Fund Evaluator:

Calamos Select Fund C Overview

Calamos Select Fund C (CVACX) is an actively managed U.S. Equity Large Blend fund. Calamos launched the fund in 2002.

The investment seeks long-term capital growth. The fund invests primarily in U.S. equity securities. Its portfolio may include securities of well-established companies with large market capitalizations as well as small, unseasoned companies. The fund's investment adviser generally defines a large cap company to have a market capitalization in excess of $25 billion and a mid-sized company to have a market capitalization greater than $1 billion, up to $25 billion. Generally, a small cap company is defined by the investment adviser as having a market capitalization of up to $1 billion. It may invest up to 25% of its net assets in foreign securities.

About Calamos Select Fund C (CVACX)

There are 4 members of the management team with an average tenure of 9.71 years: Michael Kassab (2020), Jake Hyatt (2025), John Calamos (2002), R. Matthew Freund (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Calamos Select Fund C has 55 securities in its portfolio. The top 10 holdings constitute 46.8% 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 Select Fund C is part of the Equity global asset class and is within the U.S. Equity fund group. Calamos Select Fund C has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.0%. There is 1.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Calamos Select Fund C has 2.5% of the portfolio in cash.

Assets Under Management

The fund has $189 million in total assets, which is below the $6 billion average for the Large Blend 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.

CVACX 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 Select Fund C expense ratio is high compared to funds in the Large Blend category. Calamos Select Fund C has an expense ratio of 1.90%, which is 134% higher than its category average, making the fund expense ratio grade a F. 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 Select Fund C has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of July 2026, Calamos Select Fund C returned -0.1%, which earned it a grade of D, as the Large Blend 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 Select Fund C has a trailing yield of 0.00%, which is below the 0.56% category average. The fund normally distributes its income annually 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 Select Fund C Grades

Year to date, the fund has returned 4.9%, 4.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.7% over the past year (grade of F), 15.8% over the past three years (grade of D) and 9.6% per year over the past five years (grade of D) and 11.8% per year over the past 10 years (grade of F).

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