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CMNIX Calamos Market Neutral Income I

  • Fund
  • CMNIX
  • Price as of: Jul 19, 2019
  • $13.20 - $0.00 - 0.00%
  • Category
  • Market Neutral

CMNIX - Profile

Vitals

  • YTD Return 4.2%
  • 3 Yr Annualized Return 0.6%
  • 5 Yr Annualized Return 0.3%
  • Net Assets $7.94 B
  • Holdings in Top 10 17.9%

52 WEEK LOW AND HIGH

$13.20
$12.61
$13.47

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.99%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 66.80%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000,000

IRA

$1,000,000

Investment Themes

CATEGORY

Market Neutral
  • Fund Type Open End Mutual Fund
  • Investment Style Market Neutral

Distributions

  • YTD Total Return 4.2%
  • 3 Yr Annualized Total Return 4.1%
  • 5 Yr Annualized Total Return 3.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.49%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Calamos Market Neutral Income
  • Fund Family Name Calamos
  • Inception Date May 10, 2000
  • Shares Outstanding 520519652
  • Share Class Inst
  • Currency USD
  • Domiciled Country United States
  • Manager John P. Calamos

Fund Description

The fund invests (i) equities (ii) 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 average term to maturity of the convertible securities purchased by the fund will typically range from two to ten years. It may seek to generate income from option premiums by writing (selling) options. The fund may invest without limit in high yield fixed-income securities (often referred to as "junk bonds").

CMNIX - Performance

Return Ranking - Trailing

Period CMNIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% -12.8% 17.2% 16.25%
1 Yr -1.3% -33.7% 4.6% 41.25%
3 Yr 0.6%* -15.4% 5.9% 33.33%
5 Yr 0.3%* -22.7% 2.1% 26.67%
10 Yr 1.9%* -14.0% 13.5% 21.43%

* Annualized


Return Ranking - Calendar

Period CMNIX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.1% -27.8% 6.2% 55.13%
2017 1.6% -21.2% 6.1% 41.03%
2016 2.0% -8.4% 7.9% 39.74%
2015 -1.6% -71.0% 5.6% 53.33%
2014 -0.1% -7.6% 5.2% 47.62%

Total Return Ranking - Trailing

Period CMNIX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.2% -12.8% 17.2% 16.25%
1 Yr 3.1% -33.7% 8.3% 8.75%
3 Yr 4.1%* -13.3% 7.6% 7.69%
5 Yr 3.5%* -22.7% 4.0% 5.33%
10 Yr 3.9%* -14.0% 15.1% 14.29%

* Annualized


Total Return Ranking - Calendar

Period CMNIX Return Category Return Low Category Return High Rank in Category (%)
2018 1.8% -27.8% 8.0% 14.10%
2017 4.8% -9.9% 7.0% 28.21%
2016 5.0% -8.4% 11.2% 21.79%
2015 1.3% -71.0% 5.6% 25.33%
2014 2.2% -7.6% 6.4% 31.75%

NAV & Total Return History

CMNIX - Holdings

Concentration Analysis

CMNIX Category Low Category High CMNIX % Rank
Net Assets 7.94 B 8.31 M 7.94 B 2.50%
Number of Holdings 711 8 1081 6.25%
Net Assets in Top 10 134 M -1.78 B 552 M 15.00%
Weighting of Top 10 17.87% 8.4% 947.2% 75.00%

Top 10 Holdings

  1. S+p 500 Index Dec19 2500 Call 3.73%

  2. Apple Inc 1.96%

  3. Microsoft Corp 1.90%

  4. Advanced Micro Devices, Inc. 2.12% 1.69%

  5. Advanced Micro Devices Inc 1.61%

  6. Amazon.com Inc 1.57%

  7. Mandatory Exchangeable Trust 1.37%

  8. Alibaba Group Holding Ltd ADR 1.36%

  9. Micron Technology Inc. 3.12% 1.34%

  10. Micron Technology Inc 1.33%


Asset Allocation

Weighting Return Low Return High CMNIX % Rank
Convertible Bonds
43.12% 0.00% 77.54% 5.00%
Cash
37.77% -9.61% 132.20% 55.00%
Stocks
13.75% -33.31% 100.96% 62.50%
Bonds
2.67% -47.88% 30.25% 21.25%
Preferred Stocks
2.60% -0.69% 10.66% 12.50%
Other
0.09% -6.51% 82.74% 26.25%

Stock Sector Breakdown

Weighting Return Low Return High CMNIX % Rank
Financial Services
7.84% -2.63% 20.52% 26.92%
Industrials
3.65% -2.10% 328.02% 65.38%
Healthcare
3.37% -12.85% 73.95% 39.74%
Energy
2.57% -3.73% 191.94% 38.46%
Consumer Defense
2.57% -193.88% 32.44% 32.05%
Communication Services
1.73% -269.20% 5.75% 24.36%
Utilities
1.10% -26.15% 9.02% 28.21%
Basic Materials
0.66% -33.88% 9.25% 67.95%
Real Estate
0.38% -70.72% 6.21% 41.03%
Consumer Cyclical
0.13% -7.91% 743.61% 58.97%
Technology
-5.69% -705.25% 32.80% 93.59%

Stock Geographic Breakdown

Weighting Return Low Return High CMNIX % Rank
US
19.71% -32.17% 109.63% 58.75%
Non US
-5.96% -112.79% 54.85% 93.75%

Bond Sector Breakdown

Weighting Return Low Return High CMNIX % Rank
Corporate
46.87% -0.70% 87.45% 5.00%
Cash & Equivalents
37.85% -10.16% 132.18% 55.00%
Government
0.95% -29.73% 21.36% 5.00%
Securitized
0.19% 0.00% 35.43% 7.50%
Municipal
0.01% 0.00% 3.44% 10.00%
Derivative
0.00% -68.08% 3.30% 40.00%

Bond Geographic Breakdown

Weighting Return Low Return High CMNIX % Rank
US
2.39% -83.47% 30.25% 21.25%
Non US
0.28% 0.00% 35.59% 13.75%

CMNIX - Expenses

Operational Fees

CMNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.99% 0.77% 4.58% 95.00%
Management Fee 0.66% 0.13% 2.00% 21.25%
12b-1 Fee 0.00% 0.00% 1.00% 4.44%
Administrative Fee N/A 0.04% 0.40% N/A

Sales Fees

CMNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.50% 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

Turnover 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 66.80% 64.00% 4753.00% 10.26%

CMNIX - Distributions

Dividend Yield Analysis

CMNIX Category Low Category High CMNIX % Rank
Dividend Yield 0.01% 0.00% 0.11% 35.00%

Dividend Distribution Analysis

CMNIX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Semi-Annually Annually

Dividend Payout History


Net Income Ratio Analysis

CMNIX Category Low Category High CMNIX % Rank
Net Income Ratio 2.49% -2.09% 2.72% 3.75%

Capital Gain Distribution Analysis

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

CMNIX - Managers

John P. Calamos

Manager

Start Date

Tenure

Tenure Rank

Sep 04, 1990

28.84

28.8%

John P. Calamos is the founder of CALAMOS ASSET MANAGEMENT, INC., the 16th largest money manager in Chicagoland. The firm offers institutional and individual investors a breadth of strategies through both individually managed portfolios and mutual funds. Mr. Calamos received his undergraduate degree in Economics and MBA in Finance from the Illinois Institute of Technology. Joining the United States Air Force after graduation, he served as a combat pilot during the Vietnam War and ultimately earned the rank of Major. Following his military service, John devoted his entire professional career to investment management and research, establishing his own firm in 1977. Mr. Calamos is a member of the Investment Analysts Society of Chicago and has taught graduate level courses on finance and investments. Mr. Calamos has written 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, along with numerous articles in various financial journals. He is often quoted in the press, including The Wall Street Journal, Investor’s Business Daily, Barron’s, Fortune, BusinessWeek and Pensions & Investments. He has appeared on CNBC, CNNfn, Louis Rukeyser's Wall Street and Nightly Business Report.


Jason Hill

Manager

Start Date

Tenure

Tenure Rank

Aug 05, 2013

5.9

5.9%

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

Manager

Start Date

Tenure

Tenure Rank

Jun 26, 2014

5.01

5.0%

Eli Pars joined CALAMOS ADVISORS in May 2013 and has been Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, as well as a Senior Co-Portfolio Manager, since September 2015. Between May 2013 and September 2015, he was a Co-Portfolio Manager. Previously, he was a Portfolio Manager at Chicago Fundamental Investment Partners from February 2009 until November 2012. He received a B.A. in English Literature from the University of Illinois and an M.B.A. with a specialization in Finance from the University of Chicago Graduate School of Business.


David O’Donohue

Manager

Start Date

Tenure

Tenure Rank

Sep 01, 2015

3.83

3.8%

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

Manager

Start Date

Tenure

Tenure Rank

Feb 28, 2019

0.33

0.3%

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

0.0

Category High

28.84

Category Average

6.42

Category Mode

5.54