Fund Stats

  • NAV

    $13.79

    $0.10 (0.73%)

    As of 6/24/22

  • Daily YTD Return

    6.17%

    As of 6/24/22

  • Total Net Assets

    $19.2 Billion

    As of 3/31/22

  • Inception Date

    9/4/90

Overview

The fund combines two complementary strategies with different responses to volatility: arbitrage seeks alpha and uncorrelated returns, while hedged equity provides income from options writing and upside participation.

Key Features

  • Generates returns not dependent on interest rates, breaking from traditional bond strategies.
  • Employs an absolute-return strategy with historically lower beta versus fixed income and equity markets as well as lower volatility and limited drawdowns.
  • As one of the first alternative mutual funds, capitalizes on more than four decades of experience in the convertible space.

Portfolio Fit

The fund may provide potential diversification, particularly in a rising interest rate environment.

Morningstar Rating

As of April 30, 2021, Morningstar assigned CVSIX to a new category, Relative Value Arbitrage. This category is not assigned a star rating by Morningstar due to its small peer set. For more information about the changes, click here.

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Performance

Calendar Year Total Returns

As of 3/31/22
Date Calamos Market Neutral Income Fund (NAV) Calamos Market Neutral Income Fund Load-Adjusted Bloomberg US Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
YTD 2022 -1.36 -3.59 -6.33 0.03
2021 4.7 2.37 -1.75 0.04
2020 5.18 2.82 8.93 0.56
2019 6.38 3.95 9.71 2.22
2018 1.54 -0.71 -0.42 1.83
2017 4.58 -0.4 4 0.82
2016 4.72 -0.29 3.05 0.28
2015 1.03 -3.8 0.15 0.03
2014 2 -2.87 6.01 0.03
2013 5.85 0.83 -2.35 0.05
2012 5.81 0.81 4.82 0.09

Annualized Total Returns

As of 3/31/22 As of 5/31/22
TimeFrame Calamos Market Neutral Income Fund (NAV) Calamos Market Neutral Income Fund Load-Adjusted Bloomberg US Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
1 Year 1.97 -0.33 -3.85 0.05
3 Year 3.98 3.2 2.12 0.75
5 Year 3.82 3.35 2.44 1.08
10 Year 3.63 3.12 2.45 0.59
Since Inception 5.98 5.81 5.6 2.55
TimeFrame Calamos Market Neutral Income Fund (NAV) Calamos Market Neutral Income Fund Load-Adjusted Bloomberg US Govt/Credit Bond Index Bloomberg Short Treasury 1-3 Month Index
1 Year -2.15 -4.34 -8.5 0.12
3 Year 2.83 2.07 0.25 0.63
5 Year 3.09 2.61 1.38 1.07
10 Year 3.52 3.02 1.83 0.6
Since Inception 5.84 5.68 5.45 2.54

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.75%. Had it been included, the Fund's return would have been lower.

The Bloomberg US Government/Credit Bond Index includes Treasuries and agencies that represent the government portion of the index, and includes publicly issued US corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements to represent credit interests.

The Bloomberg Short Treasury 1-3 Month Index is generally considered representative of the performance of short-term money market investments and compares performance to public obligations of the US Treasury with maturities of 1-3 months.

Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.

The funds' gross expense ratios as of the prospectus dated 3/1/2022 are as follows: A Shares 1.15%, C Shares 1.90%, I Shares 0.90% and R6 Shares 0.84%.

10k Performance is for the Fund's Class A shares at net asset value and does not include the Fund's maximum front-end sales charge of 2.75%. Had it been included, the Fund's return would have been lower. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 9/30/90, since comparative index data is available only for full monthly periods. Source: Calamos Investments

Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans and by institutional clients, provided such plans or clients have assets of at least $1 million. For eligibility requirements and other available share classes see the prospectus and other Fund documents at www.calamos.com.

Portfolio

Strategy Allocation

As of 3/31/22
Strategy %
Hedged Equity 51.7
Convertible Arbitrage 38.0
SPAC Arbitrage 9.2
Merger Arbitrage 1.1

Fund Facts

As of 3/31/22
Name Fund
Number of Holdings 1,218
Portfolio Turnover (12 months) 50.4%
Net Assets $19.2 B

Bond Duration

As of 3/31/22
Name Duration
Weighted Avg. Duration 1.5 years
Weighted Avg. Maturity 3.2 years

Credit Quality of Bonds

As of 3/31/22
Class %
AAA 0.0%
AA 0.4%
A 0.9%
BBB 5.9%
BB 6.1%
B 0.8%
CCC and below 0.0%
Unrated Securities 86.0%

Maturity Schedule

As of 3/31/22
Range %
< 1 Year 25.8%
1 to 5 Years 27.5%
5 to 10 Years 3.0%
10 to 20 Years 0.0%
20 to 30 Years 0.0%
> 30 Years 0.0%
Equities and Other 43.7%

Distributions

Total Capital Gains

Schedule: ANNUAL
Year Capital Gains
2008 0.2923
2009 0.0000
2010 0.0000
2011 0.0000
2012 0.0000
2013 0.2575
2014 0.1369
2015 0.1952
2016 0.1997
2017 0.2250
2018 0.4107
2019 0.0000
2020 0.0000
2021 0.0000

Schedule

Name Frequency
Distributions QUARTERLY
Capital Gains ANNUAL

2021 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 20, 2021. To view the report, click here.

Distributions

Schedule: QUARTERLY
Most Recent Distributions
Frequency Income Reinvest
Q1 2022 $0.0000 14.29000
Q4 2021 $0.0073 14.60000
Q3 2021 $0.0055 14.52000
Q2 2021 $0.0284 14.04000
Q1 2021 $0.0000 14.04000
Q4 2020 $0.0224 0.00000
Q2 2020 $0.0296 13.52000
Q1 2020 $0.0406 12.64000
Q4 2019 $0.0591 13.46000
Q3 2019 $0.0489 13.43000
Q2 2019 $0.0341 13.27000
Q1 2019 $0.0301 13.15000
Q4 2018 $0.0782 12.84000
Q3 2018 $0.0575 13.54000
Q2 2018 $0.0292 13.50000
Q1 2018 $0.0174 13.39000
Q4 2017 $0.0598 13.19000
Q3 2017 $0.0295 13.35000
Q2 2017 $0.0232 13.26000
Q1 2017 $0.0354 13.19000
Q4 2016 $0.0443 13.03000
Q3 2016 $0.0366 13.08000
Q2 2016 $0.0374 12.86000
Q1 2016 $0.0309 12.73000
Q4 2015 $0.0519 12.74000
Q3 2015 $0.0276 12.92000
Q2 2015 $0.0198 13.18000
Q1 2015 $0.0382 13.01000
Q4 2014 $0.0341 12.93000
Q3 2014 $0.0249 13.16000
Q2 2014 $0.0132 13.11000
Q1 2014 $0.0494 12.98000
Q4 2013 $0.0351 12.89000
Q3 2013 $0.0322 13.00000
Q2 2013 $0.0562 12.71000
Q1 2013 $0.0427 12.82000
Q4 2012 $0.0503 12.68000
Q3 2012 $0.0402 12.81000
Q2 2012 $0.0357 12.35000
Q1 2012 $0.0251 12.47000
Q4 2011 $0.0524 12.08000
Q3 2011 $0.0473 11.70000
Q2 2011 $0.0471 11.99000
Q1 2011 $0.0401 11.96000
Q4 2010 $0.0661 11.92000
Q3 2010 $0.0484 11.59000
Q2 2010 $0.0260 11.44000
Q1 2010 $0.0131 11.70000
Q4 2009 $0.0407 11.46000
Q3 2009 $0.0452 11.26000
Q2 2009 $0.0495 10.74000
Q1 2009 $0.0764 9.90000
Q4 2008 $0.3489 10.21000
Q3 2008 $0.0894 11.98000
Q2 2008 $0.0897 12.56000
Q1 2008 $0.0900 12.56000

Fees & Expenses

Annual Expenses

Name A Shares C Shares I Shares R6 Shares
Gross Expense Ratio 1.15% 1.90% 0.90% 0.84%

Investment Information

Name A Shares C Shares I Shares R6 Shares
Minimum initial investment $2500 $2500 $1 million $0
Minimum subsequent investments $50 $50 $0 $0
IRA initial investments $500 $500 N/A N/A

Fund Information

Name A Shares C Shares I Shares R6 Shares
Inception Date 9/04/90 2/16/00 5/10/00 6/23/20
Ticker Symbol CVSIX CVSCX CMNIX CVSOX
CUSIP number 128119203 128119849 128119880 128120342

Sales & Distribution

Name A Shares C Shares I Shares R6 Shares
Sales Load Front-End Level-Load N/A N/A
Maximum Sales Charge 2.75 1.00 N/A N/A
US Bank Fund Number 605 619 629 5575
Dividends QUARTERLY QUARTERLY QUARTERLY QUARTERLY
Capital Gains ANNUAL ANNUAL ANNUAL ANNUAL

Literature

Latest Related Blog Posts

About the Fund

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Calamos Market Neutral Income Fund Quarterly Commentary

A quarterly update of the Calamos Market Neutral Income Fund’s performance, positioning, related market commentary and outlook.

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Calamos Market Neutral Income Fund Fact Sheet

The Market Neutral Income Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.

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Maximizing the Opportunity in Convertible Securities

This guide provides a brief overview of Calamos’ history in the asset class, how convertibles can be used in strategic asset allocation, and the attractive conditions we see in the market today. Included is an overview of the Calamos funds that use convertible securities in varied ways to achieve compelling short and long-term performance.

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A Hypothetical Illustration Using an Alternative Approach for Retirement Assets

Our hypothetical illustration using Calamos Market Neutral Income Fund (CMNIX) offers a potential alternative solution for investors saving for retirement with traditional fixed income securities.

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The Opportunity of Convertible Securities

Like stocks, convertibles typically offer upside appreciation in rising equity markets. Like bonds, convertibles provide income and potential downside protection in declining markets.

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Convertible Securities: Structures, Valuation, Market Environment, and Asset Allocation

A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.

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Don’t Let Volatility Rob Investors of Their Greatest Advantage: Time

Illustration of how the Calamos Market Neutral Income Fund (CMNIX) has kept drawdowns to a minimum and recovered sooner, allowing the portfolio to get back to growing.

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Whether You Think Rates Will Rise 50 bps or 250 bps, Consider CMNIX

The Calamos Market Neutral Income Fund is an option whether you expect rates to ultimately rise 50 bps or 250 bps.

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Demonstrated Resilience When Interest Rates Rise

In periods where Treasury Yields rose more than 100 basis points, the Calamos Market Neutral Income fund outperformed the index in every period.

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Calamos Strategies for Different Market Periods

Illustration of equity alternatives performance in down markets and fixed income alternative performance in rising interest rate environments.

Prospectus and Reports

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Calamos Market Neutral Fund Prospectus

This summary contains important information about the Class A, C, and I Market Neutral Income Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

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Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

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SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

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Semi-Annual Report

The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.

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Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.