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In a Historically Challenging Environment, Calamos Funds Produced Top-Ranking YTD Performance

First published: July 10, 2020

The first nine months of 2020 were among the most challenging that investors have ever experienced.

Economic activity plummeted as the United States and the rest of the world struggled to address a global health crisis of staggering proportions. As investors panicked, the 11-year bull market in U.S. equities came to an end in March, dropping almost 34% while the yield of the 10-year Treasury fell to all-time lows.

The first quarter was one of the worst in the S&P 500’s history—only to be followed by one of the best second quarters. While July and August continued on pace—with August gains the best in decades—the S&P set a new high on September 2 and then went on to tumble in response to a resurgence in COVID-related cases, delay in additional stimulus and reflecting uncertainty about election outcomes.

It’s volatile, uncertain markets like these that the Calamos risk-managed approach anticipates. Since the firm's founding in 1977, we’ve sought to create portfolios with risk-reward profiles appropriate for investors looking for a potentially smoother ride through uncertain equity markets.

Managing volatility is Calamos’ specialty and we welcome the opportunity to help you with your clients’ conversations and investment plans. Your rough patch, as we like to say, is our sweet spot.

For the nine-month period ending 9/30/2020, Class I Shares

72% of Calamos funds beat their peers in their respective Morningstar categories, including:

  • 67% of Calamos liquid alternative funds
  • 50% of Calamos convertible funds
  • 100% of Calamos global/international funds

56% of Calamos funds beat their benchmarks, including:

  • 67% of Calamos liquid alternative funds
  • 100% of Calamos convertible funds
  • 100% of Calamos global/international funds
TOP-PERFORMING CALAMOS FUNDS
9/30/2020
 
Top Quartile
Category Rank I Shares
Shading denotes top quartile
CLASS I SHARES AS OF 9/30/20 Morningstar Category Overall Morningstar Rating YTD
1/1/2020-9/30/2020
1-year
10/1/2019-9/30/2020
3-year
10/1/2017-9/30/2020
5-year
10/1/2015-9/30/2020
ALTERNATIVE
Calamos Market Neutral Income Fund (CMNIX) Market Neutral
5 Stars
26 26 23 10
Number of funds 101 107 107 101 74
Calamos Hedged Equity Fund (CIHEX) Options-based
5 Stars
24 23 13 7
Number of funds 109 200 188 109 65
Calamos Phineus Long/Short Fund (CPLIX) Long-Short Equity
2 Stars
54 64 76 N/A
Number of funds 182 210 207 182 N/A
CONVERTIBLE
Calamos Convertible Fund (CICVX) Convertibles
3 Stars
17 23 27 40
Number of funds 72 77 74 72 68
Calamos Global Convertible Fund (CXGCX) Convertibles
2 Stars
52 60 71 73
Number of funds 72 77 74 72 68
U.S. EQUITY
Calamos Growth & Income Fund (CGIIX) Allocation—70%-85% Equity
5 Stars
2 1 1 2
Number of funds 310 326 325 310 279
Calamos Timpani Small Cap Growth Fund (CTSIX) Small Growth
4 Stars
9 15 19 29
Number of funds 579 633 624 579 513
GLOBAL EQUITY
Calamos Evolving World Growth (CNWIX) Diversified Emerging Markets
5 Stars
2 2 5 18
Number of funds 695 808 790 695 590
Calamos Global Equity Fund (CIGEX) World Large Stock
4 Stars
8 7 16 14
Number of funds 725 854 823 725 608
Calamos Global Growth & Income (CGCIX) World Allocation
5 Stars
1 1 1 2
Number of funds 394 485 475 394 338
Calamos International Growth Fund (CIGIX) Foreign Large Growth
4 Stars
8 10 20 25
Number of funds 420 487 469 420 336

Past performance is no guarantee of future results. Morningstar category rank is based on average annualized returns since I share inception. Risk-adjusted returns based on load-waived Class I Shares.

9/30/20 3 years # of funds 5 years # of funds 10 years # of funds
CMNIX Inception: 5/10/00
4 Stars
101
5 Stars
74
5 Stars
22
CIHEX Inception: 12/31/14
4 Stars
109
5 Stars
65 N/A N/A
CPLIX Inception: 5/01/02
2 Stars
182 N/A N/A N/A N/A
CICVX Inception: 6/25/97
4 Stars
72
3 Stars
68
2 Stars
50
CXGCX Inception: 12/31/14
3 Stars
72
2 Stars
68 N/A N/A
CGIIX Inception: 9/18/97
5 Stars
310
5 Stars
279
5 Stars
190
CTSIX Inception 3/23/11
4 Stars
579
4 Stars
513 N/A N/A
CNWIX Inception: 8/15/08
5 Stars
695
4 Stars
590
5 Stars
264
CIGEX Inception: 3/01/07
4 Stars
725
4 Stars
608
4 Stars
360
CGCIX Inception: 9/18/97
5 Stars
394
5 Stars
338
4 Stars
208
CIGIX Inception: 3/16/05
4 Stars
420
3 Stars
336
4 Stars
243

For more information, contact your Calamos Investment Consultant at 888-571-2567 or caminfo@calamos.com.

Click here to view CMNIX's standardized performance.

Click here to view CIHEX's standardized performance.

Click here to view CPLIX's standardized performance.

Click here to view CICVX's standardized performance.

Click here to view CXGCX’s standardized performance.

Click here to view CGIIX's standardized performance.

Click here to view CTSIX's standardized performance.

Click here to view CNWIX’s standardized performance.

Click here to view CIGEX's standardized performance.

Click here to view CGCIX's standardized performance.

Click here to view CIGIX's standardized performance.

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 Calamos 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 principal risks of investing in the Calamos Hedged Equity Fund include: covered call writing risk, options risk, equity securities risk, correlation risk, mid-sized company risk, interest rate risk, credit risk, liquidity risk, portfolio turnover risk, portfolio selection risk, foreign securities risk, American depository receipts, and REITs risks. As of March 1, Calamos Hedged Equity Income Fund’s name has been changed to Calamos Hedged Equity Fund.

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.

The principal risks of investing in the Calamos Convertible Fund include: 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 consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, equity securities risk, interest rate risk, credit risk, high yield risk, portfolio selection risk and liquidity 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.

The principal risks of investing in the Calamos Global Convertible Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, currency risk, geographic concentration risk, American depository receipts, mid-size company risk, small company risk, portfolio turnover risk and portfolio selection 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.

The principal risks of investing in the Calamos Growth and Income Fund include: 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 consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, equity securities risk, growth stock risk, small and mid-sized company risk, interest rate risk, credit risk, liquidity risk, high yield risk, forward foreign currency contract risk and portfolio selection risk.

The principal risks of investing in the Calamos Timpani Small Cap Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, and portfolio selection risk. The Fund invests in small capitalization companies, which are often more volatile and less liquid than investments in larger companies. 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.

The principal risks of investing in the Calamos Evolving World Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, 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, and portfolio selection 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.

The principal risks of investing in the Calamos Global Equity Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, value stock risk, foreign securities risk, forward foreign currency contract risk, emerging markets risk, small and mid-sized company risk and portfolio selection 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.

The principal risks of investing in the Calamos Global Growth and Income Fund include: 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 consisting of fluctuations inconsistent with a convertible security and the risk of components expiring worthless, foreign securities risk, emerging markets risk, equity securities risk, growth stock risk, interest rate risk, credit risk, high yield risk, forward foreign currency contract risk, portfolio selection risk, and liquidity 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.

The principal risks of investing in the Calamos International Growth Fund include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, foreign securities risk, emerging markets risk, small and mid-sized company risk and portfolio selection 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 Market Neutral Category represent 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 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).

Morningstar Convertibles Category funds are designed to offer some of the capital appreciation potential of stock portfolios while also supplying some of the safety and yield of bond portfolios. To do so, they focus on convertible bonds and convertible preferred stocks. Convertible bonds allow investors to convert the bonds into shares of stock, usually at a preset price. These securities thus act a bit like stocks and a bit like bonds.

Morningstar Allocation—70% to 85% Equity Category 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%.

Morningstar Small Growth Category includes small-growth portfolios that focus on faster-growing companies whose shares are at the lower end of the market-capitalization range.

The Morningstar Diversified Emerging Markets Category is comprised of funds with at least 50% of assets invested in emerging markets.

The Morningstar World Large Stock Category comprises international funds having 20% to 60% of assets invested in the United States.

The Morningstar World Allocation Category is comprised of funds that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds and cash.

The Morningstar Foreign Large Growth Category is comprised of funds that seek capital appreciation by investing in large international stocks that are growth-oriented.

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