Fund Stats
-
Total Net Assets
$546.9 Million
-
MorningStar Rating
4 stars
-
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 40 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 rebalancing risk/reward while providing growth and income.The fund is actively managed and is suitable for long-term investors.The fund uses the Refinitiv Global Convertible Bond 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
| TimeFrame | Calamos Global Convertible Fund (NAV) | Refinitiv Global Convertible Bond Index | MSCI World Index |
|---|---|---|---|
| 1 Year | -22.82 | -20.69 | -14.67 |
| 3 Year | 4.68 | 5.91 | 9.3 |
| 5 Year | 4.33 | 5.25 | 8.41 |
| 10 Year | 5.16 | 6.18 | 10.05 |
| Since Inception | 3.05 | 4.63 | 6.02 |
Calendar Year Total Returns
| Date | Calamos Global Convertible Fund (NAV) | Refinitiv Global Convertible Bond Index | MSCI World Index |
|---|---|---|---|
| YTD 2022 | -19.56 | -17.47 | -17.5 |
| 2021 | -1.37 | 1.02 | 22.35 |
| 2020 | 38.77 | 35.11 | 16.5 |
| 2019 | 13.83 | 16.47 | 28.4 |
| 2018 | -3.86 | -3.74 | -8.2 |
| 2017 | 13.51 | 12.83 | 23.07 |
| 2016 | 3.17 | 3.48 | 8.15 |
| 2015 | 0.45 | -2.11 | -0.32 |
| 2014 | 2.42 | 1.71 | 5.5 |
| 2013 | 13.17 | 18.18 | 27.37 |
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 Refinitiv Global Convertible Bond 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
| Sector | % of Assets | Refinitiv Global Convertible Bond Index |
|---|---|---|
| Information Technology | 31.4% | 26.6% |
| Consumer Discretionary | 17.6% | 16.0% |
| Health Care | 13.4% | 12.1% |
| Communication Services | 11.5% | 12.5% |
| Industrials | 5.0% | 8.8% |
| Financials | 4.9% | 5.7% |
| Consumer Staples | 3.6% | 1.9% |
| Utilities | 3.6% | 6.3% |
| Materials | 2.4% | 4.8% |
| Real Estate | 2.4% | 3.0% |
| Energy | 1.8% | 2.5% |
| Other | 0.7% | 0.0% |
Asset Allocation
| Asset Allocation | % |
|---|---|
| Convertibles | 97.3654 |
| Cash and Receivables/Payables | 1.7768 |
| Synthetic Convertibles | 0.8578 |
| Common Stock | 0 |
| Preferred Stock | 0 |
Top 10 Holdings
| Company | Security Type | Industry | % |
|---|---|---|---|
| DTE Energy Company | DECS,ACES,PRIDES | Multi-Utilities | 1.8% |
| Pioneer Natural Resources Co | Convertible Bonds | Oil & Gas Exploration & Production | 1.8% |
| ON Semiconductor Corp. | Convertible Bonds | Semiconductors | 1.8% |
| Wells Fargo & Company | Convertible Preferred Stocks | Diversified Banks | 1.5% |
| Bank Of America Corp. | Convertible Preferred Stocks | Diversified Banks | 1.5% |
| Broadcom, Inc. | DECS,ACES,PRIDES | Semiconductors | 1.5% |
| Sea, Ltd. | Convertible Bonds | Interactive Home Entertainment | 1.3% |
| Snap, Inc. | Convertible Bonds | Interactive Media & Services | 1.3% |
| Meituan | Convertible Bonds | Internet & Direct Marketing Retail | 1.3% |
| DexCom, Inc. | Convertible Bonds | Health Care Equipment | 1.2% |
Fund Facts
| Name | Fund | Refinitiv Global Convertible Bond Index |
|---|---|---|
| Number of Holdings | 146 | 558 |
| Debt/Capital | 50.3% | 55.5% |
| Duration | 2.3 years | N/A |
| Conversion Premium | 50.9% | 54.6% |
| Investment Premium | 7.1% | 3.4% |
| ROIC | 12.6% | 11.8% |
| Net Assets | $546.9 M | N/A |
Regional Exposure
| Region | % of Assets |
|---|---|
| North America | 64.5% |
| Asia/Pacific | 19.7% |
| Europe | 12.7% |
| Middle East/Africa | 1.3% |
| Caribbean | 0.0% |
| Latin America | 0.0% |
Country Exposure
| Country | % |
|---|---|
| United States | 61.8% |
| China | 5.2% |
| Japan | 4.8% |
| Singapore | 3.4% |
| Germany | 3.1% |
| Canada | 2.7% |
| South Korea | 2.1% |
| India | 2.1% |
| United Kingdom | 2.1% |
| Italy | 1.6% |
Currency Exposure
| Currency | % |
|---|---|
| United States Dollar (USD) | 80.8% |
| Euro (EUR) | 10.8% |
| Japanese Yen (JPY) | 4.9% |
| British Pound Sterling (GBP) | 1.3% |
| Canadian Dollar (CAD) | 0.8% |
| Hong Kong Dollar (HKD) | 0.6% |
| Australian Dollar (AUD) | 0.6% |
| Swiss Franc (CHF) | 0.0% |
| Taiwan Dollar (TWD) | 0.0% |
| Singapore Dollar (SGD) | 0.0% |
Distributions
Total Capital Gains
A distribution has not been paid since the Fund's inception.
Schedule
| Name | Frequency |
|---|---|
| Distributions | ANNUAL |
| Capital Gains | ANNUAL |
Fees & Expenses
Annual Expenses
| Name | A Shares |
|---|---|
| Gross Expense Ratio | 1.82% |
| Management Fee | 1.65% |
Investment Information
| Name | A Shares |
|---|---|
| Minimum initial investment (£/€/$) | $2500 |
| Minimum subsequent investments (£/€/$) | $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.
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 2022
Eli Pars, CFA, discusses the positioning of Calamos Global Convertible Fund and caution around re-risking.
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.
Investment Manager Commentary, April 2022
Eli Pars, CFA, discusses the positioning of Calamos Global Convertible Fund and shares his view of the potential benefits of convertible securities during periods of equity market volatility and rising interest rates.
Investment Manager Commentary, January 2022
In “Neither the Fed nor Inflation Should Derail the Markets in 2022,” Eli Pars, CFA, discusses the tailwinds he sees for the global convertible market in the coming year and comments on the positioning of Calamos Global Convertible Fund.
Investment Manager Commentary, April 2021
Eli Pars, CFA shares his positive outlook for the global convertible market, supported by the Federal Reserve’s accommodative stance and vaccination progress. He discusses the positioning of Calamos Global Convertible Fund, where active rebalancing supports the goal of providing more exposure to global equity market upside than potential downside over market cycles.
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.