A U.S. convertible strategy that leverages Calamos' capital structure research by investing in convertible securities, in order to generate consistent alpha and manage downside volatility.
Strategy: U.S. Convertibles
*Strategy AUM reflects all assets that are currently being managed (collectively) under the Calamos Convertible Strategy.
Chief Investment Officers
John P. Calamos, Sr.
Nick P. Calamos
Co-Heads of Research & Investments
7 Portfolio Specialists
Infrastructure & Execution*
*Information is as of 3/31/14.
Since Inception Up/Down Capture Vs. BofA Merrill Lynch All US Convertible ex-Mandatory VOAO Index
Annualized Total Returns
Calendar Year Returns
Composite returns are gross of fees. Net of fees returns for YTD 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, are 2.78%, 18.83%, 5.82%, -3.57%, 13.42%, 33.63%, -25.76%, 8.54%, 11.26%, and 0.58% respectively.
Rolling 5-Year Returns
Composite returns are gross of fees. Net of fees returns for March 31 2014, 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, are 12.89%, 5.35%, 4.38%, 6.37%, 5.38%, -0.98%, 8.66%, 7.17%, 5.63%, and 1.79% respectively.
Representative Portfolio Ten Largest Holdings‡
‡The information provided should not be considered a recommendation to purchase or sell any security. There is no assurance that any securities presented herein will remain in the portfolio at the time you receive information or that securities sold have not been repurchased. The securities discussed do not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any securities transactions or holdings presented were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities presented herein. Ten largest holdings exclude cash or cash equivalents, any government/sovereign bonds or instruments on broad based indexes the portfolio may hold.
First Quarter 2011 Attribution vs. BofA Merrill Lynch All U.S. Convertible Ex-Mandatory Index
The portfolio is underweight the most speculative credit tiers. While this detracted from relative performance for the quarter, strong selection within investment grade issues largely made up for the underweight and contributed to the strategy’s outperformance.
From a sector perspective, the portfolio benefited most from an underweight position and security selection within the consumer discretionary sector; holdings in the Internet retail industry performed very well. Additionally, an underweight position and security selection within the financials sector added value. The portfolio’s underweight reflects our ongoing concerns about potential risks in the financials, including individual company issues and the impact of unfolding regulations. From a bottom-up perspective, positions in the asset management industry contributed to relative returns.
Security selection within the information technology sector detracted value. Specifically, holdings within computer storage and peripherals industry and software industry hurt performance. We maintain strong conviction in the long-term potential of the information technology sector, and have found many companies within the sector that meet our criteria. In our view, there are strong growth catalysts within the technology sector, along with higher relative cash levels, lower debt and valuations we believe to be attractive.
Security selection within the health care sector detracted, as pharmaceutical holdings underperformed. While we remain cautious given the continued overhang of regulation in this sector, we have found some issues we find attractively valued. We continue to look for investable opportunities in select niche pharmaceuticals, biotechnology and medical equipment and supplies.
Effective October 8, 2008 the strategy is reopened to new investments.
The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund's current prospectus. The prospectus contains important information about the Fund and should be read carefully before investing. A copy of the full and simplified prospectus for the Fund may be obtained by clicking here, or by contacting the local Paying Agent listed by jurisdiction, or through the Fund's Transfer Agent, State Street Fund Services (Ireland) Limited, listed here.
Calamos is a registered investment adviser only in the U.S. and advisory services are not being offered directly, but may be available through select financial professionals in your local jurisdiction.