Calamos Market Neutral Income Fund
CALAMOS INVESTMENT TRUST/IL · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Expense ratio |
|---|---|
| CVSIX | 1.26% |
| CVSCX | 2.01% |
| CMNIX | 1.01% |
| CVSOX | 0.92% |
Portfolio turnover 43.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Information Technology | 31.2% |
| Financials | 9.0% |
| Industrials | 8.6% |
| Consumer Discretionary | 7.9% |
| 10 smaller | 43.3% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Largest new: ORACLE CORP, DUKE ENERGY CORP, COREWEAVE INC, NEXTERA ENERGY INC, MICROCHIP TECHNOLOGY INC, Clearwater Analytics Holdings Inc, ITRON INC, PEN
Largest exited: SPOTIFY USA INC, AIRBNB INC, SEAGATE HDD CAYMAN, Seagate Technology Holdings PLC, DUKE ENERGY CORP, LUMENTUM HOLDINGS INC, UNITY SOFTWARE INC, TEGNA Inc
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +7.24% | +22.33% | +24.52% | 1.91% | -0.57% | |
| +6.47% | +19.64% | +19.92% | 1.86% | -0.62% | |
| +7.51% | +23.22% | +26.07% | 1.82% | -0.51% | |
| +7.59% | +23.41% | +26.46% | 1.82% | -0.49% |
These classes hold the same portfolio, so the 6.53pp spread over 5 years is the cost difference between them — roughly 1.31pp a year — not a difference in what they own.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| NVDA | NVIDIA CorpNVDA | 4.81% | $199.57 | $848.41M | 4.3M |
| AAPL | Apple IncAAPL | 3.87% | $271.35 | $683.35M | 2.5M |
| MSFT | Microsoft CorpMSFT | 2.95% | $407.78 | $521.20M | 1.3M |
| — | WESTERN DIGITAL CORP3.00% · due 2028-11-15 | 2.60% | — | $458.32M | — |
| AMZN | Amazon.com IncAMZN | 2.48% | $265.06 | $438.33M | 1.7M |
| GOOG | Alphabet IncGOOG | 2.00% | $381.94 | $352.89M | 923.9K |
| GOOGL | Alphabet IncGOOGL | 1.94% | $384.80 | $342.35M | 889.7K |
| CSTIX | Calamos Short-Term Bond FundCSTIX | 1.90% | $9.55 | $335.37M | 35.1M |
| AVGO | Broadcom IncAVGO | 1.90% | $417.43 | $334.85M | 802.2K |
| — | 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.
Top 10 positions are 26.30% of net assets, top 25 39.36%, across 882 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free