Calamos Market Neutral Income Fund
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
7.2%
1 yr return
7.3%
3 Yr Avg Return
3.9%
5 Yr Avg Return
4.4%
Net Assets
$15.2 B
Holdings in Top 10
23.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.97%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 49.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
CMNIX - Profile
Distributions
- YTD Total Return 7.2%
- 3 Yr Annualized Total Return 3.9%
- 5 Yr Annualized Total Return 4.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -2.90%
- Dividend Yield 1.4%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameCalamos Market Neutral Income Fund
-
Fund Family NameCalamos Family of Funds
-
Inception DateMay 10, 2000
-
Shares Outstanding1190570563
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJohn 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.
CMNIX - Performance
Return Ranking - Trailing
Period | CMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.2% | -11.6% | 15.8% | 60.00% |
1 Yr | 7.3% | -33.0% | 41.7% | 31.07% |
3 Yr | 3.9%* | -10.5% | 13.4% | 35.71% |
5 Yr | 4.4%* | -4.8% | 11.1% | 20.48% |
10 Yr | 4.1%* | -4.6% | 7.6% | 20.59% |
* Annualized
Return Ranking - Calendar
Period | CMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 3.1% | -31.7% | 23.2% | 24.49% |
2022 | -5.2% | -20.7% | 10.7% | 10.31% |
2021 | 4.5% | -12.4% | 14.7% | 64.44% |
2020 | 4.4% | -13.2% | 12.9% | 51.90% |
2019 | 5.1% | -11.7% | 7.9% | 47.14% |
Total Return Ranking - Trailing
Period | CMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.2% | -11.7% | 15.8% | 60.00% |
1 Yr | 7.3% | -33.0% | 41.7% | 28.16% |
3 Yr | 3.9%* | -10.5% | 13.4% | 32.65% |
5 Yr | 4.4%* | -4.8% | 11.1% | 18.07% |
10 Yr | 4.1%* | -4.6% | 7.6% | 20.59% |
* Annualized
Total Return Ranking - Calendar
Period | CMNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.2% | -31.7% | 23.2% | 24.49% |
2022 | -4.3% | -20.7% | 10.7% | 10.31% |
2021 | 5.0% | -12.4% | 14.7% | 32.22% |
2020 | 5.4% | -12.7% | 12.9% | 36.71% |
2019 | 6.8% | -11.5% | 13.2% | 18.57% |
NAV & Total Return History
CMNIX - Holdings
Concentration Analysis
CMNIX | Category Low | Category High | CMNIX % Rank | |
---|---|---|---|---|
Net Assets | 15.2 B | 105 K | 12.6 B | 0.96% |
Number of Holdings | 1013 | 5 | 2526 | 18.27% |
Net Assets in Top 10 | 3.53 B | -619 M | 6.53 B | 5.77% |
Weighting of Top 10 | 23.41% | 7.6% | 96.1% | 73.17% |
Top 10 Holdings
- Apple Inc 3.92%
- NVIDIA Corp 3.85%
- Microsoft Corp 3.55%
- Palo Alto Networks Inc 2.40%
- Calamos Short-Term Bond Fund 2.22%
- Amazon.com Inc 2.03%
- Meta Platforms Inc 1.54%
- State Street Navigator Securities Lending Government Money Market Portfolio 1.54%
- Alphabet Inc 1.21%
- Alibaba Group Holding Ltd 1.15%
Asset Allocation
Weighting | Return Low | Return High | CMNIX % Rank | |
---|---|---|---|---|
Stocks | 42.01% | -57.09% | 325.56% | 81.73% |
Bonds | 38.37% | -1.04% | 63.30% | 39.42% |
Convertible Bonds | 32.08% | 0.00% | 95.47% | 8.65% |
Cash | 22.45% | -225.56% | 102.75% | 50.96% |
Preferred Stocks | 2.12% | 0.00% | 5.67% | 7.69% |
Other | -4.96% | -11.90% | 43.69% | 40.38% |
Stock Sector Breakdown
Weighting | Return Low | Return High | CMNIX % Rank | |
---|---|---|---|---|
Financial Services | 26.08% | 0.00% | 98.37% | 44.09% |
Technology | 21.41% | 0.00% | 100.00% | 24.73% |
Healthcare | 11.87% | 0.00% | 27.28% | 27.96% |
Consumer Cyclical | 8.79% | 0.00% | 29.06% | 37.63% |
Communication Services | 7.99% | 0.00% | 33.72% | 16.13% |
Industrials | 7.43% | 0.00% | 27.58% | 55.91% |
Consumer Defense | 5.58% | 0.00% | 30.58% | 23.66% |
Utilities | 3.66% | 0.00% | 66.28% | 11.83% |
Energy | 3.29% | 0.00% | 53.30% | 36.56% |
Real Estate | 2.10% | 0.00% | 93.91% | 37.63% |
Basic Materials | 1.81% | 0.00% | 42.74% | 49.46% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | CMNIX % Rank | |
---|---|---|---|---|
US | 42.85% | -55.82% | 325.56% | 56.73% |
Non US | -0.84% | -7.09% | 86.98% | 94.23% |
Bond Sector Breakdown
Weighting | Return Low | Return High | CMNIX % Rank | |
---|---|---|---|---|
Corporate | 58.30% | 0.00% | 100.00% | 14.42% |
Cash & Equivalents | 2.45% | 0.00% | 100.00% | 77.88% |
Securitized | 0.52% | 0.00% | 27.70% | 5.77% |
Government | 0.45% | 0.00% | 73.33% | 27.88% |
Municipal | 0.13% | 0.00% | 3.82% | 6.73% |
Derivative | -4.96% | 0.00% | 30.95% | 45.19% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | CMNIX % Rank | |
---|---|---|---|---|
US | 37.57% | -1.04% | 80.93% | 39.42% |
Non US | 0.80% | -64.71% | 9.68% | 19.23% |
CMNIX - Expenses
Operational Fees
CMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.97% | 0.73% | 9.52% | 93.20% |
Management Fee | 0.66% | 0.13% | 1.65% | 13.46% |
12b-1 Fee | N/A | 0.00% | 1.00% | 4.88% |
Administrative Fee | N/A | 0.06% | 0.40% | N/A |
Sales Fees
CMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.75% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
CMNIX 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.
CMNIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 49.00% | 30.00% | 483.00% | 10.11% |
CMNIX - Distributions
Dividend Yield Analysis
CMNIX | Category Low | Category High | CMNIX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.36% | 0.00% | 0.75% | 29.81% |
Dividend Distribution Analysis
CMNIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Quarterly | Annually | Quarterly | Annually |
Net Income Ratio Analysis
CMNIX | Category Low | Category High | CMNIX % Rank | |
---|---|---|---|---|
Net Income Ratio | -2.90% | -2.49% | 4.20% | 17.48% |
Capital Gain Distribution Analysis
CMNIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 16, 2024 | $0.051 | OrdinaryDividend |
Mar 15, 2024 | $0.026 | OrdinaryDividend |
Dec 21, 2023 | $0.191 | OrdinaryDividend |
Dec 21, 2023 | $0.232 | CapitalGainShortTerm |
Dec 21, 2023 | $0.278 | CapitalGainLongTerm |
Sep 15, 2023 | $0.074 | OrdinaryDividend |
Jun 15, 2023 | $0.042 | OrdinaryDividend |
Mar 15, 2023 | $0.020 | OrdinaryDividend |
Dec 21, 2022 | $0.100 | OrdinaryDividend |
Sep 15, 2022 | $0.025 | OrdinaryDividend |
Jun 15, 2022 | $0.012 | OrdinaryDividend |
Mar 15, 2022 | $0.003 | OrdinaryDividend |
Dec 20, 2021 | $0.016 | OrdinaryDividend |
Sep 15, 2021 | $0.014 | OrdinaryDividend |
Jun 16, 2021 | $0.037 | OrdinaryDividend |
Dec 22, 2020 | $0.038 | OrdinaryDividend |
Jun 18, 2020 | $0.038 | OrdinaryDividend |
Mar 19, 2020 | $0.049 | OrdinaryDividend |
Dec 31, 2019 | $0.004 | Extra |
Dec 18, 2019 | $0.068 | OrdinaryDividend |
Sep 12, 2019 | $0.057 | OrdinaryDividend |
Jun 13, 2019 | $0.042 | OrdinaryDividend |
Mar 14, 2019 | $0.037 | OrdinaryDividend |
Dec 31, 2018 | $0.011 | ExtraDividend |
Dec 20, 2018 | $0.085 | OrdinaryDividend |
Dec 20, 2018 | $0.174 | CapitalGainShortTerm |
Dec 20, 2018 | $0.236 | CapitalGainLongTerm |
Sep 13, 2018 | $0.066 | OrdinaryDividend |
Jun 14, 2018 | $0.038 | OrdinaryDividend |
Mar 15, 2018 | $0.026 | OrdinaryDividend |
Dec 29, 2017 | $0.002 | ExtraDividend |
Dec 14, 2017 | $0.066 | OrdinaryDividend |
Dec 14, 2017 | $0.225 | CapitalGainLongTerm |
Sep 14, 2017 | $0.038 | OrdinaryDividend |
Jun 15, 2017 | $0.033 | OrdinaryDividend |
Mar 16, 2017 | $0.044 | OrdinaryDividend |
Dec 15, 2016 | $0.053 | OrdinaryDividend |
Dec 15, 2016 | $0.079 | CapitalGainShortTerm |
Dec 15, 2016 | $0.121 | CapitalGainLongTerm |
Sep 15, 2016 | $0.045 | OrdinaryDividend |
Jun 16, 2016 | $0.045 | OrdinaryDividend |
Mar 17, 2016 | $0.039 | OrdinaryDividend |
Dec 17, 2015 | $0.060 | OrdinaryDividend |
Dec 17, 2015 | $0.062 | CapitalGainShortTerm |
Dec 17, 2015 | $0.133 | CapitalGainLongTerm |
Sep 17, 2015 | $0.036 | OrdinaryDividend |
Jun 18, 2015 | $0.028 | OrdinaryDividend |
Mar 19, 2015 | $0.047 | OrdinaryDividend |
Dec 18, 2014 | $0.043 | OrdinaryDividend |
Dec 18, 2014 | $0.018 | CapitalGainShortTerm |
Dec 18, 2014 | $0.119 | CapitalGainLongTerm |
Sep 18, 2014 | $0.034 | OrdinaryDividend |
Jun 19, 2014 | $0.021 | OrdinaryDividend |
Mar 20, 2014 | $0.057 | OrdinaryDividend |
Dec 19, 2013 | $0.043 | OrdinaryDividend |
Dec 19, 2013 | $0.258 | CapitalGainLongTerm |
Sep 19, 2013 | $0.040 | OrdinaryDividend |
Jun 20, 2013 | $0.065 | OrdinaryDividend |
Nov 06, 2002 | $0.002 | CapitalGainShortTerm |
Sep 25, 2002 | $0.107 | OrdinaryDividend |
Sep 25, 2002 | $0.000 | ExtraDividend |
Jun 26, 2002 | $0.087 | OrdinaryDividend |
Mar 27, 2002 | $0.092 | OrdinaryDividend |
Dec 27, 2001 | $0.099 | OrdinaryDividend |
Nov 07, 2001 | $0.019 | CapitalGainShortTerm |
Sep 26, 2001 | $0.106 | OrdinaryDividend |
Jun 27, 2001 | $0.101 | OrdinaryDividend |
Mar 28, 2001 | $0.138 | OrdinaryDividend |
CMNIX - 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 |