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IE00B28VTV28

Global Convertible Fund

Important Disclosure

Fund Stats

  • Total Net Assets

    $538.3 Million

    As of 30/9/24

  • MorningStar Rating

    4 stars

    Overall rating as of 30/9/24

  • Inception Date

    27/11/07

Portfolio Fit

Consisting of convertible securities that can participate in upside equity movements with potentially limited downside exposure, the fund can provide a means to manage risk in conjunction with an equity allocation. The fund can also serve a role within a fixed-income allocation, as convertibles have performed well during periods of rising interest rates and inflation.

Key Features

  • Provides broadly diversified exposure to the global convertible bond universe.
  • Leverages more than 45 years of research in convertible security investing.
  • Seeks to provide upside participation in equity markets with less exposure to downside than an equity-only portfolio over a full market cycle.
  • Blends global investment themes and fundamental research via active management.

Overview

The UCITS fund invests in global convertible securities with the aim of balancing risk/reward while providing growth and income.The fund is actively managed and is suitable for long-term investors.The fund uses the FTSE Global Convertible Index and MSCI World Index as comparative benchmarks but not to constrain the fund's portfolio or as a target for performance.

Performance

Annualized Total Returns

As of 30/9/24
TimeFrame Calamos Global Convertible Fund (NAV) FTSE Global Convertible Index MSCI World Index
1 Year 16.32 15.65 33.03
3 Year -2.01 -0.86 9.61
5 Year 6.62 7.44 13.59
10 Year 5.49 5.56 10.65
Since Inception (27/11/07) 3.75 5.17 7.73

Calendar Year Total Returns

As of 30/9/24
Date Calamos Global Convertible Fund (NAV) FTSE Global Convertible Index MSCI World Index
YTD 2024 10.52 8.40 19.28
2023 10.87 12.44 24.42
2022 -21.67 -18.88 -17.73
2021 -1.37 1.02 22.35
2020 38.77 35.11 16.50
2019 13.83 16.47 28.40
2018 -3.86 -3.74 -8.20
2017 13.51 12.83 23.07
2016 3.17 3.48 8.15
2015 0.45 -2.11 -0.32

Important Fund Information

Performance data quoted represents past performance, and may not be a reliable guide to future results. Performance data quoted does not include the Fund's maximum 5% front-end sales charge. Had it been included, the Fund's returns would have been lower. Performance shown reflects the management fee. All performance shown assumes reinvestment of dividends and capital gains distributions. Returns for periods less than 12 months are not annualised.

The FTSE Global Convertible Index is designed to broadly represent the global convertible bond market.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Portfolio

Sector Weightings

As of 30/9/24
Sector % of Assets FTSE Global Convertible Index
Consumer Discretionary 27.8% 17.5%
Information Technology 22.0% 22.3%
Health Care 9.9% 10.1%
Industrials 6.8% 12.1%
Financials 6.6% 9.7%
Energy 5.0% 1.6%
Consumer Staples 3.8% 2.0%
Utilities 3.2% 8.0%
Communication Services 2.6% 8.0%
Materials 2.4% 4.0%
Real Estate 1.8% 4.7%
Other 3.3% 0.0%

Asset Allocation

As of 30/9/24
Asset Allocation %
Convertibles 91.922
Cash and Receivables/Payables 4.7081
Synthetic Convertibles 3.3699
Common Stock 0

Top 10 Holdings

As of 30/9/24
View All Holdings
Company Security Type Industry %
Alibaba Group Holding, Ltd. Convertible Bonds Broadline Retail 4.6%
JD.com, Inc. Convertible Bonds Broadline Retail 3.2%
Trip.com Group, Ltd. Convertible Bonds Hotels, Resorts & Cruise Lines 2.1%
MakeMyTrip, Ltd. Convertible Bonds Hotels, Resorts & Cruise Lines 1.9%
Eni S.p.A. Convertible Bonds Integrated Oil & Gas 1.9%
NCL Corp., Ltd. Convertible Bonds Hotels, Resorts & Cruise Lines 1.8%
Rivian Automotive, Inc. Convertible Bonds Automobile Manufacturers 1.8%
DISH Network Corp. Convertible Bonds Cable & Satellite 1.7%
Morgan Stanley Finance, LLC Convertible Bonds Diversified Banks 1.6%
Meritage Homes Corp. Convertible Bonds Homebuilding 1.5%

Fund Facts

As of 30/9/24
Name Fund FTSE Global Convertible Index
Net Assets $538.3 M N/A
Number of Holdings 113 509
Debt/Capital 51.3% 55.3%
ROIC 14.6% 13.6%
Duration 1.6 years N/A
Median Conversion Premium 38.5% 39.7%
Median Investment Premium 10.7% 8.0%

Regional Exposure

As of 30/9/24
Region % of Assets
North America 58.0%
Asia/Pacific 23.7%
Europe 12.3%
Middle East/Africa 1.3%
Caribbean 0.0%
Latin America 0.0%

Country Exposure

As of 30/9/24
Country %
United States 57.5%
China 11.3%
France 4.2%
Italy 4.1%
Japan 3.7%
South Korea 2.9%
India 1.9%
Netherlands 1.5%
Germany 1.5%
Israel 1.3%

Currency Exposure

As of 30/9/24
Currency %
United States Dollar (USD) 81.1%
Euro (EUR) 12.8%
Japanese Yen (JPY) 3.9%
Australian Dollar (AUD) 0.8%
British Pound Sterling (GBP) 0.8%
Hong Kong Dollar (HKD) 0.6%
Swiss Franc (CHF) 0.0%
Singapore Dollar (SGD) 0.0%
Taiwan Dollar (TWD) 0.0%
Canadian Dollar (CAD) 0.0%

Distributions

Total Capital Gains

A distribution has not been paid since the Fund's inception.

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

Fees & Expenses

Annual Expenses

Name A Shares
Gross Expense Ratio 1.82%
Management Fee 1.65%

Investment Information

Name A Shares
Minimum initial investment (£/€/$) $2500
Minimum subsequent investments (£/€/$) $50

Fund Information

Name A Shares
Inception Date 27/11/07
Bloomberg Ticker CAGOAUA ID
CUSIP number G39118149
ISIN number IE00B28VTV28

Literature

Fact Sheet (Share Class A, C, I) - English

The Global Convertible fact sheet provides a snapshot of the investment team, the fund strategy, performance, composition, ratings and returns.

Fact Sheet (Share Class A, C, I) - Spanish

The Global Convertible fact sheet provides a snapshot of the investment team, the fund strategy, performance, composition, ratings and returns.

Fact Sheet (Share Class Z)

The Global Convertible fact sheet provides a snapshot of the investment team, the fund strategy, performance, composition, ratings and returns.

Fact Sheet (Share Class I, Z)

The Global Convertible fact sheet provides a snapshot of the investment team, the fund strategy, performance, composition, ratings and returns.

Fact Sheet (Share Class I, Z CHF)

The Global Convertible fact sheet provides a snapshot of the investment team, the fund strategy, performance, composition, ratings and returns.

Prospectus

This prospectus sets forth concisely the information that you should know before investing. You should read the accompanying simplified prospectus, which contains important information, before deciding whether to invest in our securities.

Supplement

SFDR Disclosure

Transparency Statement under Article 10 of the Sustainable Finance Disclosure Regulation (EU) 2019/2088

KIIDS

The key Investor Information Document (KIID) aims to provide investors with a transparent and concise overview of funds in a standard format.

Annual Report

The annual report includes a comprehensive review of the fund’s activities and financial performance.

Semi-annual Report

The semi-annual report provides a comprehensive review of the fund’s activities and financial performance for a six month period.

Investment Manager Commentary, July 2024

Economic data is softening, there’s plenty of geopolitical risk, and no one has a crystal ball concerning the Fed. In terms of the presidential election, the biggest surprise would be no surprise. All in all, there’s every reason to favor the lower-volatility approach global convertibles provide.

Global Convertible Market Update: Portfolio Manager Q&A

Senior co-portfolio managers Eli Pars and Joe Wysocki discuss the diverse opportunities in the global convertible market. They explain how convertible securities can provide tailwinds to help investors counter the headwinds of rising rates and equity market volatility.

The Case for Strategic Convertible Allocations

John P. Calamos, Sr. and Eli Pars discuss the role of convertible securities within portfolios, the value of active management, and encouraging global trends within the convertible market.

Quarterly Commentary

A discussion of the Global Convertible Fund's performance versus a benchmark, positioning, related market commentary, and outlook.

Convertible Securities: Potential Advantages in Rising Interest Rate Environments

Convertible securities have fixed-income qualities and can be affected by rising interest rates, but they have also demonstrated a resiliency to rising rates due to their equity characteristics.

Convertible Securities: Potential Advantages in Rising Interest Rate Environments - Spanish

Convertible securities have fixed-income qualities and can be affected by rising interest rates, but they have also demonstrated a resiliency to rising rates due to their equity characteristics.

Convertible Bonds: Combining the Advantages of Stocks and Bonds

Convertible bonds are considered a hybrid security: Like stocks, they offer the potential of capital appreciation. Like bonds, they offer the potential for interest income and downside risk mitigation.

Convertible Bonds: Combining the Advantages of Stocks and Bonds - Spanish

Convertible bonds are considered a hybrid security: Like stocks, they offer the potential of capital appreciation. Like bonds, they offer the potential for interest income and downside risk mitigation.

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

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 1-866-363-9219. Read it carefully before investing.

©2024 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

Important Fund Information

This webpage is issued by Calamos Advisors LLC ("CAL") and does not constitute or form part of any offer or invitation to buy or sell shares. It should be read in conjunction with the Fund's Prospectus, key investor information document ("KIID") or offering memorandum. CAL is authorised and regulated by the United States Securities and Exchange Commission. The Company's registered office is 2020 Calamos Court, Naperville, IL 60563. The price of shares and income from them can go down as well as up and past performance is not a guide to future performance. Investors may not get back the full amount originally invested. A comprehensive list of risk factors is detailed in the Prospectus and KIID and an investment should not be contemplated until the risks are fully considered. The contents of this document are based upon sources of information believed to be reliable. CAL has taken reasonable care to ensure the information stated is accurate. However, CAL makes no representation, guarantee or warranty that it is wholly accurate and complete. The Calamos Global Convertible Fund is a sub-fund of GemCap Investment Funds (Ireland) plc, an umbrella type open-ended investment company with variable capital, incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between sub-funds. GemCap Investment Funds (Ireland) plc is authorised in Ireland by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011) (the "UCITS Regulations"), as amended. Gemini Capital Management (Ireland) Limited, trading as GemCap, is a limited liability company registered under the registered number 579677 under Irish law pursuant to the Companies Act 2014 which is regulated by the Central Bank of Ireland. Its principal office is at Suites 22-26 Morrison Chambers, 32 Nassau Street, Dublin 2, D02 X598 and its registered office is at 7th Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, D02E762. GemCap acts as both management company and global distributor to GemCap Investment Funds (Ireland) plc. GemCap UK Limited (FRN 924419) is an appointed representative of Connexion Capital LLP (FRN 480006), which is authorised and regulated by the Financial Conduct Authority and provides distribution oversight services to GemCap acting as global distributor and is responsible for the oversight of all distribution arrangements for the sub-fund.

This is a marketing communication. Please refer to the Supplement, the Prospectus, any other offering document and the KIID in relation to the Fund before making any final investment decision.

A copy of the English version of the Supplement, the Prospectus, and any other offering document and the KIID is available at www.gemincapital.ie and http://www.calamos.com/funds/ucits. As required under national rules, the KIIDs and any other applicable documents are also available in the official language of the relevant jurisdiction where the Fund is marketed, or in another language accepted by the national competent authorities of that jurisdiction.

A summary of investor rights associated with an investment in the Fund is available in English at www.gemincapital.ie. A decision may be taken at any time to terminate the arrangements for the marketing of the Fund in any jurisdiction in which it is currently being marketed. In such circumstances, Shareholders in affected EEA Member State will be notified of any decision to terminate marketing arrangements in advance and will be provided the opportunity to redeem their shareholding in the Company free of any charges or deductions for at least 30 working days from the date of such notification.

Morningstar RatingsTM are based on risk-adjusted returns and are through 9/30/24 for the share class listed and will differ for other share classes. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Each fund is rated exclusively against US domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: ©2024 Morningstar, Inc.

Morningstar Convertible Bond - Global Category funds invest principally in convertible securities of issuers from around the world.

IMPORTANT INFORMATION. Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualised average. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class C and X shares, the performance of which may vary. Performance shown reflects the management fee. Returns greater than 12 months are annualised. All performance shown assumes reinvestment of dividends and capital gains distributions. Sources for performance data: Calamos Advisors LLC, RBC Investor Services Ireland Limited ("RBC").

This document does not constitute an offer or solicitation to invest in the Fund. It is directed only at professional/sophisticated investors and it is for their use and information. This document should not be shown or given to retail investors. Any entity responsible for forwarding this material to other parties takes responsibility for ensuring compliance with the financial promotion rules.

The portfolio is actively managed. Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only.

The following are risks materially relevant to the Fund: There may be insufficient buyers or sellers to allow the Fund to sell or buy certain types of securities readily; Convertibles expose the Fund to the risk the issuer of the debt security portion of the security may fail to meet its obligations as well as the performance of the underlying stock into which it can be converted; investments in emerging markets may expose the Fund to more social, political, regulatory and currency risks than securities in developed markets; Derivatives may fluctuate in value rapidly and certain derivatives may introduce leverage which may result in losses that are greater than the original amount invested; a party with whom the Fund contracts for securities may fail to meet its obligations or become bankrupt which may expose the Fund to a financial loss; and Structured Notes expose the Fund to the market risk of the underlying security and Counterparty Risk. For a more detailed explanation of the risks, please refer to the 'Risk Warnings' section of the Prospectus and the Supplement.

Top 10 Holdings are calculated as a percentage of net assets and excludes cash or cash equivalents, any government/sovereign bonds or broad based index hedging securities the portfolio may hold. You can obtain a complete listing of holdings by visiting www.calamos.com

Regional Weightings and Sector Weightings are calculated as a percentage of net assets and exclude cash or cash equivalents. The Sector table Other row includes securities that do not have a sector classification, such as but not limited to government/sovereign bonds, mutual funds or index options.

From LSEG Lipper Fund Award © 2024 LSEG. All rights reserved. Used under license. LSEG Lipper Fund Awards Europe, Germany, Nordics, Switzerland, UK 2024 Winner, Calamos Global Converts UCITS Fund, Best Bond Convertibles Global Fund Over 10 Years. The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by LSEG Lipper.

Notes

Debt/capital ratio is a measure of a company's financial leverage, calculated as the company's debt divided by its total capital.

PEG ratio is a stock's price/earnings ratio divided by the estimated earnings growth rate in the next year; a lower PEG indicates that less is being paid for each unit of earnings growth.

Price/earnings ratio is the current stock price over trailing 12-month earnings per share.

ROIC (return on invested capital) measures how effectively a company uses the money invested in its operations, calculated as a company's net income minus any dividends divided by the company's total capital.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

The FTSE Global Convertible Index is designed to broadly represent the global convertible bond market.