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.
Alternative: Options-based
CIHEX
Hedged Equity Fund
4 Stars
Among 116 Options Trading funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 3 stars for 3 years and 4 stars for 5 years out of 116 and 73 Options Trading Funds, respectively, for the period ended 8/31/2022.
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.
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 8/31/2022.
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 308 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 308, 279 and 222 Allocation--70% to 85% Equity Funds, respectively, for the period ended 8/31/2022.
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 723 Diversified Emerging Mkts funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 5 years, 5 stars for 3 years and 4 stars for 10 years out of 638, 723 and 365 Diversified Emerging Mkts Funds, respectively, for the period ended 8/31/2022.
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 405 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 405, 350 and 252 Global Allocation Funds, respectively, for the period ended 8/31/2022.
The fund invests primarily in global equity and convertible securities in an attempt to balance risk/reward while providing growth and income.
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Our Robert Bush, Jr. joins presenters from several leading asset managers for a Oct. 18 workshop on #closedendfunds, sponsored by @CEFAssociation. Registration is free: bit.ly/3UPoVH1
*CPLIX ranks 20th YTD (39 out of 204 funds in the Morningstar Long-Short Equity category), 32nd over 1-year (60 out of 196 funds), 18th over 3-year (30 out of 183 funds), 35th over 5-year (51 out of 173 funds), and 1st since inception (1 out of 15 funds). Data as of 8/31/22.
On the Blogs
Investment Ideas
Fi360 Ranks Calamos Funds in Top Quartile
September 22, 2022
The Fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management.
Investment Team Voices
There’s Opportunity in Every Market—Even the Most Uncertain Ones
August 25, 2022
Drawing on more than 50 years of experience, Calamos Founder and Global CIO John P. Calamos, Sr. shares his time-tested perspective on investing through uncertainty and discusses how to navigate the challenges of the current environment.
Featured Newsletters
Newsletter
Calamos Alternative Snapshot
September 26, 2022
What This Market Needs Is Less Hope, More Despair
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.