Long/short investing is not for the faint of heart. Of the 98 unique funds in Morningstar’s Long-Short Equity Category, only seven have a performance history extending back to 2002. Just 24 survived the 2008 financial crisis. As reported in our annual review of liquid alts, in 2021—an outstanding year for alts—long/short funds experienced the greatest dispersion in performance. A shareholder might have ended the year with a 62% gain or a 21% loss, a difference of 83%.
The bottom line: investment professionals truly need to kick the tires when they’re considering a long/short fund. For help with your due diligence, we’ve published a performance analysis of Calamos Phineus Long/Short Fund. In fact, CPLIX is one of those few funds with a 20-year performance record (see our anniversary page), a survivor of the GFC.
CPLIX is the #1 fund in its category since inception (as of 6/30/22), a distinction achieved with an average net exposure of 27%. Percentile within Morningstar Long-Short Equity Category, ranking based on total return (as of 6/30/22): 1-year 56th (112 of 197), 3-year 28th (52 of 185), 5-year 51st (80 of 173), 10-year 10th (8 of 69), Inception 1st (1 of 15).
Use CPLIX, Co-CIO, Head of Long/Short Strategies, and Senior Co-Portfolio Manager Michael Grant likes to say, to make the risk on/risk off decisions for you.
For a full historical analysis of the fund’s performance over the various market environments of the last two decades, download this 8-page report prepared by Elise Pondel, Calamos Director of Product Analytics and Robert Bush, Portfolio Specialist.
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.
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. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.
Morningstar Long-Short Equity Category funds hold sizeable stakes in both long and short positions in equities, exchange traded funds, and related derivatives The S&P 500 Index represents the US stock market. The MSCI World Index represents developed market stocks. Indexes are unmanaged, do not include fees or expenses and are not available for direct investment.