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Video recorded 11/30/2017.

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Why Convertible Arbitrage Is a True Market Neutral Strategy

December 13, 2017

Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-PM, explains that convertible arbitrage has performed well in most equity market environments—and that the strategy has done its best in declining equity markets historically.
TRANSCRIPT

Calamos Videos

Japan Leads in Robotics and Automation
May 17, 2018 Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager, sees Japan as a standout in various technology and industrial sectors.
Risk, Volatility--and Opportunity with China, the Second Superpower
May 17, 2018 Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager, says the U.S. will “find some wins” and that China is “willing to provide those wins” in terms of trade negotiations.
A Non-Consensus Overweight in China
May 17, 2018 Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager, explores opportunities to take advantage of secular tailwinds that could help drive growth of innovative companies in China.
The Retail Space Offers Both Growth and Value
May 17, 2018 “Valuation metrics do not incorporate things that are very important to us, like competitive moats [and the] disruption that’s happening in industries,” says Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager.
Starting with a Broader Opportunity Set
May 17, 2018 Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager, starts with more than 11,000 companies that are screened using proprietary valuation and quantitative tools to identify and rank opportunities.
Convertibles: For An Equity or Bond Allocation
May 01, 2018 Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-Portfolio Manager, explains how convertible securities can be used as part of a core equity allocation or as a fixed income alternative.
Why We Like Unrated Convertibles
May 01, 2018 “We often like those credits,” says Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-Portfolio Manager, noting their position in the capital structure and their significant presence within the convertibles market.
Convertible Bonds Offer An Asymmetric Return Profile
May 01, 2018 Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-Portfolio Manager, points out the potential of convertible bonds to “generate returns similar or better than the equity market with substantially less volatility.”
Going Beyond the Benchmark Helps Discover Opportunities Early
May 01, 2018 Along with his team, Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager, looks for companies that are benefiting from secular tailwinds, regardless of market cap.
Pursuing 2 Strategies to Generate Alpha
May 01, 2018 Jason Hill, Senior Vice President, Co-Portfolio Manager, characterizes the strategy as having two primary components, an option-hedge portion and an S&P replication basket.
Our “North Star” Trade
May 01, 2018 Jason Hill, Senior Vice President, Co-Portfolio Manager, describes how this model trade serves as “a compass.”
Active Management to Construct a Better Hedge
May 01, 2018 Dave O’Donohue, Senior Vice President, Co-Portfolio Manager, points out how a more active, more flexible management approach helps set Calamos apart.
Defensive Equity vs. Fixed Income Alternative
May 01, 2018 Dave O’Donohue, Senior Vice President, Co-Portfolio Manager, explains how the two hedging strategies have different risk profiles and return expectations.
3 Tailwinds
January 19, 2018 Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager, describes the three tailwinds—the weak U.S. dollar, global synchronized growth and relative valuations—underlying Calamos’ positive view.
The Start of a Multi-Year Cycle
January 19, 2018 Emerging markets in January 2018 look attractive based on their fundamentals, relative valuations, liquidity and relative strength, explains Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager.
Disrupting Financial Services
January 19, 2018 Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager, elaborates on how technologies are disrupting financial services—a development known as FinTech.
A Better Way?
January 19, 2018 Robotics and automation solutions are being adopted by emerging economies eager to boost their productivity while controlling their expenses, says Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager.
Emerging Markets Plus Convertibles
January 19, 2018 Nick Niziolek, Co-CIO, Head of International and Global Strategies and Senior Co-Portfolio Manager, provides the backstory on the 2008 inception of Calamos Evolving World Growth Fund (CNWIX).
How We Pursue Superior Returns
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, describes the appeal of long/short equity: to act like a long-only investor when the environment is favorable and yet to have the flexibility to preserve capital when the environment turns.
What Makes CPLIX Different
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, says the team has the flexibility to “to play whatever hand the market deals us.”
Separating What’s Important from What’s Not
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, says the days of information as an investor’s edge are over. Good decisions, not good information, are what counts now.
Stable, Synchronized Global GDP Growth—the Game Changer of 2017
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, reflects on the emergence of stable, synchronized global GDP growth that enabled equities to perform well in 2017.
Equity Risks to Monitor in 2018
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, says 2019 could be the broad topping year for equities. He and his team are monitoring two real risks for equities: the end of the expansion and competition of other asset classes.
TRANSCRIPT
Equities—Investors Need To Get It Right This Time
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, provides his long-range view of equities.
Where The Equity Opportunities Are
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, says that utilities, telecom and consumer staples are among the overvalued while opportunities in financials and selective cyclical stocks are being underestimated.
Corporate Borrowers Could Drive the Next Downturn
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, says a recession is not imminent. Relevering by corporates, not consumers, could be the next problem.
The Fed Seeks the Longest Expansion on Record
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, explains why he’s confident the U.S.’s expansion could continue.
Global Allocation Flexibility: The Secret Sauce
December 13, 2017 Michael Grant, SVP, Senior Portfolio Manager, discusses why the team’s ability to asset allocate equity capital across the entire global equity universe is key in delivering superior returns.
Convertible Arbitrage: An Old-School All-Weather Strategy
December 13, 2017 Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-PM, says the goal is to buy low and sell high, generate coupon income and trade around the portfolio.
Convertible Arbitrage—Sources of Income
December 13, 2017 Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-PM, outlines the sources of income from convertible arbitrage, including: coupon income from the convertible bond, short interest credit, capital appreciation from convertibles and rebalancing/trading profits.
Why Convertible Arbitrage Is a True Market Neutral Strategy
December 13, 2017 Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-PM, explains that convertible arbitrage has performed well in most equity market environments—and that the strategy has done its best in declining equity markets historically.
TRANSCRIPT
Convertible Arbitrage Is in Calamos’ Roots
December 13, 2017 Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-PM, discusses the extensive background of our convertible arbitrage strategy.
Highlighting Some Recent Trades
December 13, 2017 Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-PM, explains how convertible arbitrage investors may see opportunities where long only equity investors don’t.
Global Convertible Market Is Healthy
December 13, 2017 Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-PM, says the $300 billion asset class is big enough to yield opportunities yet small enough to still be an investment niche.
There are 3 Types of Fixed Income Managers
December 13, 2017 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, discusses what sets the Calamos fixed income approach apart.
Calamos Fixed Income Vs. Passive Investing
December 13, 2017 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, explains that there are three main reasons to go active over passive: risk management, the composition of fixed income indices and the changing nature of fixed income indices.
Fixed Income’s Role in a Portfolio
December 13, 2017 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, says investors need to remember these three reasons to own fixed income: the asset needs to be cheap, provide needed income or serve as a hedge against other positions in a portfolio.
Fixed Income’s Response to Rising Rates
December 13, 2017 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, discusses the common misperception that yields all along the curve have a similar reaction when the Fed raises rates. He explains that since the Fed has begun tightening, the long end of the curve has remained well behaved, and the team expects this to continue.
The Mistake Fixed Income Investors Make
December 13, 2017 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, cautions investors not to think about the bond market as one single, monolithic market, but to think about sectors and exposures. The team sees opportunities in select parts of the credit markets, the structured product markets, as well as the international and convertible markets.
Where the Fixed Income Opportunities Are
December 13, 2017 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, says there are interesting opportunities for a skilled manager in select corners of the credit market.
Current Fixed Income Concerns
December 13, 2017 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, outlines his current fixed income concerns: high debt levels, inflation and non-U.S. developments including global central bank policy and the strength of international markets, and liquidity.
How We Build Our Portfolios for Strong Returns Over Time
December 13, 2017 Matt Freund, Co-CIO, Head of Fixed Income Strategies, Senior Co-Portfolio Manager, explains why the team tends to take contrarian positions when building a portfolio.
Genesis of Calamos Evolving World Growth Fund
August 01, 2016 Nick Niziolek, Co-CIO, explains the origin of the Calamos Evolving World Growth Fund and the reasons we believe it is a unique emerging market solution.
Finding Income in Calamos Closed-End Funds
August 01, 2016 Robert F. Bush, Jr., Director of Closed-End Fund products, discusses how the Calamos closed-end funds seek to address many key issues facing investors today.
The Long Short Model | Calamos Phineus Long/Short Fund
July 27, 2016 Michael Grant, SVP, Senior Co-Portfolio Manager, breaks down his philosophy and approach to the Calamos Phineus Long/Short Fund. Key topics include the long/short model, manager flexibility, and the structure used to implement investment ideas within the portfolio. Video recorded June 29, 2016.
The Long/Short Model Flexibility of Calamos Phineus Long/Short Fund
July 27, 2016 Michael Grant, SVP, Senior Co-Portfolio Manager, discusses how the Calamos Phineus Long/Short Fund differs from “traditional” long/short funds. Key differentiating characteristics include dynamic asset allocation, manager flexibility and style.
Calamos Chart Talk: Key Secular Themes Driving EM Growth Opportunities
March 08, 2016 Todd Speed, CFA, Portfolio Specialist, discusses some EM secular trends that we believe provide a tailwind for growth.
Calamos Chart Talk: Historically, More Years than Not, the S&P 500 Declined…But Finished Up
February 09, 2016 Scott Becker, CFA, Head of Portfolio Specialists, discusses that even when stocks finish up for the year, drawdowns have been par for the course.
Calamos Chart Talk: Why Big Market Swings Can Be Good News for Gamma Trading
February 08, 2016 Co-Portfolio Managers David O’Donohue and Jason Hill discuss how convertible arbitrage strategies can potentially capitalize from increased market volatility through gamma trading.
Calamos Chart Talk: Alternatives Can Lead to a More Diversified Portfolio
December 01, 2015 Shawn Park, Director of Product Management and Analytics, discusses how the use of alternative investments in a traditional asset allocation can lead to a more diversified portfolio.
Video: Convertibles and Asset Allocation
September 04, 2015 John Calamos, Sr. and Co-CIO Eli Pars discuss how actively managed convertible securities can be deployed strategically and tactically in an asset allocation.
Calamos Chart Talk: Difference in Returns Between Long/Short Managers
September 04, 2015 Shawn Park, Director of Product Management and Analytics, discusses key components to consider when selecting long/short managers for an asset allocation in alternatives.
Video: Eli Pars Speaks to the Benefits of Convertibles
September 04, 2015 Against the backdrop of equity volatility and an uncertain Fed timeline, convertible securities may provide distinct advantages, explains Eli Pars, CFA.
Calamos Chart Talk: Why Have Convertible Default Rates Been So Low?
August 17, 2015 Eli Pars, Sr. Co-Portfolio Manager, discusses default rates in the convertible bond market, which have been consistently lower than those of high yield bonds.