Liquid Alternatives: 2019 Year in Review

Highs and lows in flows to liquid alternative funds, the trend in asset growth, returns in one of the best years for stocks and bonds, and performance dispersions by alts category—all are included in our interactive Liquid Alternatives: 2019 Year in Review.

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Alternative: Market Neutral

CMNIX

Market Neutral Income Fund
5 Stars

Among 109 Market Neutral funds. The Fund's load-waived Class I Shares had 4 stars for 3 years, 5 stars for 5 years and 5 stars for 10 years out of 109, 88 and 30 Market Neutral Funds, respectively, for the period ended 12/31/2019.

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.

Alternative: Options-based

CIHEX

Hedged Equity Fund
4 Stars

Among 114 Options-based funds. The Fund's load-waived Class I Shares had 4 stars for 3 years and 4 stars for 5 years out of 114 and 71 Options-based Funds, respectively, for the period ended 12/31/2019.

Aims to achieve the total return of equity markets with lower volatility. It utilizes a covered call strategy, which invests in a diversified portfolio of equities while using options to generate income and manage risk.

U.S. EQUITY: U.S. EQUITIES AND CONVERTIBLES

CGIIX

Growth and Income Fund
5 Stars

Among 304 Allocation--70% to 85% Equity funds. The Fund's load-waived Class I Shares had 5 stars for 3 years, 5 stars for 5 years and 4 stars for 10 years out of 304, 273 and 193 Allocation--70% to 85% Equity Funds, respectively, for the period ended 12/31/2019.

The fund invests primarily in U.S. equity and convertible securities in an attempt to balance risk/reward while providing growth and income.

On the Blogs

Investment Ideas

Here’s One Way to Rebalance—Before the Market Does It for You

January 16, 2020

Market appreciation may have disproportionately grown the equity portion of your clients' 60/40 portfolios. Calamos Hedged Equity Fund (CIHEX) is an alternative to potentially de-risk without trading away equity upside potential.

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Investment Team Voices

The Global Opportunity Set Is Growing in 2020

January 14, 2020

The coming year offers many reasons to be optimistic about global opportunities, according to Nick Niziolek, Co-CIO and Head of International and Global Strategies at Calamos. The combination of rising global liquidity, improving fundamentals, and a weaker dollar can fuel a significant rally in overseas markets in 2020.

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Featured Newsletters

Newsletter

Calamos Alternative Snapshot

January 13, 2020

Liquid Alts Year in Review: Market Neutral Top in Flows, Real Estate Top in Returns

Convertible Guide

Our 32-page Convertible Securities: Structures, Valuation, Market Environment and Asset Allocation guide (PDF) 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 Market Neutral Category represents funds that attempt to eliminate the risks of the market by holding 50% of assets in long positions in stocks and 50% of assets in short positions.

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).

Morningstar Options-Based Category represents funds that generate a significant portion of their returns from the collection of premiums on options contracts sold.