For a deep dive on launching and subsequently supporting a closed-end fund in the aftermarket, watch this video from the Nov. 4 Investment Company Institute Virtual Closed-End Fund conference.
Calamos Founder, Chairman and Global Chief Investment Officer John P. Calamos, Sr., President and Head of Global Distribution Robert F. Behan, and Senior Vice President and Director of Closed-End Fund Products Robert F. Bush, Jr. offer their thoughts on:
The panelists’ participation in the conference is just one expression of Calamos’ commitment to closed-end fund education and support of Calamos closed-end funds.
“It’s imperative,” Bush stressed, “for our sales force to work as advocates for closed-end funds for our shareholders. The research community that covers the closed-end fund space is excellent. They’re dedicated, hard-working people. And the research they put out is phenomenal. The problem is there just isn’t enough of them. So, as a sponsor of closed-end funds, it’s imperative for us to defend the funds and to supply information….The best educated consumer is your best customer. I firmly, firmly believe in that.”
Investment professionals, for more on Calamos closed-end funds, please contact your Calamos Investment Consultant at 888-571-2567 or caminfo@calamos.com.
Video recorded November 4, 2020.
All Calamos closed-end funds: Investments by the Fund in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher rated securities, including less liquidity and increased price sensitivity to changing interest rates and to a deteriorating economic environment.
Fixed income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline. There are certain risks associated with an investment in a convertible bond such as default risk—that the company issuing a convertible security may be unable to repay principal and interest, and interest rate risk—that the convertible may decrease in value if interest rates increase.
Convertible Securities Risk. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also, may have an effect on the convertible security's investment value.
The Fund(s) may invest in derivative securities, including options. The use of derivatives present risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised.
Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates of the leverage financing. The ratio is the percent of borrowing to total assets.
Each fund has specific risks, which are outlined in the respective funds' prospectuses. The general risks involved in investing in a closed end fund include market volatility risk, dividend and income risk, and loss of investment risk. Please refer to each fund's prospectus, annual and semi-annual reports at www.calamos.com for complete information on the fund's performance, investments and risks.
Market Price is the price that the fund closed at on the primary listing exchange on the as of date referenced above.
NAV is the net asset value of the fund on the as of date referenced above and equals the value of all the fund's assets (less liabilities) divided by the number of shares outstanding.
Premium/Discount is the percentage difference between the net asset value of a fund and the market price.
Archived material may contain dated performance, risk and other information. Current performance may be lower or higher than the performance quoted in the archived material. For the most recent month-end fund performance information visit www.calamos.com. Archived material may contain dated opinions and estimates based on our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions at the time of publishing. We believed the information provided here was 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. Had it been included, the Fund’s return would have been lower.
Archived material may contain dated performance, risk and other information. Current performance may be lower or higher than the performance quoted in the archived material. For the most recent month-end fund performance information visit www.calamos.com. Archived material may contain dated opinions and estimates based on our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions at the time of publishing. We believed the information provided here was 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. Had it been included, the Fund’s return would have been lower.
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