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Spotlight on Alternatives: Timely Opportunities for Merger Arbitrage Strategies
March 17, 2026
For investors seeking enhanced diversification and compelling risk/reward profiles, merger arbitrage and event-driven situations may be just the ticket, explains Senior Co-Portfolio Manager Jason Hill in “Unlocking the Opportunities of an Improved M&A Environment.” Drawing on Calamos Investments’ depth of insights as the third-largest liquid alternatives provider in the US, Hill delves into the macro factors shaping M&A and why key transactions support an optimistic outlook.
Key views from Hill include:
- The regulatory landscape for merger arbitrage has transformed from an obstacle to potential positive catalyst for deal outcomes.
- Positive tailwinds are likely to continue, supported by a more favorable regulatory climate, as well as a private equity wave (a “buyout revival”), a growth-oriented “run it hot” economic framework in the United States, and a rising equity market.
- Pioneering alternative and convertible expertise gives Calamos Merger Arbitrage Fund (CMRGX) an edge for capitalizing on the opportunities of M&A and event-driven situations.
He also shares his perspective on some of the most exciting deals that our team sees taking shape today.
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 1-866-363-9219. Read it carefully before investing.
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. Your investment in the Fund 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 can increase during times of significant market volatility. The Fund 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 Merger Arbitrage Fund include: in the case of an investment in a potential acquisition target, if the proposed merger, exchange offer or cash tender offer appears likely not to be consummated, in fact is not consummated, or is delayed, the market price of the security to be tendered or exchanged will usually decline sharply resulting in a loss to the fund, the fund invests a substantial portion of its assets in securities related to a particular industry, sector, market segment, or geographic area, its investments will be sensitive to developments in that industry, sector, market segment, or geographic area, the Fund is classified as “non-diversified” under the Investment Company Act of 1940, American Depository Receipts risk, call risk, convertible hedging risk, convertible securities risk, covered call writing risk, currency risk, debt securities risk, derivatives risk, equity securities risk, foreign securities risk, hedging transaction risk, high yield risk, lack of correlation risk, liquidity risk, MLP risk, options risk, other investment companies (including ETFs) risk, portfolio selection risk, portfolio turnover risk, REITs risk, Rule 144A securities risk, sector risk, short sale risk, small and mid-sized company risk, Special Purpose Acquisition Companies risk, special situations or event-driven risk, synthetic convertible instruments risk, tax risk, total return swap risk, US Government security risk, and warrants risk.
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. Opinions are subject to change due to changes in the market, economic conditions or changes in the legal and/or regulatory environment and may not necessarily come to pass. This information is provided for informational purposes only and should not be considered tax, legal, or investment advice. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
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