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$10.66$0.08 (0.74%)
NAVAs of 8/15/25The current NAV takes into account the fund distribution of $0.08500 that was paid on 8/15/25. -
$790.4 MTotal Net AssetsAs of 8/15/25
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6.21%YTD ReturnAs of 8/15/25
- 10.7%Private Credit Portfolio YieldAs of 6/30/25
Fund Highlights
Enhanced Income
Target attractive yield and lower correlation with a focus on principal preservation.
Diversified Exposure
Invests across the private credit asset class, beyond direct lending and corporate credit.
Institutional Access
Sources opportunities from hundreds of leading private credit originators and private equity sponsors.
Investor-friendly Structure
- Attractive fees – 1.25%
- Monthly distributions and quarterly repurchases
- 1099-DIV reporting
Performance
As of 6/30/25
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns over 1-year are annualized.
How to Invest
Financial advisors and institutional investors can purchase fund shares on a daily basis, using the ticker symbol CAPIX.
Contact UsMonthly Returns (%)
As of 6/30/25
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Calendar Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.40%* | 0.70% | 0.89% | 0.59% | 0.77% | 1.67% | 1.12% | ||||||
| 2024 | 1.07% | 0.77% | 1.44% | 1.01% | 0.95% | 0.66% | 1.14% | 1.12% | 0.61% | 0.99% | 1.09% | 1.30% | 12.85% |
| 2025 | 0.66% | 0.60% | 0.99% | 0.61% | 1.27% | 0.80% |
*Partial month
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns over 1-year are annualized.
Total Return Since Inception of CAPIX
As of 5/31/25
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns over 1-year are annualized.
Annualized Returns
As of 6/30/25
| Year-To-Date | 1-Year Return | Since Inception Annualized Return | |
|---|---|---|---|
| CAPIX | 5.03% | 11.77% | 11.87% |
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns over 1-year are annualized.
Portfolio
Private Credit Portfolio Statistics1
| # Underlying Loans: | 149 |
|---|---|
| # of Industries: | 37 |
| # Sourcing Partners: | 80 |
| First Lien: | 90% |
| Floating Rate: | 91% |
| Avg Loan to Value: | 43% |
| Avg EBITDA: | $127.8M |
| Duration (Years): | 0.24 |
| Avg. Maturity (Years): | 4.47 |
As of 6/30/25
Industry Weightings2
| Financial Services | 11.7% |
|---|---|
| Software | 9.4% |
| Real Estate Management & Development | 8.6% |
| Commercial Services & Supplies | 8.2% |
| Professional Services | 8.2% |
| Oil, Gas & Consumable Fuels | 6.6% |
| Insurance | 4.7% |
| Construction & Engineering | 3.7% |
| Media | 2.7% |
| IT Services | 2.7% |
| Health Care Providers & Services | 2.6% |
| Health Care Equipment & Supplies | 2.4% |
| Health Care Technology | 2.1% |
| Food Products | 1.8% |
| Automobile Components | 1.7% |
| Diversified Telecommunication Services | 1.6% |
| Capital Markets | 1.4% |
| Containers & Packaging | 1.4% |
| Gas Utilities | 1.4% |
| Other3 | 17.2% |
As of 6/30/25
Private Credit Portfolio Strategy2
As of 6/30/25
Private Credit Portfolio Substrategy2
As of 6/30/25
Holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest and may not be representative of the Fund’s current or future investments. The figures presented are as of the date shown and may change at any time. Investment names are not representative of the legal name of the investment entity. Past performance is not indicative of future results.
1All statistics in this section are related to the portion of the portfolio invested in private credit assets
2Percentages are based on the invested portfolio and do not reflect investments held in funds and are subject to change. Other includes investments that do not have a strategy or industry classification.
3Other includes all industries with a net weight below 1.4% as well as investments that do not have an industry classification, and cash.
4Other includes all substrategies (except US Direct Lending) with a net weight below 1.3%, investments that do not have a substrategy, and cash.
CAPIX Provides Diversification Across the Private Credit’s Sectors and Strategies
Direct Lending
- US direct lending
- European direct lending
- Emerging markets direct lending
Some private credit registered funds may have a narrow focus on US direct lending.
Distressed Debt and Special Situations
- “Credit opportunities”
- Corporate distressed
- Opportunistic structured credit
- Real estate distressed
- NPLs
- Capital solutions/rescue finance
- “Special situations” loans
Speciality Finance
- Consumer and SME lending
- Rediscount lending
- Factoring and receivables
- Regulatory capital relief
- Royalties*
- Venture lending
- Technology lending
- Financial services credit
- Insurance-linked credit
- Litigation finance
- Stretch ABL
- NAV loans
- Structured secondaries
Real Estate Credit
- US corporate real estate (CRE lending: core transitional, bridge lending)
- European CRE lending
- Emerging markets CRE lending
- CRE structured credit
- Residential mortgages
Real Assets Credit
- Infrastructure lending
- Energy credit
- Trade finance
- Metals and mining finance
- Agricultural credit
- Transportation
Mezzanine
- US mezzanine
- European mezzanine
- Structured equity
- PIK Holdco
*Includes Music/Film/Media; Oil & Gas Minerals; Metals; Healthcare Lending & Royalties
Median New Issue Spread By Sector
As of 6/30/25
Source: Aksia. Median new issue spread refers to the median yield spread of newer deals/securities sourced by the Fund. Investing involves risk including possible loss of principal. Past performance is no guarantee of future returns. The ICE BAML US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market. Direct Lending is defined as senior secured loans typically made to privately held businesses. This provides companies with necessary capital to expand, restructure or improve their financial positions. Special Situations is defined as buying discounted loans or lending against assets that are undergoing a period of complexity, financial trouble, or a restructuring. Real Estate Credit is defined as loans secured by real estate assets such as commercial properties, mortgages, and healthcare assets. Real Assets Credit are typically subordinated or hybrid loans secured by real assets such as infrastructure, energy projects, transportation & equipment assets (i.e. aviation), metals & mining projects, and agriculture. Specialty Finance includes sector-specific lending strategies like rediscount lending, royalties, litigation finance, and loans secured by non-corporate assets. Mezzanine is defined as subordinated loans typically used for buyouts or recapitalizations, usually with some equity participation rights.
Leadership
John P. Calamos, Sr.
Founder, Chairman and Global Chief Investment Officer, Calamos Investments
Matt Freund, CFA
Co-CIO, Head of Fixed Income Strategies, and Senior Co-Portfolio Manager, Calamos Investments
Eli Pars, CFA
Co-CIO, Co-Head of Alternative Strategies, Co-Head of Convertible Strategies, & Senior Co-Portfolio Manager, Calamos Investments
Michael Kassab, CFA
Senior Vice President, Chief Market Strategist, Associate Portfolio Manager, Calamos Investments
Distributions
2024 Capital Gains
Capital gains for Calamos Aksia Alternative Credit and Income Fund were declared December 30, 2024. To view the report, click here.
Fund Information
| Ticker: | CAPIX (Share Class I) |
|---|---|
| Objective: | The fund seeks attractive risk-adjusted returns and high current income |
| Structure: | Interval Fund (40-Act registered) with daily purchase and quarterly repurchase |
| Accreditation Requirement: | None |
| Purchase: | Daily |
| Benchmark: | Morningstar LSTA US Leveraged Loan Index |
| Leverage: | Up to 25% |
| Private Fund5 Investment Limitation: | Maximum of 15% |
|---|---|
| Liquidity Terms: | Quarterly; no less than 5% of outstanding shares |
| Distributions: | Monthly |
| Tax Reporting: | 1099-DIV |
| Management Fee6: | 1.25% |
| Performance Fee: | None |
5The term “private fund” means an issuer that would be an investment company, as defined in section 3 of the Investment Company Act of 1940 ( 15 U .S.C. 80a–3 ), but for section 3(c)(1) or 3(c)(7) of that Act.
6As of the prospectus dated 8/1/25 the gross expense ratio for the Class A shares, Class C shares, Class I shares, and Class M shares is 3.60%, 4.34%, 3.43%, and 4.09% of average net assets, respectively. The net expense ratio for Class A shares, Class C shares, Class I shares, and Class M shares is 3.21%, 3.96%, 2.96%, and 3.71% of average net assets, respectively.
The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor have agreed contractually until at least April 27, 2027 to reimburse certain other expenses incurred in the business of the Fund on a 50/50 basis, calculated and reimbursed on a Class-by-Class basis in respect of each of Class A, Class C, and Class I, with the exception of (i) the Investment Management Fee, (ii) the Shareholder Servicing Fee, (iii) the Distribution Fee, (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund’s investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses, (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor), to the extent that such expenses exceed 0.25% of the average daily net assets of such class. See the prospectus for estimated interest expenses and additional information regarding fees and estimated operating expenses.
The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor have agreed contractually until at least April 27, 2027 to reimburse certain other expenses incurred in the business of the Fund on a 50/50 basis, calculated and reimbursed on a Class-by-Class basis in respect of each of Class A, Class C, and Class I, with the exception of (i) the Investment Management Fee, (ii) the Shareholder Servicing Fee, (iii) the Distribution Fee, (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund’s investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses, (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor), to the extent that such expenses exceed 0.25% of the average daily net assets of such class. See the prospectus for estimated interest expenses and additional information regarding fees and estimated operating expenses.
Literature
About the Fund
Research & Education
Prospectus and Reports
CAPIX Prospectus
You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
CAPIX SAI
The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
Semi-Annual Report
The semi-annual report provides a comprehensive review of the fund’s activities and financial performance over a six month period.
Annual Report
The annual report includes a letter from John Koudounis to shareholders outlining the fund’s performance, as well as a comprehensive review of the fund’s activities and financial performance.
How to Invest
Financial advisors and institutional investors can purchase fund shares on a daily basis, using the ticker symbol CAPIX.
Contact Us