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Trending ETFs

Name

As of 05/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$14.75

$14.2 B

0.46%

$0.07

1.22%

Vitals

YTD Return

2.8%

1 yr return

7.8%

3 Yr Avg Return

3.2%

5 Yr Avg Return

3.9%

Net Assets

$14.2 B

Holdings in Top 10

21.1%

52 WEEK LOW AND HIGH

$14.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.22%

SALES FEES

Front Load 2.75%

Deferred Load N/A

TRADING FEES

Turnover 49.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$500


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 05/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$14.75

$14.2 B

0.46%

$0.07

1.22%

CVSIX - Profile

Distributions

  • YTD Total Return 2.8%
  • 3 Yr Annualized Total Return 3.2%
  • 5 Yr Annualized Total Return 3.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -3.15%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Calamos Market Neutral Income Fund
  • Fund Family Name
    Calamos Family of Funds
  • Inception Date
    Sep 04, 1990
  • Shares Outstanding
    98334783
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Calamos

Fund Description

The Fund's investment strategy can be characterized as "market neutral" because it seeks to achieve maximum current income while maintaining a low correlation to the fluctuations of the U.S. equity market as a whole. The Fund (i) invests in equities, (ii) invests in convertible securities (including synthetic convertible securities) of U.S. companies without regard to market capitalization, and (iii) employs short selling and enters into total return swaps to enhance income and hedge against market risk. The convertible securities in which the Fund invests may be either debt securities or preferred stocks that can be exchanged for common stock. The average term to maturity of the convertible securities purchased by the Fund will typically range from two to ten years.

A synthetic convertible instrument is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument, or loan, and a security providing an option on an equity security. The Fund may establish a synthetic convertible instrument by combining a fixed-income security with the right to acquire an equity security. The fixed-income and equity option components may have different issuers, and either component may change at any time.

The Fund may seek to generate income from option premiums by writing (selling) options. This would include the use of both call and put options. The Fund may write call options (i) on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund's portfolio and (ii) on broad-based securities indexes (such as the S&P 500 or MSCI EAFE) or ETFs (exchange traded funds).

In addition, to seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes (such as the S&P 500), or ETFs.

The Fund may invest without limit in high yield fixed-income securities (often referred to as "junk bonds"). The Fund may invest up to 10% of its total assets in stock, rights, warrants, and other securities of special purpose acquisition companies or similar special purpose entities (collectively, "SPACs"). In addition, the Fund may obtain certain private rights and other interests issued by a SPAC (commonly referred to as "founder shares"), which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an initial public offering. In addition, the Fund may engage in active and frequent trading of portfolio securities. The Fund may also invest in ETFs. The Fund's investment adviser seeks to lower the risks of investing in stocks by using a "top-down approach" of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

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CVSIX - Performance

Return Ranking - Trailing

Period CVSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -11.6% 15.8% 63.00%
1 Yr 7.8% -33.0% 41.7% 33.98%
3 Yr 3.2%* -10.5% 13.4% 39.80%
5 Yr 3.9%* -4.8% 11.1% 25.30%
10 Yr 3.6%* -4.6% 7.6% 26.47%

* Annualized

Return Ranking - Calendar

Period CVSIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -31.7% 23.2% 23.47%
2022 -5.2% -20.7% 10.7% 11.34%
2021 4.4% -12.4% 14.7% 62.22%
2020 4.5% -13.2% 12.9% 50.63%
2019 5.0% -11.7% 7.9% 48.57%

Total Return Ranking - Trailing

Period CVSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -11.7% 15.8% 63.00%
1 Yr 7.8% -33.0% 41.7% 44.66%
3 Yr 3.2%* -10.5% 13.4% 46.94%
5 Yr 3.9%* -4.8% 11.1% 31.33%
10 Yr 3.6%* -4.6% 7.6% 26.47%

* Annualized

Total Return Ranking - Calendar

Period CVSIX Return Category Return Low Category Return High Rank in Category (%)
2023 8.9% -31.7% 23.2% 23.47%
2022 -4.5% -20.7% 10.7% 11.34%
2021 4.7% -12.4% 14.7% 34.44%
2020 5.2% -12.7% 12.9% 37.97%
2019 6.4% -11.5% 13.2% 20.00%

NAV & Total Return History


CVSIX - Holdings

Concentration Analysis

CVSIX Category Low Category High CVSIX % Rank
Net Assets 14.2 B 105 K 12.6 B 1.92%
Number of Holdings 1026 5 2526 19.23%
Net Assets in Top 10 2.98 B -619 M 6.53 B 6.73%
Weighting of Top 10 21.09% 7.6% 96.1% 74.39%

Top 10 Holdings

  1. MICROSOFT CORP COMMON STOCK USD.00000625 4.03%
  2. APPLE INC COMMON STOCK USD.00001 3.71%
  3. PALO ALTO NETWORKS SR UNSECURED 06/25 0.375 2.41%
  4. CALAMOS SHORT TERM BOND FUND CALAMOS SHORT TERM BOND I 2.36%
  5. NVIDIA CORP COMMON STOCK USD.001 2.07%
  6. AMAZON.COM INC COMMON STOCK USD.01 1.89%
  7. PIONEER NATURAL RESOURCE SR UNSECURED 05/25 0.25 1.26%
  8. META PLATFORMS INC CLASS A COMMON STOCK USD.000006 1.23%
  9. ALPHABET INC CL C COMMON STOCK USD.001 1.16%
  10. ALPHABET INC CL A COMMON STOCK USD.001 0.99%

Asset Allocation

Weighting Return Low Return High CVSIX % Rank
Stocks
42.06% -57.09% 325.56% 82.69%
Bonds
40.27% -1.04% 63.30% 40.38%
Convertible Bonds
32.08% 0.00% 95.47% 9.62%
Cash
21.39% -225.56% 102.75% 51.92%
Preferred Stocks
0.56% 0.00% 5.67% 8.65%
Other
-4.28% -11.90% 43.69% 41.35%

Stock Sector Breakdown

Weighting Return Low Return High CVSIX % Rank
Financial Services
26.08% 0.00% 98.37% 45.16%
Technology
21.41% 0.00% 100.00% 25.81%
Healthcare
11.87% 0.00% 27.28% 29.03%
Consumer Cyclical
8.79% 0.00% 29.06% 38.71%
Communication Services
7.99% 0.00% 33.72% 17.20%
Industrials
7.43% 0.00% 27.58% 56.99%
Consumer Defense
5.58% 0.00% 30.58% 24.73%
Utilities
3.66% 0.00% 66.28% 12.90%
Energy
3.29% 0.00% 53.30% 37.63%
Real Estate
2.10% 0.00% 93.91% 38.71%
Basic Materials
1.81% 0.00% 42.74% 50.54%

Stock Geographic Breakdown

Weighting Return Low Return High CVSIX % Rank
US
43.19% -55.82% 325.56% 57.69%
Non US
-1.12% -7.09% 86.98% 95.19%

Bond Sector Breakdown

Weighting Return Low Return High CVSIX % Rank
Corporate
58.30% 0.00% 100.00% 15.38%
Cash & Equivalents
0.69% 0.00% 100.00% 78.85%
Securitized
0.52% 0.00% 27.70% 6.73%
Government
0.45% 0.00% 73.33% 28.85%
Municipal
0.13% 0.00% 3.82% 7.69%
Derivative
-4.28% 0.00% 30.95% 46.15%

Bond Geographic Breakdown

Weighting Return Low Return High CVSIX % Rank
US
38.84% -1.04% 80.93% 40.38%
Non US
1.43% -64.71% 9.68% 20.19%

CVSIX - Expenses

Operational Fees

CVSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.22% 0.73% 9.52% 87.38%
Management Fee 0.66% 0.13% 1.65% 14.42%
12b-1 Fee 0.25% 0.00% 1.00% 37.29%
Administrative Fee N/A 0.06% 0.40% N/A

Sales Fees

CVSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 2.75% 2.75% 5.75% 94.44%
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

CVSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CVSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 49.00% 30.00% 483.00% 11.24%

CVSIX - Distributions

Dividend Yield Analysis

CVSIX Category Low Category High CVSIX % Rank
Dividend Yield 0.46% 0.00% 0.75% 30.77%

Dividend Distribution Analysis

CVSIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

CVSIX Category Low Category High CVSIX % Rank
Net Income Ratio -3.15% -2.49% 4.20% 21.36%

Capital Gain Distribution Analysis

CVSIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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CVSIX - Fund Manager Analysis

Managers

John Calamos


Start Date

Tenure

Tenure Rank

Sep 04, 1990

31.76

31.8%

John Calamos is Chairman and Global CIO of Calamos Investments, the firm he founded in 1977. With origins as an institutional convertible bond manager, Calamos Investments has grown into a global asset management firm with institutional and individual clients worldwide. Headquartered in the Chicago metropolitan area, the firm also has offices in New York, San Francisco, Milwaukee and the Miami area. Mr. Calamos established research and investment processes centered around a team-based approach designed to deliver superior risk-adjusted performance over full market cycles through a range of U.S. and global investment solutions including equity, fixed income, convertible and alternative strategies. As a pioneer in convertible securities, Calamos launched one of the first convertible funds in 1985 as a way to manage risk for clients in volatile times. He also established one of the first liquid alternative funds in 1990, reflecting a focus on innovation that continues to this day. Mr. Calamos has built a reputation for using investment techniques to control risk, preserve capital and build wealth for clients over the long term. With more than 50 years of industry experience, he is often quoted as an authority on risk-managed investment strategies, markets, and the economy. He is a frequent speaker at investment conferences around the world and appears regularly on CNBC, Bloomberg TV and Fox Business Channel. He has authored two books, Investing in Convertible Securities: Your Complete Guide to the Risks and Rewards and Convertible Securities: The Latest Instruments, Portfolio Strategies, and Valuation Analysis.   Prior to entering the investment industry, Mr. Calamos served in the United States Air Force. During the Vietnam War, he served as a Forward Air Controller, with responsibilities for guiding accurate air strikes and preventing injuries to friendly troops. His squadron was the first to fly the Cessna O-2, an aircraft in which he recorded over 400 missions in combat. Captain Calamos was awarded the Distinguished Flying Cross for “extraordinary achievement while participating in aerial flight under heavy hostile attack.” His Air Force career included five years of active duty flying B-52 bombers and twelve years in the Reserves flying A-37 jet fighters. He retired as a Major.   The son of Greek immigrants, Mr. Calamos is an active philanthropist supporting educational institutions and Hellenic organizations. He serves as Chairman of the Board of Directors for the National Hellenic Museum in Chicago. He is an investment committee member of the Faith Endowment, and a supporting member of the National Hellenic Society, Leadership 100 and The Hellenic Initiative. He received a B.A. in Economics and an M.B.A. in Finance from Illinois Tech, where he established Endowed Chairs in Philosophy and Business and is also a member of the Board of Trustees. He received an Honorary Doctorate in Humanities from Hellenic College Holy Cross.

Jason Hill


Start Date

Tenure

Tenure Rank

Aug 05, 2013

8.82

8.8%

Jason Hill is a Vice President and Co-Portfolio Manager within the Alternatives Team. He has research and analysis responsibilities, primarily focusing on market neutral strategies and option analysis. Between August 2013 and June 2014, he was a Senior Strategy Analyst. Mr. Hill began his career at Calamos as a Portfolio Administrator in March 2004. He has progressed through a series of promotions and additional responsibilities in the Investment Department, ultimately being promoted to his current role. While at Calamos, Mr. Hill has focused on select areas, including the market neutral income strategy. Prior to joining Calamos, Mr. Hill held positions as both a Research and Risk Analyst at HFR Management, LLC. BA in Finance, North Central College. MS in Finance, DePaul University.

Eli Pars


Start Date

Tenure

Tenure Rank

Jun 26, 2014

7.93

7.9%

As a Co-Chief Investment Officer, Eli Pars is responsible for oversight of investment team resources, investment processes, performance and risk. As Head of Alternative Strategies and Co-Head of Convertible Strategies, he manages investment team members and has portfolio management responsibilities for those investment verticals. He is also a member of the Calamos Investment Committee, which is charged with providing a top-down framework, maintaining oversight of risk and performance metrics, and evaluating investment process. Eli has 34 years of industry experience, including 15 at Calamos. Prior to returning to Calamos in 2013, he was a Portfolio Manager at Chicago Fundamental Investment Partners, where he co-managed a convertible arbitrage portfolio. Previously, he held senior roles at Mulligan Partners LLC, Ritchie Capital and SAM Investments/The Hampshire Company. Earlier in his career, Eli was a Vice President and Assistant Portfolio Manager at Calamos. He received a BA in English Literature from the University of Illinois and an MBA with a specialization in Finance from the University of Chicago Graduate School of Business.

David O’Donohue


Start Date

Tenure

Tenure Rank

Sep 01, 2015

6.75

6.8%

David O’Donohue joined CALAMOS ADVISORS in August 2014 and has been a Co-Portfolio Manager since September 2015. Between March 2013 and August 2014, he was a Trader at Forty4 Asset Management LLC/Hard8 Futures LLC. Prior thereto, Mr. O’Donohue was a Portfolio Manager at Chicago Fundamental Investment Partners LLC from February 2009 to November 2012.

Jimmy Young


Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

Jimmy Young joined Calamos Advisors in June 2003 and has been a Co-Portfolio Manager since February 2019. Between February 2018 and February 2019, he was an Assistant Portfolio Manager. Prior thereto, he was a senior strategy analyst from September 2015 to February 2018. Between July 2013 and August 2015, he was a strategy analyst.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.59 6.3 9.42