Menu
Mutual Funds Home Page

Calamos Phineus Long/Short Fund (CPLSX)

Class A

Introducing: The Calamos Phineus Long/Short Fund

The Long/Short Model

The Long Short Model | Calamos Phineus Long/Short Fund

Long/Short Model Flexibility

The Long/Short Model Flexibility of Calamos Phineus Long/Short Fund

Long/Short Model Flexibility

As profiled in Barron’s

Overview

The fund seeks strong risk-adjusted and absolute returns across the global equity universe. The fund uses a global long/short strategy to invest in publicly listed equity securities. Alternative investments may not be suitable for all investors.

Key Features

  • Fundamental global approach blends top-down and bottom-up considerations
  • Flexible asset allocation allows for all investment styles, market caps and geographic regions depending on the market environment
  • Comprehensive Approach assesses stock, industry, style country and market factors
  • Knowledge-based industry concentration includes technology, communications, media, financials and health care

Portfolio Fit

The fund may be suitable for investors seeking to improve their risk-adjusted returns via an alternative solution that complements and diversifies their global or U.S. equity portfolio.

An Alternative Manager with a Long-Term Record of Compelling Performance

As a pioneer in alternatives, Calamos Investments has more than 20 years of experience investing outside of traditional asset classes and currently manages $5.4 billion in alternative assets (as of December 31, 2017). In 2015, Calamos acquired Phineus Partners LP. Over the course of 16 years, Phineus has demonstrated its ability to deliver solid performance through an institutional-strength long/short strategy that combines the best of bottom-up equity investing with macro-analysis.

GROWTH OF $10K: OUTPERFORMANCE SINCE INCEPTION

The chart below shows how a hypothetical $10,000 investment in the fund outperformed the benchmark MSCI World Index since the fund’s inception.

Phineus Long/Short Growth

Click here to view complete performance data. 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 and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximum front-end sales load of 4.75%. Had it been included, the Fund’s return would have been lower. For the most recent month end performance information click on the performance tab.

The performance shown for periods prior to 4/6/16 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Fund on 4/6/16, the date upon which the Fund commenced operations. On 10/1/15 the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund (“Phineus”), and Calamos Advisors served as the Predecessor Fund’s investment adviser between 10/1/2015 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund’s assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A and I shares expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower.

Important Risk Information

Alternative investments may not be suitable for all investors. The fund takes long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. The fund may lose money should the securities the fund is long decline in value or if the securities the fund has shorted increase in value, but the ultimate goal is to realize returns in both rising and falling equity markets while providing a degree of insulation from increased market volatility.

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus. The principal risks of investing in the Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, leverage risk, and foreign securities risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and Asia/Pacific region.

The S&P 500 Index is generally considered representative of the U.S. stock market.

The HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

The Morningstar Long/Short Equity Category funds take a net long stock position, meaning the total market risk from the long positions is not completely offset by the market risk of the short positions. Total return, therefore, is a combination of the return from market exposure (beta) plus any value-added from stock picking or market-timing (alpha).

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 and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Sector Weightings

AS OF 3/31/18
LONG SHORT GROSS NET
Consumer Discretionary 11.5 -2.7 14.2 8.8
Consumer Staples 0.2 0.0 0.2 0.1
Energy 2.4 0.0 2.4 2.4
Financials 32.3 -0.1 32.4 32.2
Health Care 11.6 -3.3 14.9 8.3
Industrials 5.9 -2.8 8.7 3.1
Information Technology 12.6 -1.7 14.3 10.9
Materials 0.0 0.0 0.0 0.0
Real Estate 1.0 0.0 1.0 1.0
Telecom Services 0.0 0.0 0.0 0.0
Utilities 0.0 0.0 0.0 0.0
Other 3.6 -38.6 42.1 -35.0
TOTAL 81.1 -49.1 130.2 31.9

Regional Weightings

AS OF 3/31/18
LONG SHORT GROSS NET
North America 72.3 -47.9 120.3 24.4
Europe 8.6 0.0 8.6 8.6
Asia/Pacific 0.0 0.0 0.0 0.0
Middle East/Africa 0.0 0.0 0.0 0.0
Emerging Markets 0.2 -1.2 1.4 -1.0
TOTAL 81.1 -49.1 130.2 31.9

Exchange traded funds and index options are included in totals but not listed as sectors.

Sector weightings, which are subject to change daily, are calculated as a percentage of Net Assets. The tables exclude cash or cash equivalents, any government / sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visiting www.calamos.com.

Important Fund Information

Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

There is no assurance that the fund's investment strategy or objective will be achieved or maintained.

Net Exposure is the difference between a fund's long and short exposure.

Gross Exposure equals long exposure plus the absolute value of short exposure.

Important Risk Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of signifcant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, leverage risk, and foreign securities risk.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Total Capital Gains

2017 0.15146

Schedule

   
Distributions Annually
Capital Gains Annually

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

The offering price for Class I shares is the NAV per share with no initial sales charge. There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund’s Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

The total expense ratio is inclusive of the 1.25% management fee, short dividend and interest expenses (Class A: 0.98%, Class C: 0.99%, Class I: 0.98%); acquired fund fees and expenses (Class A: 0.09%, Class C: 0.09%, Class I: 0.09%), 12b-1 fees (Class A: 0.25%, Class C: 1.00%); and other expenses (Class A: 0.23%, Class C: 0.22%, Class I: 0.22%).

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Annual Expenses

A Shares C Shares I Shares
Total Expense Ratio 2.80% 3.55% 2.54%
Total Expense Ratio Excluding Dividend & Interest Expense 1.82 2.56 1.56
Transaction Fee 0.00 0.00 0.00
Redemption Fee 0.00 0.00 0.00

Investment Information

A Shares C Shares I Shares
Minimum initial investment $2,500 $2,500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

A Shares C Shares I Shares
Inception Date 5/01/02 5/01/02 5/01/02
Ticker Symbol CPLSX CPCLX CPLIX
CUSIP number 128120656 128120649 128120631

Sales & Distribution

A Shares C Shares I Shares
Sales load Front-End Level-load N/A
Maximum Sales Charge 4.75% 1.00% N/A
US Bank Fund Number 5084 5085 5086
Distributions Annual dividends; annual capital gains

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

The total expense ratio is inclusive of the 1.25% management fee, short dividend and interest expenses (Class A: 0.98%, Class C: 0.99%, Class I: 0.98%); acquired fund fees and expenses (Class A: 0.09%, Class C: 0.09%, Class I: 0.09%), 12b-1 fees (Class A: 0.25%, Class C: 1.00%); and other expenses (Class A: 0.23%, Class C: 0.22%, Class I: 0.22%).

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Calamos Phineus Long-Short Fund Quarterly Commentary
A quarterly update of the Calamos Phineus Long-short Fund’s performance, positioning, related market commentary and outlook.
Calamos Phineus Long Short Fund Fact Sheet
The Phineus Long Short Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, and returns.
Understanding Fund Expenses – Long/Short Equity Funds
Funds that employ long and short strategies have different expenses to become familiar with. This guide explains what to expect, including the expenses specific to Calamos Phineus Long/Short Fund.
Jumpy Markets? This ‘Half Caff’ Blend Cuts Back on the Volatility While Pursuing Better Returns
April, 2017

Alternatives can diversify portfolios to help shield from today’s market volatility—but not all alternative allocations are created equal. Check out this Twenty 50/50 alternative blend that historically offered reduced volatility and improved returns.

How Flexibility Has Led to CPLIX Performance Consistency
January, 2017

Market risk can’t be diversified away but it can be hedged. See how the flexible approach of the eighth oldest long/short fund has allowed for capital preservation, helping investors remain invested.

Understanding the Long/Short Funds Category
Long/short funds pursue a variety of strategies, leading to a wide performance dispersion. This infographic explains the Long/Short fund category.
Pursuing Equity-like Returns With a Superior Risk Profile, Since 2002
Illustration of how Calamos Phineus Long/Short Fund (CPLIX) pursued equity-like returns with a superior risk profile over full market cycles, helping investors remain invested.
Alternatives 101 Thumbnail
Alternatives 101: Tools for Enhancing Asset Allocation

This brochure provides an introduction to Alternative Investments, and explores that many types of alternative funds. Learn how an alternative allocation may potentially enhance a portfolio’s diversification and decrease exposure to market volatility.

Email Twitter Facebook LinkedIn
Summary Prospectus
This summary contains important information about the Phineus Long/Short Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Statutory Prospectus
You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
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 semiannual report includes a letter from John P. Calamos, Sr. to shareholders and 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 P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.

For more information about the Funds such as sector weightings, top holdings, credit ratings and distribution rates, please contact Client Services at 800-582-6959.

Each Fund is a series of Calamos Investment Trust. The investment adviser to the Funds is Calamos Advisors LLC. The Calamos Family of Funds offers a range of investment strategies for individual investors with diverse investment objectives and needs. For more information on the Funds, please call 800-582-6959.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.

Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances.

The gross expense ratio is inclusive of the 1.25% management fee, short dividend and interest expenses (Class A: 0.98%, Class C: 0.99%, Class I: 0.98%); acquired fund fees (Class A: 0.09%, Class C: 0.09%, Class I: 0.09%), 12b-1 fees (Class A: 0.25%, Class C: 1.00%); and other expenses (Class A: 0.23%, Class C: 0.22%, Class I: 0.22%).

*The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through 3/1/20, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary or non-routine expenses, if any) of Class A, Class C and Class I are limited to 2.00%, 2.75% and 1.75% of average net assets, respectively.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance shown reflects an expense reimbursement that improved results. Load-adjusted returns are adjusted for the maximum front-end sales load of 2.25%* for Class A shares in the following funds: Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, High Income Opportunities Fund, and Total Return Bond Fund. The maximum front-end sales load for Class A shares of all other funds is 4.75%. There is a 1% contingent deferred sales charge for C shares on certain redemptions within the first year of purchase. Class C shares have been adjusted for the contingent deferred sales charge (CDSC). There are no contingent deferred sales charges or distribution or service fees with respect to Class I shares. The minimum initial investment required to purchase each Fund's Class I shares is $1 million. Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million. Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under certain circumstances. *Prior to 2/28/17, the Convertible Fund, Global Convertible Fund, Market Neutral Income Fund, and High Income Opportunities fund had a maximum front-end sales load of 4.75%, and the Total Return Bond Fund had a maximum front-end sales load of 3.75%.

The funds' gross expense ratios as of the prospectus dated 3/1/18 are as follows: Growth A 1.40%, C 2.15% and I 1.15%; Growth and Income A 1.12%, C 1.87% and I 0.87%; Opportunistic Value A 1.67%, C 2.42% and I 1.42%; Dividend Growth A 1.87%, C 2.73% and I 1.80%; Global Growth and Income A 1.54%, C 2.29% and I 1.29%; International Growth A 1.46%, C 2.21% and I 1.21%; Global Equity A 1.53%, C 2.27% and I 1.28%; Evolving World Growth A 1.67%, C 2.41% and I 1.41%; Emerging Market Equity A 2.70%, C 3.45% and I 2.45%; Convertible A 1.18%, C 1.93% and I 0.93%; Global Convertible A 1.46%, C 2.20% and I 1.19%; Market Neutral Income A 1.28%, C 2.03% and I 1.02%; Phineus Long/Short A 2.80%, C 3.55% and I 2.54%; Hedged Equity Income A 2.15%, C 3.04% and I 2.07%; High Income Opportunities A 1.33%, C 2.08% and I 1.08%; and Total Return Bond A 1.08%, C 1.83% and I 0.84%.  

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.