Analyst Pick Closes
Plus, PIMCO fee cuts coming, IVA Worldwide closes, and more.
The $3.5 billion in assets Calamos Convertible (CCVIX), an Analyst Pick and the largest fund in its category, will close Friday to all investors except those who own it through employer-sponsored retirement plans. The fund had been closed to new investors since October 2010, but Calamos said it decided to further limit its availability because of inflows and because fewer companies are issuing convertible securities, particularly the higher-quality businesses whose securities Calamos prefers. Calamos has shut the fund's doors in the past. It was closed from April 2003 through October 2008.
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.
Courtney Goethals Dobrow does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.