A total return high-yield debt strategy that invests in a broad universe of high-yield corporate debt and higher-yielding convertible securities.
Strategy: U.S. High-yield fixed-income
*Strategy AUM reflects all assets that are currently being managed (collectively) under the Calamos High Yield 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. CS High Yield 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 3.02%, 6.57%, 11.75%, 4.74%, 11.53%, 47.27%, -26.85%, 4.82%, 10.72%, and 2.73% 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 14.48%, 8.48%, 6.00%, 6.70%, 6.31%, 0.35%, 8.64%, 9.77%, 10.06%, and 9.72% 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. Credit Suisse High Yield Index
For the quarter, the portfolio’s underweighting of the lower-quality credit tiers detracted value.
From a sector perspective, security selection within materials, notably within the steel and gold industries, hurt relative performance. Security selection within information technology also detracted value. We remain bullish on the information technology sector due to its high long-term growth potential, relatively stronger balance sheets, and corporate demand for productivity enhancements.
Performance benefited from security selection within the financials and consumer staples sectors. Within financials, the portfolio was particularly well served by security selection within the asset management industry. In the consumer staples sector, the portfolio’s security selection within the agricultural products industry contributed to relative performance.
The small portion of the portfolio comprised of higher-yielding convertible securities added value to the quarter’s performance. Consistent with our philosophy in the strategy, we generally avoid the most speculative-grade credits.
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.