attributable to zero weightings in four AI-related stocks (Micron, Intel, Sandisk, AMD) that surged 150-250%, as these stocks do not meet the fund's yield criteria. Despite this headwind, information technology holdings contributed meaningfully, with Seagate Technology, Cisco Systems, Corning, Hewlett Packard Enterprise and Texas Instruments among top contributors. Seagate benefited from a memory shortage driving sharply rising prices, though the position was trimmed as yield declined. CVS Health rallied on easing Medicare reimbursement concerns, while Stanley Black & Decker recovered from war-related losses. Energy holdings Exxon Mobil and Chevron detracted as oil prices fell on easing Iran tensions, though both are held for the long term. The manager maintained broader positioning rather than chasing AI, believing current technology holdings provide meaningful exposure to longer-term growth drivers while the focus on fundamentally sound businesses creates opportunities in overlooked areas.
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