Calamos Investment Team Outlooks, July 2022
We believe there’s opportunity in every market—including the most volatile ones. Senior members of our investment organization discuss how they are managing risk and positioning the Calamos funds. With an introduction from Founder and Global Chief Investment Officer John P. Calamos, Sr.
Alternative: Market Neutral
CMNIX
Market Neutral Income Fund
As of April 30, 2021, Morningstar assigned CMNIX to a new category, Relative Value Arbitrage. This category is not assigned a star rating by Morningstar due to its small peer set. For more information about the changes, click here.
Core market strategies include covered call writing and convertible arbitrage. Together, these strategies are intended to provide the fund with an enhanced potential for risk-managed returns due to their differing responses to volatility.
Fixed Income: Short-Term Bond
CSTIX
Short-Term Bond Fund
4 Stars
Among 550 Short-Term Bond funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 4 stars for 3 years out of 550 Short-Term Bond Funds, respectively, for the period ended 7/31/2022.
Through its multi-sector fixed income strategy, the fund invests predominantly in US issuers with the goal of generating high current income and total return in excess of the benchmark over market cycles.
US Equity: US Equities and Convertibles
CGIIX
Growth and Income Fund
5 Stars
Among 307 Allocation--70% to 85% Equity funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 5 stars for 5 years and 5 stars for 10 years out of 307, 279 and 222 Allocation--70% to 85% Equity Funds, respectively, for the period ended 7/31/2022.
The fund invests primarily in US equity and convertible securities in an attempt to balance risk/reward while providing growth and income.
Global Equity: Diversified Emerging Mkts
CNWIX
Evolving World Growth Fund
5 Stars
Among 724 Diversified Emerging Mkts funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 5 stars for 5 years and 4 stars for 10 years out of 724, 638 and 361 Diversified Emerging Mkts Funds, respectively, for the period ended 7/31/2022.
The fund offers an active, risk-managed strategy to access growth opportunities in emerging markets. The fund invests in emerging market-domiciled and developed market-domiciled companies with significant revenue exposures attributable to emerging markets.
Global Equity: World Allocation
CGCIX
Global Opportunities Fund
5 Stars
Among 399 Global Allocation funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 5 stars for 5 years and 4 stars for 10 years out of 399, 348 and 249 Global Allocation Funds, respectively, for the period ended 7/31/2022.
The fund invests primarily in global equity and convertible securities in an attempt to balance risk/reward while providing growth and income.
Global Equity: Foreign Large Growth
CIGIX
International Growth Fund
4 Stars
Among 395 Foreign Large Growth funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 4 stars for 3 years, 4 stars for 5 years and 3 stars for 10 years out of 395, 346 and 219 Foreign Large Growth Funds, respectively, for the period ended 7/31/2022.
The fund offers a dynamic approach to accessing international growth opportunities. We apply our active investment approach to build a portfolio of companies with superior growth and quality attributes across developed and emerging markets.
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*CPLIX ranks 17th YTD (37 out of 206 funds in the Morningstar Long-Short Equity category), 32nd over 1-year (60 out of 198 funds), 23rd over 3-year (41 out of 185 funds), 46th over 5-year (66 out of 173 funds), and 1st since inception (1 out of 15 funds). Data as of 7/31/22.
On the Blogs
Investment Ideas
Try Our Prebuilt Portfolio Analytics Comparisons
August 11, 2022
The Investment Professional-only section of Calamos.com provides a robust fund comparison capability, including monthly updated prepared reports on some of the most common comparisons of Calamos funds.
Investment Team Voices
Finding Innovation in the Chemicals Industry: Why We Say Yes to Croda
July 28, 2022
ESG opportunities with robust returns on investment can be found even in industries with discernable environmental and societal constraints. However, due diligence is key. Using the chemicals industry as an example, the Calamos Sustainable Equities Team demonstrates why proprietary research—not third-party ratings—drive authentic and credible ESG portfolio construction.
Featured Newsletters
All About Convertible Securities
Our Convertible Securities: Structures, Valuation, Market Environment and Asset Allocation guide is a resource on how convertible bonds work. It’s written by Calamos Founder, Chairman and Global Chief Investment Officer John P. Calamos, Sr.
The Morningstar Relative Value Arbitrage Category is comprised of funds that seek out pricing discrepancies between pairs or combinations of securities regardless of asset class.
Morningstar Short-Term Bond Category funds invest primarily in corporate and other investment-grade US fixed-income issues and typically have durations of 1.0 to 3.5 years. Short-term is defined as 25% to 75% of the three-year average effective duration of the MCBI.
Morningstar Allocation—70% to 85% Equity funds seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds and cash. These portfolios are dominated by domestic holdings and have equity exposures between 70% and 85%.
The Morningstar Diversified Emerging Markets Category is comprised of funds with at least 50% of assets invested in emerging markets.
Morningstar Global Allocation Category funds seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the US, Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets.
Morningstar Foreign Large Growth Category focuses on high-priced growth stocks, mainly outside of the United States. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios typically will have less than 20% of assets invested in US stocks.