Calamos Investment Team Outlooks, October 2021
Inflation may be more persistent, and the pace of growth may be slowing, but our Investment teams continue to identify many opportunities across asset classes. See our updated outlooks.
Global Equity: Diversified Emerging Mkts
CNWIX
Evolving World Growth Fund
5 Stars
Among 708 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 708, 598 and 317 Diversified Emerging Mkts Funds, respectively, for the period ended 9/30/2021.
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 417 World 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 417, 361 and 243 World Allocation Funds, respectively, for the period ended 9/30/2021.
The fund invests primarily in global equity and convertible securities in an attempt to balance risk/reward while providing growth and income.
U.S. Equity: U.S. Equities and Convertibles
CGIIX
Growth and Income Fund
5 Stars
Among 288 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 4 stars for 10 years out of 288, 262 and 188 Allocation--70% to 85% Equity Funds, respectively, for the period ended 9/30/2021.
The fund invests primarily in U.S. equity and convertible securities in an attempt to balance risk/reward while providing growth and income.
Alternative: Options-based
CIHEX
Hedged Equity Fund
4 Stars
Among 88 Options Trading funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 4 stars for 3 years and 4 stars for 5 years out of 88 and 62 Options Trading Funds, respectively, for the period ended 9/30/2021.
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.
Global Equity: Foreign Large Growth
CIGIX
International Growth Fund
4 Stars
Among 383 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 383, 322 and 221 Foreign Large Growth Funds, respectively, for the period ended 9/30/2021.
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.
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.
U.S. Equity: Small Growth
CTSIX
Timpani Small Cap Growth Fund
4 Stars
Among 575 Small 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 4 stars for 10 years out of 575, 506 and 381 Small Growth Funds, respectively, for the period ended 9/30/2021.
The Fund invests in the equity securities of small capitalization companies with high, sustainable growth potential, which may exceed market expectations.
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#Convertiblesecurities proved to be resilient in September when the S&P 500 flirted with a 5% decline. New issuance resumed last month with $14 billion in global deals. More in our monthly update: bit.ly/3DMP006 #activemanagement
On the Blogs
Investment Ideas
Why CTSIX’s Nelson Is Upbeat: Sustainability, Low Valuation, and Potential M&A Upside
October 15, 2021
Small caps’ exceptional growth is forecasted to continue into 2022, when large caps' earnings growth is expected to fall back to earth. Calamos Timpani Small Cap Growth Fund (CTSIX) Senior Portfolio Manager Brandon Nelson likes the fund's near- and long term prospects.
Investment Team Voices
Calamos Investment Team Outlooks, October 2021
October 13, 2021
Inflation may be more persistent, and the pace of growth may be slowing, but our teams continue to identify many opportunities across asset classes. Senior members of our investment organization share their outlooks and discuss how they are positioning portfolios. With an introduction from John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer.
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.
The Morningstar Options Trading Category is comprised of funds that use a variety of options trades, including put writing, options spreads, options-based hedged equity, and collar strategies, among others.
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 World 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 U.S., 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 U.S. stocks.
Morningstar Small Growth Category funds focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).