An actively managed U.S. strategy that leverages Calamos' capital structure research by investing in equities and equity-sensitive securities, in order to generate consistent alpha and manage downside volatility.
Strategy: U.S. equities, converts and fixed income
*Strategy AUM reflects all assets that are currently being managed (collectively) under the Calamos U.S. Opportunities Strategy.
Chief Investment Officers
John P. Calamos, Sr.
Nick P. Calamos
Co-Heads of Research & Investments
7 Portfolio Specialists
Infrastructure & Execution*
*Information is as of 12/31/13.
Since Inception Up/Down Capture Vs. S&P 500 Index
Annualized Total Returns
Calendar Year Returns
Composite returns are gross of fees. Net of fees returns for 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, are 17.28%, 8.85%, -0.35%, 12.52%, 37.61%, -30.69%, 10.01%, 10.25%, 8.43%, and 10.08% respectively.
Rolling 5-Year Returns
Composite returns are gross of fees. Net of fees returns for December 31 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, are 14.52%, 3.08%, 3.30%, 5.42%, 4.64%, 0.07%, 13.16%, 10.21%, 7.69%, and 7.52% respectively.
Representative Portfolio Ten Largest Holdings‡
‡The information provided should not be considered a recommendation to purchase or sell any security. There is no assurance that any securities presented herein will remain in the portfolio at the time you receive information or that securities sold have not been repurchased. The securities discussed do not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any securities transactions or holdings presented were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities presented herein. Ten largest holdings exclude cash or cash equivalents, any government/sovereign bonds or instruments on broad based indexes the portfolio may hold.
First Quarter 2011 Attribution vs. S&P 500 Index
Security selection within the information technology sector was the most significant contributor to relative performance, with especially strong performance from holdings in the semiconductors and software industries. Our focus within the IT sector is on companies that offer products that enhance consumer and corporate productivity, as well as those that benefit from considerable consumer demand. We believe the portfolio’s holdings are positioned to capitalize on the current innovation cycle, which is bringing different technologies together, as well as from the pent-up demand for technology upgrade spending.
An underweight to and security selection within the financials sector also contributed to relative performance during the period. We have maintained a lower relative allocation to financials due to new regulations within the sector, which we believe have put downward pressure on profits and revenues. In our view, continued deleveraging makes the sector too risky to fully participate in at this time. We continue to favor those firms with lower underlying credit risk, such as well-run, global asset managers and select insurers with higher-quality balance sheets.
Security selection within the health care sector detracted from relative performance as holdings within the pharmaceuticals industry underperformed. Within the sector, operating performance is generally much improved from a year ago and many names are now trading at valuations we view as reasonable. We are currently assessing opportunities within the sector, particularly among the health care services and equipment industries.
Security selection within the materials sector detracted value. Within the sector, we believe persistent demand coming from many Asian economies, as well as continued global reflation efforts, should help sustain elevated commodity prices and benefit the portfolio’s holdings.
The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund's current prospectus. The prospectus contains important information about the Fund and should be read carefully before investing. A copy of the full and simplified prospectus for the Fund may be obtained by clicking here, or by contacting the local Paying Agent listed by jurisdiction, or through the Fund's Transfer Agent, State Street Fund Services (Ireland) Limited, listed here.
Calamos is a registered investment adviser only in the U.S. and advisory services are not being offered directly, but may be available through select financial professionals in your local jurisdiction.