Summary

• Columbia Small Cap Value and Inflection Fund Institutional Class outperformed its benchmark, the Russell 2000 Value Index, during the first quarter of 2026.
• Institutional Class shares of Columbia Small Cap Value and Inflection Fund returned 5.24% for the quarter.
• Conversely, allocation decisions detracted modestly from performance in consumer discretionary and real estate.

We continue to seek the confluence of low valuations, strong fundamentals and exciting future prospects.

Fund strategy

• Aims to deliver capital growth through an actively managed portfolio of small-company stocks
• Constructs a portfolio of undervalued