Fund Evaluator:
Calamos Growth & Income C (CVTCX)
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Best Performing in Moderately Aggressive Allocation Over the Last Year
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Fund Details
Calamos Growth & Income C Overview
Calamos Growth & Income C (CVTCX) is an actively managed Allocation Moderately Aggressive Allocation fund. Calamos launched the fund in 1996.
The investment seeks high long-term total return through growth and current income. The fund invests primarily in a diversified portfolio of convertible, equity and fixed-income securities of U.S. companies without regard to market capitalization. The Advisor attempts to utilize these different types of securities to strike, in the investment adviser's opinion, the appropriate balance between risk and reward in terms of growth and income. The fund may also invest in foreign securities that are represented in the United States securities markets by ADRs or similar depository arrangements.
About Calamos Growth & Income C (CVTCX)
There are 7 members of the management team with an average tenure of 17.18 years: Jon Vacko (2004), John Hillenbrand (2004), Dino Dussias (2023), Joe Wysocki (2015), Eli Pars (2013), John Calamos (1988), R. Matthew Freund (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and ICE BofA US Convts exMand TR USD index with a weighting of 100%. Calamos Growth & Income C has 157 securities in its portfolio. The top 10 holdings constitute 37.0% 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 Growth & Income C is part of the Allocation global asset class and is within the Allocation fund group. Calamos Growth & Income C has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 75.2%. There is 0.9% allocated to foreign stock, and 2.8% 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 18.6% convertible bond). Calamos Growth & Income C has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $148 million in total assets, which is below the $570 million average for the Moderately Aggressive Allocation 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.
CVTCX 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 Growth & Income C expense ratio is high compared to funds in the Moderately Aggressive Allocation category. Calamos Growth & Income C has an expense ratio of 1.80%, which is 75% 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 Growth & Income C has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the Moderately Aggressive Allocation category.
Recently, in the month of July 2026, Calamos Growth & Income C returned -1.3%, which earned it a grade of F, as the Moderately Aggressive Allocation 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 Growth & Income C has a trailing yield of 0.00%, which is below the 1.47% 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 Growth & Income C Grades
Year to date, the fund has returned 9.4%, 0.4 percentage points worse than the category, which translates into a grade of B. The fund has returned 17.6% over the past year (grade of C), 16.3% over the past three years (grade of B) and 9.4% per year over the past five years (grade of B) and 11.8% per year over the past 10 years (grade of A).
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CVTCX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CVTCX Return (NAV) | -1.3% | 3.4% | 17.6% | 16.3% | 9.4% | 11.8% |
| CVTCX Grade | F | B | C | B | B | A |
| +/- Category | -0.9% | 0.0% | -0.7% | 1.2% | 0.7% | 1.6% |
| Moderately Aggressive Allocation Avg | -0.4% | 3.4% | 18.4% | 15.1% | 8.7% | 10.2% |
| CVTCX Tax Cost Ratio | na | na | 1.7% | 1.2% | 1.2% | 1.3% |
CVTCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CVTCX Return (NAV) | 9.4% | 16.6% | 19.7% | 19.4% | -19.1% | 20.2% | 21.5% | 25.1% | -4.6% | 15.5% | 6.3% |
| CVTCX Grade | B | C | A | B | F | B | A | A | A | D | F |
| +/- Category | -0.4% | 0.6% | 4.0% | 2.9% | -3.4% | 2.2% | 8.5% | 2.5% | 2.4% | -1.7% | -3.0% |
| Moderately Aggressive Allocation Avg | 9.8% | 16.0% | 15.7% | 16.5% | -15.7% | 18.1% | 13.0% | 22.6% | -7.0% | 17.2% | 9.3% |
| Risk Measures | |
| Standard Deviation: | 12.0% |
| Total Risk Index: | 0.97 - Average |
| Category Risk Index: | 1.07 - High |
| Category Risk Grade: | F (85% Rank) |
| Beta: | 1.08 |
| R-Squared: | 72% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3462 Mil |
| Fund Total Assets: | $ 148 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 36% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 37.9 years | |||
| Average Tenure: 17.2 years | |||
| Managers (Year): Calamos John (1988), Vacko Jon (2004), Hillenbrand John (2004), Pars Eli (2013), Wysocki Joe (2015), Freund R. Matthew (2016), Dussias Dino (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 157 |
| % in Top 10 Holdings: | 37.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 75.2% |
| Foreign Stock: | 0.9% |
| Preferred Stock: | 2.8% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 18.6% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Calamos |
| Phone Number: | 800-582-6959 |
| Website: | www.calamos.com |
| Status: | Open |
| Inception Date: | August 5, 1996 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.80% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.03% |
| Share Class: | Calamos Growth & Income A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
