Summary

• Absolute returns in all five portfolios of the Columbia Capital Allocation Series were negative, but, on a relative basis, the Institutional Class shares of all five portfolios outperformed their respective blended benchmark.
• Effective asset allocation decisions were the primary driver of relative performance across all five portfolios, with active currency positioning helping most.
• In the three more aggressive portfolios, the only portfolios to hold commodities during the quarter, exposure to commodities added the most value, boosted amid escalating military conflict in the Middle East.

Market overview

The first quarter of 2026 saw relatively stable performance across most asset classes in January and February but was ultimately defined by the outbreak of war in Iran in March. The S&P 500

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