Fund Stats
-
NAV
$9.93
$0.03 (0.30%)
-
Daily YTD Return
0.71%
-
Total Net Assets
$2.1 Million
-
Inception Date
9/29/23
Overview
To deliver absolute returns largely uncorrelated to equity and fixed income markets.
Key Features
- Calamos is a pioneer in convertible and options investing, where analysis of public acquisitions and opportunities to alter risk reward through structure is an ingrained part of the investment process
- Our merger strategy is a natural extension of our experience managing hedged equity and convertible arbitrage strategies for more than 20 years on average as a team
- Because of this, we believe one of our main edges resides in public acquisitions where there are convertible bonds, liquid options or other securities within a target company's capital structure that allow us to alter risk reward through trade structure
Portfolio Fit
Seeks to deliver absolute returns uncorrelated to equity and fixed income markets.
Performance
Calendar Year Total Returns
| Date | Calamos Merger Arbitrage Fund (NAV) | Calamos Merger Arbitrage Fund Load-Adjusted | ICE BofA US 3 Month Treasury Bill Index (G0O1) | S&P 500 Index |
|---|---|---|---|---|
| 2024 | -2.03 | -4.71 | 5.25 | 25.02 |
| 2023* | 1.41 | 1.15 | 1.41 | 11.39 |
*Reflects the fund's return from the inception date of 9/29/2023 through 12/31/2023.
Annualized Total Returns
| TimeFrame | Calamos Merger Arbitrage Fund (NAV) | Calamos Merger Arbitrage Fund Load-Adjusted | ICE BofA US 3 Month Treasury Bill Index (G0O1) | S&P 500 Index |
|---|---|---|---|---|
| 3 Month | 0.20 | -2.60 | 1.17 | 2.41 |
| 1 Year | -2.03 | -4.71 | 5.25 | 25.02 |
| Since Inception (09/29/23) | 1.48 | -0.73 | 5.31 | 30.08 |
| TimeFrame | Calamos Merger Arbitrage Fund (NAV) | Calamos Merger Arbitrage Fund Load-Adjusted | ICE BofA US 3 Month Treasury Bill Index (G0O1) | S&P 500 Index |
|---|---|---|---|---|
| 3 Month | 0.20 | -2.60 | 1.17 | 2.41 |
| 1 Year | -2.03 | -4.71 | 5.25 | 25.02 |
| Since Inception (09/29/23) | 1.48 | -0.73 | 5.31 | 30.08 |
The ICE BofA 3-Month US Treasury Bill Index (G0O1) is an unmanaged index that measures the performance of a single US Treasury issue with approximately three months to final maturity. The issue is purchased at the beginning of each month and held for one full month. At the end of the month, that issue is sold and rolled into a newly selected issue.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 2.75%. Had it been included, the Fund's return would have been lower.
Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.
Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.
The funds' gross expense ratios as of the prospectus dated 3/1/2024 are as follows: A Shares 6.06%, C Shares 6.81% and I Shares 5.81%.
Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans and by institutional clients, provided such plans or clients have assets of at least $1 million. For eligibility requirements and other available share classes see the prospectus and other Fund documents at www.calamos.com.
Portfolio
Sector Weightings
| Sector | % of Assets |
|---|---|
| Information Technology | 35.0% |
| Health Care | 11.3% |
| Materials | 6.8% |
| Energy | 6.7% |
| Consumer Staples | 4.6% |
| Communication Services | 4.3% |
| Consumer Discretionary | 4.1% |
| Financials | 2.7% |
| Industrials | 0.0% |
| Utilities | 0.0% |
| Real Estate | 0.0% |
| Other | 12.9% |
Asset Allocation
| Asset Allocation | % |
|---|---|
| Common Stock | 60.7758 |
| Convertibles | 27.8975 |
| Cash and Receivables/Payables | 11.571 |
| Other | 0.0435 |
| Warrants | 0.0006 |
| Options | -0.2883 |
Top 10 Holdings
| Target Company | Sector | Acquiring Company | % |
|---|---|---|---|
| Juniper Networks, Inc. | Information Technology | Hewlett Packard Enterprise Company | 8.9% |
| Amedisys, Inc. | Health Care | UnitedHealth Group, Inc. | 8.0% |
| Hess Corp. | Energy | Chevron Corp. | 7.4% |
| ChampionX Corp. | Energy | Schlumberger, NV | 7.3% |
| FutureTech II Acquisition Corp. - Class A | N/A | 5.6% | |
| United States Steel Corp. | Materials | Nippon Steel Corp. | 5.2% |
| ANSYS, Inc. | Information Technology | Synopsys, Inc. | 4.9% |
| Everest Consolidator Acquisition Corp. | N/A | 4.4% | |
| TechTarget Inc/old | Communication Services | INFORMA PLC | 4.3% |
| Altair Engineering, Inc. | Information Technology | Siemens, AG | 4.2% |
| Total | 60.2% |
Fund Facts
| Name | Fund |
|---|---|
| Net Assets | $2.1 M |
| Number of Holdings | 47 |
| Portfolio Turnover (12 months) | 121.8% |
Market Capitalization
| Market CAP Range | % of Assets |
|---|---|
| <=$0.10bil | 21.1% |
| >$0.10bil<=$5bil | 23.5% |
| >$5bil<=$30bil | 53.2% |
| >$30bil<=$200bil | 9.1% |
| >$200bil | -6.9% |
Distributions
Schedule
| Name | Frequency |
|---|---|
| Distributions | ANNUAL |
| Capital Gains | ANNUAL |
2024 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 23, 2024. To view the report, click here.
Fees & Expenses
Annual Expenses
| Name | A Shares | C Shares | I Shares |
|---|---|---|---|
| Gross Expense Ratio | 6.06% | 6.81% | 5.81% |
Investment Information
| Name | A Shares | C Shares | I Shares |
|---|---|---|---|
| Minimum initial investment | $2500 | $2500 | $1 million |
| Minimum subsequent investments | $50 | $50 | N/A |
| IRA initial investments | $500 | $500 | N/A |
Fund Information
| Name | A Shares | C Shares | I Shares |
|---|---|---|---|
| Inception Date | 9/29/23 | 9/29/23 | 9/29/23 |
| Ticker Symbol | CMRAX | CMRCX | CMRGX |
| CUSIP number | 128120219 | 128120193 | 128120185 |
Sales & Distribution
| Name | A Shares | C Shares | I Shares |
|---|---|---|---|
| Sales Load | Front-End | Level-Load | N/A |
| Maximum Sales Charge | 2.75 | 1.00 | N/A |
| US Bank Fund Number | 5852 | 5853 | 5854 |
| Dividends | ANNUAL | ANNUAL | ANNUAL |
| Capital Gains | ANNUAL | ANNUAL | ANNUAL |
The Fund's investment advisor has contractually agreed to reimburse Fund expenses through October 31, 2026 to the extent necessary so that Total Annual Fund Operating Expenses of Class A shares, Class C shares and Class I shares are limited to 1.50%, 2.25% and 1.25% of average net assets, respectively. For purposes of these expense limitations, operating expenses do not include taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, foreign tax reclaim expenses, and extraordinary expenses (as determined in the discretion of Calamos Advisors LLC ("Calamos Advisors")), such as litigation costs. Calamos Advisors may recapture previously waived expense amounts within the same fiscal year for any day where the respective share class's expense ratio falls below the contractual expense limit up to the expense limit for that day. This undertaking is binding on Calamos Advisors and any of its successors and assigns. This agreement is not terminable by either party.
Literature
About the Fund
Calamos Merger Arbitrage Fact Sheet
The Merger Arbitrage Fund launch sheet provides a snap shot of the investment team and fund strategy.
Prospectus and Reports
CALAMOS MERGER ARBITRAGE FUND PROSPECTUS
This summary contains important information about the Class A, C, and I Merger Arbitrage Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.
Statutory Prospectus
You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
SAI
The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
Semi-Annual Report
The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.
Annual Report
The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.