Plus, PIMCO fee cuts coming, IVA Worldwide closes, and more.
The $3.5 billion in assets Calamos Convertible
Managed by a seasoned team, the fund's 15-year return is top-decile, and it sports a terrific downside capture ratio--a measure of how much pain a fund feels in a downturn relative to a benchmark--versus both the S&P 500 Index and the BofA Merrill Lynch All Convertible Index.
Another Analyst Pick, Vanguard Convertible Securities
Calamos also announced that Calamos Market Neutral Income
PIMCO to Cut Fees
PIMCO has said it expects to cut administration fees on its funds within the next six months. The announcement comes several months ahead of expected regulatory clearance of its new broker-dealer, PIMCO Investments. The firm formed the new unit to begin distributing its own funds (duties that have been handled by parent Allianz).
As Morningstar has noted, PIMCO's fees have considerable room for improvement, especially given PIMCO's enormous economies of scale. A number of the firm's noninstitutional share classes are expensive relative to peers. For example, the institutional share class of the $241 billion PIMCO Total Return
IVA Worldwide Closes to New Investors
IVA Worldwide has trounced its peers since inception, returning 19.2% versus the average world-allocation fund's 7.3% gain. The fund's approach is also distinctive. It strives for equitylike returns from the fixed-income portfolio, which gives it a hefty high-yield corporate-bond stake.