Convertible securities are an opportunity for investors who want to participate in equities but are willing to exchange the maximum possible upside for protection against the downside of equities. The asset class was pioneered by Calamos Founder, Chairman and Global CIO John P. Calamos, Sr., more than 40 years ago.

Why Convertibles?

Actively managed convertible securities can be deployed strategically and tactically in an asset allocation, as Calamos Founder, Chairman and Global CIO John Calamos, Sr. and Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, and Senior Co-Portfolio Manager discuss in this video.

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4/15/2019 9:07:34 PM

Convertibles Bonds Have Been Consistent Top Performers

The top-performing fixed income asset class? While fixed income asset classes may trade places year after year, there has been no asset class that can rival convertible bonds in terms of performance consistency.

Convertible bonds have been the top performing asset class for five of the last 10 years and second to the top for two years. The interactive quilt below shows the calendar year total returns ranked from best to worst from 2008-2018. And, convertibles sit on top for 2018 as of 12/31/18.


Select an asset class to turn on or off.

Source: Bloomberg and Morningstar. Past performance is no guarantee of future returns.

Convertible bonds are represented by the ICE BofAML All U.S. Convertibles Index (VXA0), a gauge of the performance of the U.S. convertible market.

U.S. aggregate bonds are represented by the Bloomberg Barclays U.S. Aggregate Bond Index, covers the U.S.-denominated, investment grade, fixed rate, taxable bond market of SEC-registered securities.

High yield bonds are represented by the Credit Suisse U.S. High Yield Index, an unmanaged index of high yield debt securities.

U.S. government bonds are represented by the Bloomberg Barclays U.S. Government Index, an unmanaged index considered representative of fixed income obligations issued by the U.S. Treasury, government agencies and quasi-federal corporations.

Treasury bills are represented by the Bloomberg Barclays U.S. Treasury Bill 1-3 Month Index, is a component of the Short Treasury Index and includes aged U.S. Treasury bills, notes and bonds with a remaining maturity from 1 up to (but not including) 12 months.

U.S. investment grade bonds are represented by the Bloomberg Barclays U.S. Corporate Investment Grade Index, consists of publicly issued, fixed rate, nonconvertible, investment grade debt securities.

Global asset-backed securities are represented by the Bloomberg Barclays Global Asset Backed Index, a fixed income index that focuses on asset-backed securities and includes pass-through, controlled-amortization and bullet-structured securities, which have a minimum average life of one year.

Government bonds ex. U.S. are represented by the ICE BofAML Global Government Bond Index, excluding U.S., tracks the performance of investment grade sovereign debt publicly issued and denominated in the issuer's own domestic market and currency.

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