Destra Multi-Alternative Fund — Cyborg Score 6/10

Strategic Profile

Founded in 2008 by industry executives, Destra is a boutique, employee-majority-owned firm that picks specific, often inefficient areas of the market where it can differentiate, specialize, and add value for client portfolios. The fund increased its monthly distribution rate by 21.6% in December 2025 to $0.1125 per share, reflecting continued portfolio transformation and results driven by the Validex Dynamic Alpha process.

Cyborg Score Rationale

DMA operates as a diversified closed-end fund with meaningful distribution increases (December 2025) and stable portfolio management under a new sub-advisor model. However, the fund faces structural constraints: the Board approved a change in structure from perpetual to one that expires at close of business March 31, 2027, unless certain targets are met. Recent market performance shows the fund trading below NAV with modest trading volume.

Top Insights

• In December 2025, the Board approved distributions at $0.1125 per share monthly through September 2026, representing a 21.6% increase
• Validex Global Investing now serves as Investment Sub-Adviser, specializing in asymmetric risk-reward strategies for emerging market opportunities
• Board member Paul Kazarian stepped down in February 2026
• Fund faces a dissolution deadline of March 31, 2027 unless performance targets are met

Named Competitors

• Alternative Income — Multi-strategy alternative funds with real estate and private equity exposure

Recent Developments

• (December 2025) Increased monthly distribution to $0.1125 per share (21.6% increase), approved through September 2026
• (February 2026) Board member Paul Kazarian voluntarily resigned
• (August 2025) Distribution rate adjusted to $0.0825 per share monthly

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