Calamos Market Neutral Income Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Calamos Market Neutral Income Fund held 1,024 positions with $17.65B in net assets. Its ten largest holdings made up 26.3% of the fund. The CVSIX share class costs 1.26% a year. Over the 12 months to May 2026, CVSIX returned 6.7%, with dividends reinvested. In 2026 Q3 it added 131 new positions and exited 97.
Calamos Market Neutral Income Fund's investment objective is high current income consistent with stability of principal.
The fund pursues market-neutral income by holding long positions in equities and convertible securities while employing short selling, total return swaps, and options strategies to hedge equity market risk and enhance yield. It may invest without limit in high-yield debt and up to 10% in SPACs. Because the fund seeks low correlation to broad equity markets through active hedging rather than passive replication, its returns will diverge from equity benchmarks based on the success of those hedges and the manager's security selection.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp | 4.81% | $848.41M | 4.3M | $199.57 |
AAPLApple Inc | 3.87% | $683.35M | 2.5M | $271.35 |
MSFTMicrosoft Corp | 2.95% | $521.20M | 1.3M | $407.78 |
WESTERN DIGITAL CORP 3.00% · due 2028-11-15 | 2.60% | $458.32M | — | — |
AMZNAmazon.com Inc | 2.48% | $438.33M | 1.7M | $265.06 |
GOOGAlphabet Inc | 2.00% | $352.89M | 923.9K | $381.94 |
GOOGLAlphabet Inc | 1.94% | $342.35M | 889.7K | $384.80 |
CSTIXCalamos Short-Term Bond Fund | 1.90% | $335.37M | 35.1M | $9.55 |
AVGOBroadcom Inc | 1.90% | $334.85M | 802.2K | $417.43 |
State Street Global Advisors | 1.85% | $326.06M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,024 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 45.01% |
| Bonds | 37.36% |
| Cash & short-term | 1.92% |
| Securitized | 0.45% |
| Loans | 0.17% |
| Derivatives | -9.46% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
By sector
- Information Technology
- 33.0%
- Financials
- 9.2%
- Communication Services
- 8.0%
- Health Care
- 7.4%
- 10 other sectors
- 42.4%
- Information Technology
- 33.0%
- Financials
- 9.2%
- Communication Services
- 8.0%
- Health Care
- 7.4%
- Industrials
- 7.4%
- Consumer Discretionary
- 6.9%
- International
- 6.6%
- Other
- 6.0%
- Utilities
- 5.9%
- Consumer Staples
- 3.1%
- Energy
- 2.5%
- Cash
- 1.7%
- Real Estate
- 1.5%
- Materials
- 0.8%
How it has done
CVSIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.77%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.26% | +6.71% | +22.87% | +25.00% | -0.57% | |
| 2.01% | +5.95% | +20.19% | +20.40% | -0.62% | |
| 1.01% | +7.11% | +23.87% | +26.65% | -0.51% | |
| 0.92% | +7.12% | +24.07% | +27.03% | -0.49% |
These classes hold the same portfolio, so the 6.64pp spread over 5 years is the cost difference between them — roughly 1.33pp a year — not a difference in what they own.
Fees & fund details
Calamos Market Neutral Income Fund is an actively managed U.S. equity fund. 20% of CVSIX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 90% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Fund of funds
- Expense ratio, by class
- 0.92% – 2.01%· CVSIX 1.26%
- Portfolio turnover
- 43.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
131 new· the largest 7
97 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 79.0% |
| Zero-coupon or unclassified | 21.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 6.9% |
| 1-3y | 38.7% |
| 3-5y | 35.2% |
| 5-10y | 18.6% |
| 10y+ | 0.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 58% |
| Interest rates | 42% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +0.48 yr |
| Investment grade | +0.15 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 6% |
| 1 yr | 0.15 yr | 33% |
| 5 yr | 0.27 yr | 57% |
| 10 yr | 0.02 yr | 4% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.02 yr | 2% |
| 1 yr | 0.26 yr | 42% |
| 5 yr | 0.33 yr | 52% |
| 10 yr | 0.02 yr | 3% |
| 30 yr | 0.00 yr | 0% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.00 | +0.01 | $4.1k | $23.3k |
| 1 yr | +0.15 | +0.08 | +0.18 | $148.1k | $319.1k |
| 5 yr | +0.27 | +0.07 | +0.26 | $116.0k | $466.8k |
| 10 yr | +0.02 | +0.00 | +0.02 | $22 | $34.9k |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $2.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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