Investment Ideas

How Fixed Income Alt CMNIX Is Pursuing 3%, 4%, 5% in a Zero-rate World: Pars on CIO Call

Eli Pars

August 11, 2021

Calamos Market Neutral Income Fund (CMNIX), managed as a replacement for intermediate fixed income in terms of risk and return, employs convertible arbitrage, hedged equity and now SPACs strategies, as explained by Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-Portfolio Manager Eli Pars.

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Morningstar Remaps Liquid Alts, Industry-leading CMNIX Moves to New, 'Unrated' Category

Reassignments also involve CIHEX, CPLIX, CIGEX

May 6, 2021

CMNIX is now in the new Relative Value Arbitrage category, with just eight funds. With such a small set of data points, Morningstar has determined that funds in this category will not be assigned a star rating.

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Rising Rates Don’t Intimidate Fixed Income Alt CMNIX

March 2, 2021

Rising rate periods help illustrate the benefit of diversifying with fixed income alternative Calamos Market Neutral Income Fund (CMNIX).

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Don’t Be Fooled by 2020’s Snapback—The Next Equity Drawdown Could Be More Typical: Longer and More Destructive

February 17, 2021

Notwithstanding the markets' spectacular rebound last year—and mindful that this February stocks are back to trading at record highs—we’ll return to our original premise: There’s merit to seeking to minimize the depth and length of a drawdown.

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Unconcerned by Rising Rates and Cheering Volatility, CMNIX PMs Like 2021 So Far

Eli Pars, Jason Hill

January 28, 2021

Multiple catalysts—including ongoing political and social issues, corporate earnings announcements, COVID-19 itself/vaccine delays, equity valuations and social media’s continued role in the markets—have the potential to create short-term market shocks this year.

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Liquid Alts in 2020: Finally, the Market Test That Many Have Been Waiting For

January 28, 2021

The majority of liquid alternative categories outperformed the S&P 500 during the drawdown last year, but there’s much more to know—AUM, returns, performance dispersion, flows—about alts in 2020. Our annual review has it all, and interactive charts to enable your own analysis.

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Volatility Is Our Specialty, 2020 Confirms

Brandon M. Nelson, Eli Pars, Jason Hill, John Hillenbrand, Michael Grant

December 14, 2020

We revisit some of what Calamos portfolio management teams were saying (and doing) as markets began to reflect the uncertainty related to COVID-19 and its repercussions—and the impact of positioning decisions made, largely in the tumult of the first half of the year.

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More Relevant Than Ever as a Bond Portfolio Diversifier, CMNIX Marks 30th Year

October 13, 2020

With today's historically low rates and continuously high equity volatility, investment professionals turn to 30-year-old Calamos Market Neutral Income Fund (CMNIX) to provide ballast in client portfolios.

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With Realized Convertible Arbitrage Profits and Poised for Hedged Equity Opportunities, CMNIX Is Having a Good Year

David O’Donohue, Eli Pars

September 25, 2020

The Calamos Market Neutral Income Fund (CMNIX) team anticipates heightened volatility and additional opportunity in what seems likely to be a politically charged fourth quarter.

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Is Now a Good Time to Talk About Risk-managed Equity Investing?

September 11, 2020

After all the market optimism expressed in August, the September 3-8 pullback provided a reminder that equities can surprise and disappoint. We have a few ideas for managing the risks.

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