Leverage our 40 years of convertibles expertise across a variety of strategies

Convertibles Capabilities

Convertible securities are complex. We should know, we literally wrote the book on them!

Convertible investing is in our DNA. More than 40 years ago, Calamos Founder, Chairman and Global Chief Investment Officer John P. Calamos, Sr., pioneered strategies utilizing convertibles.

At Calamos, we know that with skillful management, the unique properties that convertible securities offer can be tailored to serve a wide range of portfolio objectives. We offer dedicated US and global convertible strategies, as well as convertible exposure in many other strategies.

Announcing the Calamos Convertible Equity Alternative ETF (Ticker: CVRT)

The market's first convertibles ETF that provides targeted exposure to the equity-sensitive segment of the US Convertibles market. Brought to you by the largest manager of convertibles securities in the US1, CVRT incorporates a rules-based approach with an active edge, seeking to capitalize on investment opportunities along the way.

1FUSE Research, July 2023 based on mutual fund, exchange-traded fund, closed-end fund, and insurance products net assets in the U.S.

Recent Convertibles Insights

Bright Prospects for Convertibles in 2024

Calamos Convertible Fund (CICVX) investment team members Jon Vacko and Joe Wysocki were excited to see convertible new issuance accelerate in 2023. Investment-grade companies were particularly active and came to the convertible market at a more rapid pace not seen in years. They believe the convertible market will broaden in 2024 as a sizable amount of traditional debt matures.

Charting a Steadier Path as Bonds Deliver a Wild Ride

Calamos Market Neutral Income Fund (CMNIX) continued to demonstrate its potential benefits as a fixed income alternative. With little exposure to interest rate risk or opportunity, we believe our approach offers a compelling alternative for investors worried about interest rate volatility.

Convertible Bonds Have Been Consistent Top Performers

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

  • Convertible bonds are represented by the ICE BofA All US Convertibles Index (VXA0), a gauge of the performance of the US convertible market.
  • US aggregate bonds are represented by the Bloomberg US Aggregate Bond Index, covers the US-denominated, investment grade, fixed rate, taxable bond market of SEC-registered securities.
  • High yield bonds are represented by the Credit Suisse US High Yield Index, an unmanaged index of high yield debt securities.
  • US government bonds are represented by the Bloomberg US Government Index, an unmanaged index considered representative of fixed income obligations issued by the US Treasury, government agencies and quasi-federal corporations.
  • Treasury bills are represented by the Bloomberg US Treasury Bill 1-3 Month Index, is a component of the Short Treasury Index and includes aged US Treasury bills, notes and bonds with a remaining maturity from 1 up to (but not including) 12 months.
  • US investment grade bonds are represented by the Bloomberg US Corporate Investment Grade Index, consists of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
  • Global asset-backed securities are represented by the Bloomberg 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. US are represented by the ICE BofA Global Government Bond Index, excluding US, tracks the performance of investment grade sovereign debt publicly issued and denominated in the issuer's own domestic market and currency.
  • Preferreds are represented by the ICE BofA Fixed Rate Preferred Securities Index, comprised of investment grade fixed rate US dollar denominated preferred securities issued in the US domestic market.


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Convertibles and Asset Allocation

John P. Calamos, Sr. has authored two books, Investing in Convertible Securities: Your Complete Guide to the Risks and Rewards and Convertible Securities: The Latest Instruments, Portfolio Strategies, and Valuation Analysis.

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