Calamos Named Best Overall Fund Group

Acknowledging outstanding investment performance across a breadth of investment strategies, the Refinitiv Lipper Fund Awards recognize Calamos Investments as the US 2022 Best Overall Small Fund Family Over Three Years.

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CPLIX 20 years

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 104 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 104 and 69 Options Trading Funds, respectively, for the period ended 4/30/2022.

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.

US Equity: US Equities and Convertibles

CGIIX

Growth and Income Fund
5 Stars

Among 303 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 303, 281 and 205 Allocation--70% to 85% Equity Funds, respectively, for the period ended 4/30/2022.

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 729 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 5 stars for 10 years out of 729, 628 and 352 Diversified Emerging Mkts Funds, respectively, for the period ended 4/30/2022.

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 398 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 5 stars for 10 years out of 398, 353 and 248 Global Allocation Funds, respectively, for the period ended 4/30/2022.

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 392 Foreign Large Growth 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 3 stars for 10 years out of 392, 349 and 223 Foreign Large Growth Funds, respectively, for the period ended 4/30/2022.

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.

*CPLIX ranks 15th YTD (30 out of 207 funds in the Morningstar Long-Short Equity category), 60th over 1-year (116 out of 197 funds), 12th over 3-year (22 out of 178 funds), 30th over the 5-year (39 out of 154 funds), and 1st since inception (1 out of 15 funds). Data as of 4/30/22.

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Calamos Alternative Snapshot

May 16, 2022

Positive Stock/Bond Correlations Common During High Inflation

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 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.

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 US 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).