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CPLIX’s Grant Looks for More of the Same in the Second Half

Calamos Phineus Long/Short Fund (CPLIX) closed the first half of the year with a strong June return (4.04% vs. 0.42% for the MSCI World Index and 0.54% for the Morningstar Long/Short category). The fund has been positioned for reflation, and June witnessed a return to the reflationary sectors that outperformed in the second half of last year.

The fund continues its top decile performance over the 15-year life of the fund, including posting an almost 28% return for its full year as a ’40s Act fund (for more information, see this press release).

Compelling Long Term Track Record

Michael Grant, Senior Co-Portfolio Manager, and team remain bullish on the rest of 2017, as elaborated on in the just-released June Performance Review & Portfolio Positioning Commentary.

CPLIX June 2017 Positioning

“Stocks still have runway,” Grant writes, “led by acceleration of year-over-year growth in sales and earnings into late 2017.” Synchronized global GDP growth is underpinning the U.S. and could continue for the next six months, Grant expects.

Advisors, there is more detail including 6/30/17 fund performance, sector weights and net exposure in the For Investment Professional Use Only-commentary. For your copy, please talk to your Calamos Investment Consultant at 888-571-2567 or

To hear more about what Grant expects in the second half, join us Tuesday, August 1 for a webcast featuring Grant and Eli Pars (Calamos Market Neutral Income Fund or CMNIX). The focus of the webcast is how to design an alternative asset allocation using CPLIX, an equity hedge that seeks to address the market risk found in long-only strategies especially during periods of heightened volatility, and Calamos Market Neutral Income Fund (CMNIX), a fixed-income alternative that can provide diversification against fixed income exposures, such as duration risk and credit risk.

For background on how the two funds can be combined in an allocation, see Jumpy Markets? This ‘Half Caff’ Blend Cuts Back on the Volatility While Pursuing Better Returns.

Calamos ranks as the 8th alternative fund manager by AUM (Morningstar data, 6/30/17).

PLS Average Annual Returns


    Before investing carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

    Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

    Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximum front-end sales load of 4.75%. Had it been included, the Fund’s return would have been lower. For the most recent month-end fund performance information visit

    Alternative investments may not be suitable for all investors, and the risks of alternative investments vary based on the underlying strategies used. Many alternative investments are highly illiquid, meaning that you may not be able to sell your investment when you wish to. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

    An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund’s prospectus.

    The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk.

    The principal risks of investing in the Market Neutral Income Fund include: equity securities risk consisting of market prices declining in general, convertible securities risk consisting of the potential for a decline in value during periods of rising interest rates and the risk of the borrower to miss payments, synthetic convertible instruments risk, convertible hedging risk, covered call writing risk, options risk, short sale risk, interest rate risk, credit risk, high yield risk, liquidity risk, portfolio selection risk, and portfolio turnover risk.

    The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and Asia/Pacific region.

    The S&P 500 Index – generally considered representative of the U.S. stock market

    The Morningstar Long/Short Equity Category funds take a net long stock position, meaning the total market risk from the long positions is not completely offset by the market risk of the short positions. Total return, therefore, is a combination of the return from market exposure (beta) plus any value-added from stock-picking or market-timing (alpha).


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