- Last Ratings Update:01/31/2014
- Price as of 01/31/2014 :$13.72
- Net Assets:$875.38 Million
- Peer Rank:29 of 122
- Investment Rating:B-
We rate Calamos Convertible Opport&Income at B-. This overall rating indicates it is among the top 10% of all closed end mutual funds in its peer group. Positive factors that influence this rating include a greater than above average total return, low price volatility and low expense structure. The fund invests approximately 58% of its assets in bonds and may be considered for investors seeking a Growth & Income strategy.
POSITIVES AND RISKS
Total return ranks above peers over the last three years. The Calamos Convertible Opport&Income has returned an annual rate of 10.59% since inception. More recently, the fund has generated a total return of 19.13% in the last five years, 10.49% in the last three years, and 17.54% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 73% of them. It has also outpaced 65% of its competitors on a three year basis and 76% of them over the last year for the period ending 1/31/2014. On a year to date basis, CHI has returned 3.47%.
Downside risk has been below average. CHI has a draw down risk of -16.90%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 11.4%. This fund has had moderate volatility in its monthly performance over the last 36 months. As of 1/31/2014, the fund was trading at a price of $13.72, which is 0.5% below its 52-week high of $13.79 and 5.0% above its 52-week low of $13.07.
High expense ratio hinders performance. On total assets of $875.38 million, CHI maintains a high expense ratio compared to its Growth & Income peers of 1.48% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As CHI is a closed end fund, it has no front end or back end load.
Manager tenure and performance record are net positives. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Calamos Convertible Opport&Income has been managed by John P. Calamos, Sr. for the last 12 years. Over that period, the manager was able to capture more actual gains in excess of the expected return than 68% of other fund managers.
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