Risk on or risk off? That’s what you hire Calamos Phineus Long/Short Fund (CPLIX) Co-CIO, Senior Co-Portfolio Manager and Head of Long/Short Strategies Michael Grant and team to negotiate. Over the life of the fund, CPLIX has produced better than equity-like returns (as of 4/30/22) with an average net equity exposure of 27% since inception in 2002.
“One of the real attractions to long/short was taking the risk-on/risk-off decision to my side of the table…when the equity environment is favorable, let’s act like a long-only investor and when the environment turns pear shaped, let’s have the flexibility and skills to preserve capital.”
CPLIX, celebrating its 20th birthday in May as the #1 fund since inception in the Morningstar Long-Short Equity category (as of 4/30/22), begins its 21st year as one of just 300 actively managed funds (4.4% of all) with a positive YTD return as of April’s end.
Over 181 rolling periods since the fund’s founding in 2002, those who could commit to CPLIX for a minimum of five years never lost money.
CPLIX exhibits greater volatility relative to its peers, often skewed to the upside—and with superior results.
It’s possible to keep moving forward in this market—four brutal months for equities this year, and Calamos Phineus Long/Short Fund (CPLIX) ended each one with a positive return.
After significantly outperforming its index and peers in the first quarter, Calamos Phineus Long/Short Fund (CPLIX) continues to be positioned for a robust economy and strong earnings growth.
Calamos Phineus Long/Short Fund (CPLIX) has provided equity-like returns by diversifying and actively managing equity market risk. The result: No negative five-year rolling periods since 2002—the S&P 500 experienced 16 negative periods over the same time.
The economy is being powered by “enormous economic momentum due to the end of Covid,” and won’t be easily stalled, according to Co-CIO, Head of Long/Short Strategies and Calamos Phineus Long/Short Fund Senior Co-Portfolio Manager Michael Grant.
The performance of Calamos equity and fixed income alternatives this year has demonstrated their diversification benefits.
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Calamos Phineus Long/Short Fund is half of an alternative blend investment professionals have been using since 2017. We call it the Half Caff, as inspired by coffee drinkers who like the jolt that caffeine provides but want to dial back on the accompanying jumpiness.
While it doesn’t have the storied history of the 60/40, the Half Caff is a combination of CPLIX as our equity alt and fixed income alt Calamos Market Neutral Income Fund (CMNIX). To see how the blend has stood the test of recent markets, see this 2017 post, its sequel and these updates on its 2020 resilience and 2021 performance.
See for yourself. Analyze CPLIX using our portfolio analysis tool on the Investment Professional section of Calamos.com.
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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.
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. 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.
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.
Alternative investments may not be suitable for all investors. The fund takes long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. The fund may lose money should the securities the fund is long decline in value or if the securities the fund has shorted increase in value, but the ultimate goal is to realize returns in both rising and falling equity markets while providing a degree of insulation from increased market volatility.
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.