Fund Evaluator:
Calamos Convertible A (CCVIX)
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Best Performing in Convertibles Over the Last Year
| 36.4% | Harbor Ares Systematic Cnvrt Scs Ins (HACSX) |
| 35.8% | Harbor Ares Systematic Cnvrt Scs Inv (HICSX) |
| 35.5% | Fidelity Advisor Convertible Secs Z (FIQVX) |
| 35.4% | Fidelity Convertible Securities (FCVSX) |
| 32.4% | Invesco Convertible Securities Y (CNSDX) |
Fund Details
Calamos Convertible A Overview
Calamos Convertible A (CCVIX) is an actively managed Allocation Convertibles fund. Calamos launched the fund in 1985.
The investment seeks current income, with growth as its secondary objective. The fund invests mainly in a diversified portfolio of convertible securities issued by both U.S. and foreign companies without regard to market capitalization. It invests at least 80% of its net assets (plus any borrowings) in convertible securities. The fund may invest up to 25% of its net assets in foreign securities, but generally will invest approximately 5% to 15% of its net assets in foreign securities.
About Calamos Convertible A (CCVIX)
There are 6 members of the management team with an average tenure of 19.96 years: Jon Vacko (2004), John Hillenbrand (2004), Joe Wysocki (2015), Eli Pars (2013), John Calamos (1985), R. Matthew Freund (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. Calamos Convertible A has 109 securities in its portfolio. The top 10 holdings constitute 27.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Calamos Convertible A is part of the Hybrid Securities global asset class and is within the Allocation fund group. Calamos Convertible A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.7%. There is 0.0% allocated to foreign stock, and 10.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 2.2% (2.2% domestic bond, 0.0% foreign bond and 83.4% convertible bond). Calamos Convertible A has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $303 million in total assets, which is above the $220 million average for the Convertibles category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CCVIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calamos Convertible A expense ratio is high compared to funds in the Convertibles category. Calamos Convertible A has an expense ratio of 1.14%, which is 3% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calamos Convertible A has a portfolio turnover rate of 85%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Convertibles category.
Recently, in the month of June 2026, Calamos Convertible A returned 1.7%, which earned it a grade of A, as the Convertibles category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Calamos Convertible A has a trailing yield of 0.34%, which is below the 1.71% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calamos Convertible A Grades
Year to date, the fund has returned 25.2%, 6.8 percentage points better than the category, which translates into a grade of A. The fund has returned 38.5% over the past year (grade of A), 19.1% over the past three years (grade of B) and 7.6% per year over the past five years (grade of B) and 12.4% per year over the past 10 years (grade of C).
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CCVIX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CCVIX Return (NAV) | 1.7% | 21.5% | 38.5% | 19.1% | 7.6% | 12.4% |
| CCVIX Grade | A | A | A | B | B | C |
| +/- Category | 1.3% | 5.5% | 9.1% | 2.8% | 1.1% | 0.7% |
| Convertibles Avg | 0.4% | 16.0% | 29.4% | 16.3% | 6.5% | 11.7% |
| CCVIX Tax Cost Ratio | na | na | 2.7% | 1.2% | 1.5% | 1.6% |
CCVIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CCVIX Return (NAV) | 25.2% | 19.1% | 9.7% | 10.6% | -21.2% | 5.2% | 48.4% | 19.2% | 0.5% | 14.3% | 4.4% |
| CCVIX Grade | A | B | D | B | D | B | B | F | A | C | F |
| +/- Category | 6.8% | 3.0% | -1.5% | 1.9% | -3.4% | 0.3% | 6.0% | -3.7% | 2.1% | 0.5% | -3.7% |
| Convertibles Avg | 18.4% | 16.1% | 11.2% | 8.7% | -17.8% | 4.9% | 42.4% | 22.9% | -1.6% | 13.8% | 8.1% |
| Risk Measures | |
| Standard Deviation: | 13.0% |
| Total Risk Index: | 1.07 - Above Average |
| Category Risk Index: | 1.17 - High |
| Category Risk Grade: | F (96% Rank) |
| Beta: | 1.14 |
| R-Squared: | 67% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.3% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1158 Mil |
| Fund Total Assets: | $ 304 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 85% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 41.1 years | |||
| Average Tenure: 20.0 years | |||
| Managers (Year): Calamos John (1985), Vacko Jon (2004), Hillenbrand John (2004), Pars Eli (2013), Wysocki Joe (2015), Freund R. Matthew (2016) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 109 |
| % in Top 10 Holdings: | 27.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 2.7% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 10.2% |
| Domestic Bond: | 2.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 83.4% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | Calamos |
| Phone Number: | 800-582-6959 |
| Website: | www.calamos.com |
| Status: | Open |
| Inception Date: | June 21, 1985 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 2.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.14% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Calamos Convertible A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
