Our Investment Team Outlooks, April 2021
As investors contemplate the strength of the economy, rising interest rates and inflation pressures, our investment teams are identifying opportunities and navigating risks. Read how they’re positioning the funds they manage.
Global Equity: Diversified Emerging Mkts
CNWIX
Evolving World Growth Fund
5 Stars
Among 697 Diversified Emerging Mkts funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 5 stars for 3 years, 4 stars for 5 years and 5 stars for 10 years out of 697, 596 and 292 Diversified Emerging Mkts Funds, respectively, for the period ended 3/31/2021.
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 400 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 400, 351 and 224 World Allocation Funds, respectively, for the period ended 3/31/2021.
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 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 4 stars for 10 years out of 307, 276 and 185 Allocation--70% to 85% Equity Funds, respectively, for the period ended 3/31/2021.
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
5 Stars
Among 113 Options-based funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 4 stars for 3 years and 5 stars for 5 years out of 113 and 70 Options-based Funds, respectively, for the period ended 3/31/2021.
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 4 stars for 10 years out of 383, 320 and 224 Foreign Large Growth Funds, respectively, for the period ended 3/31/2021.
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
4 Stars
Among 91 Market Neutral funds. The Fund's risk-adjusted returns based on load-waived Class I Shares had 3 stars for 3 years, 4 stars for 5 years and 5 stars for 10 years out of 91, 76 and 23 Market Neutral Funds, respectively, for the period ended 3/31/2021.
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 576 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 576, 503 and 379 Small Growth Funds, respectively, for the period ended 3/31/2021.
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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With $58 billion in new issuance in the first quarter, the global #convertiblesecurities market is off to one of the strongest starts to a year ever. Such strength provides added opportunities, especially for rebalancing. More in our monthly update: bit.ly/3d9AiGc
On the Blogs
Investment Ideas
Growth/Cyclical Barbell Drives CPLIX Outperformance—and Grant’s 2021 Bullishness Continues
April 12, 2021
Optimal participation in a disjointed recovery: That’s how Calamos Phineus Long/Short Fund (CPLIX) has been positioned—to investors’ advantage—since the start of the pandemic.
Investment Team Voices
Taper Tantrum Redux? History Often Rhymes, but It Rarely Repeats
April 9, 2021
Co-CIO Nick Niziolek, CFA, explains why the Calamos Global Team is not expecting a repeat of the 2013 Taper Tantrum once the Federal Reserve does begin removing monetary stimulus. He discusses how changed Fed policy, improved emerging market fundamentals and a strong growth outlook put emerging markets on a far better footing today.
Featured Newsletters
Newsletter
Calamos Alternative Snapshot
April 12, 2021
‘Stunning’ Rush into Equity Funds Reflects Investors’ High Expectations
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 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 Options-Based Category represents funds that generate a significant portion of their returns from the collection of premiums on options contracts sold.
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).