Calamos Market Neutral Fund Class A
CVSIX
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- Calamos Market Neutral Income Fund Class A (CVSIX) is an open-end mutual fund managed by Calamos Advisors LLC that seeks maximum current income with low correlation to U.S. equity market fluctuations through a market-neutral strategy combining convertible arbitrage, hedged equity, merger arbitrage, and SPAC arbitrage. The fund invests primarily in convertible securities (including synthetic convertibles) of U.S. companies across market capitalizations, equities, short sales, and options writing to generate income and hedge risks; its portfolio allocation includes approximately 52% hedged equity, 43% convertible arbitrage, 4% merger arbitrage, and 1% SPAC arbitrage, with holdings such as Microsoft Corp., Apple Inc., Amazon.com Inc., and various convertible notes. CVSIX offers share classes including A (front-end load of 2.75%, expense ratio 1.22%), C, I (institutional), and R6, with quarterly income distributions and annual capital gains; minimum initial investments are $2,500 for A shares ($500 for IRAs) and $1 million for I shares. Launched on September 4, 1990, with the I share class (CMNIX) introduced May 10, 2000, the fund is domiciled in the United States and headquartered at Calamos Advisors LLC in Naperville, Illinois, part of Calamos Investments, a diversified global investment firm founded in 1977 offering strategies across alternatives, convertibles, equities, fixed income, and multi-asset solutions through mutual funds, ETFs, closed-end funds, and separately managed accounts. The fund targets individual and institutional investors seeking absolute returns, income diversification from bonds, and equity risk management, with assets under management of approximately $16.9 billion as of late 2025 and low net exposure (e.g., 41% long U.S. stocks, -4% non-U.S. stocks, 20% cash). In recent developments, Calamos reopened the Market Neutral Income Fund to new investors after a prior closure, enhancing accessibility; the firm launched the Calamos Aksia Private Equity & Alternatives Fund (CAPVX) in July 2025 through its strategic partnership with Aksia, expanding alternatives offerings; Morningstar reassigned the fund to the Relative Value Arbitrage category in 2021, reflecting its pricing discrepancy focus across asset classes.