Strategy Objective

Absolute return across a global equity universe.

Key Differentiators

  • Fundamental and global, incorporating a blend of top-down and bottom-up considerations
  • Company analysis integrated with industry and thematic research
  • Inclusive framework for managing potential returns and associated risks-stock, industry, style, country and market factors
  • Employ all investment styles depending upon market conditions and the economic cycle

Strategy Details

As of 3/31/24
Inception Date: 6/01/02
Strategy Assets*: $1.4 B
Benchmark: MSCI World Index

*Strategy Assets reflect all assets that are currently being managed (collectively) under the strategy, which may contain multiple performance composites.



As of 3/31/24
Name Long Short
Number of Holdings 39 23
Equity Exposure 94.5 -55.2
Median Market Cap $115.7 B $172.6 B
Weighted Avg. Market Cap $486.8 B $530.3 B

Portfolio Composition

As of 3/31/24
Name Delta Adjusted Basis %
Total Long Exposure 94.7%
Total Short Exposure -50.8%
Total Gross Exposure 145.5%
Total Net Exposure 43.9%

Sector Weightings

As of 3/31/24
Sector Delta Adjusted Basis %
Industrials 28.5%
Health Care 14.6%
Financials 12.4%
Consumer Discretionary 10.0%
Communication Services 6.1%
Information Technology 5.5%
Energy 3.0%
Consumer Staples 0.0%
Materials 0.0%
Real Estate 0.0%
Utilities 0.0%
Other -36.2%

Regional Weightings

As of 3/31/24
Region Delta Adjusted Basis %
North America 32.9%
Europe 7.1%
Asia/Pacific 3.8%
Caribbean 0.0%
Latin America 0.0%
Middle East/Africa 0.0%

Market Capitalization

As of 3/31/24
Market CAP Range Delta Adjusted Basis %
<=$0.10bil 0.0%
>$0.10bil<=$5bil 0.9%
>$5bil<=$30bil 11.7%
>$30bil<=$200bil 42.3%
>$200bil -9.6%


Annualized Total Returns

As of 3/31/24
Name 1-Year 3-Year 5-Year 10-Year Since Inception (6/01/02)
Phineus Long/Short (Gross) 14.33% 5.04% 10.44% 8.39% 12.26%
Phineus Long/Short (Net) 12.94% 3.75% 9.09% 7.00% 10.71%
MSCI World Index 25.72% 9.13% 12.63% 9.97% 8.56%
S&P 500 Index 29.88% 11.49% 15.05% 12.96% 9.69%

Calendar Year Returns

As of 3/31/24
Name Qtr ending Mar 24 YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Phineus Long/Short (Gross) 6.42% 6.42% 10.25% 1.29% 10.37% 22.86% 5.84% -4.26% 11.08% 15.37% 6.80%
Phineus Long/Short (Net) 6.10% 6.10% 8.90% 0.04% 9.03% 21.37% 4.53% -5.45% 9.72% 13.84% 5.22%
MSCI World Index 9.01% 9.01% 24.42% -17.73% 22.35% 16.50% 28.40% -8.20% 23.07% 8.15% -0.32%
S&P 500 Index 10.56% 10.56% 26.29% -18.11% 28.71% 18.40% 31.49% -4.38% 21.83% 11.96% 1.38%

Past performance does not guarantee or indicate future results. Current performance may be lower or higher than the performance quoted. 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.

Returns and Risk/Reward statistics presented reflect the Calamos Phineus Long/Short Composite which is an actively managed composite primarily investing in long and short positions of global publicly listed equity securities. The Composite was created September 30, 2015 calculated with an inception date of June 1, 2002 and includes all fully discretionary fee paying accounts, including those no longer with the Firm. On October 1, 2015 Calamos acquired Phineus Partners, LP which has managed the strategy since its inception in 2002. 

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

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.

S&P 500 Index is generally considered representative of the US stock market.

HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: Calamos Advisors LLC.

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.


Risk/Reward Since Inception

As of 3/31/24
Name Calamos Phineus Long/Short Composite MSCI World Index
Alpha 6.67% N/A
Beta 0.68 1.00
Annualized Standard Deviation 16.28% 15.64%
Upside Semivariance 17.10% 11.49%
Downside Semivariance 6.05% 9.44%
Sharpe Ratio 0.66 0.45
Information Ratio 0.28 N/A
Sortino Ratio 1.25 0.66

Since Inception Up/Down Capture Vs. MSCI World Index

As of 3/31/24

Vehicles & Minimums

Vehicles and Minimums

Vehicle Minimum Availability
Separately Managed Accounts $10 million Available to new investors
Institutional Mutual Fund (CPLIX) $1 million These investment offerings are intended for investors inside the United States.


Fact Sheet

The Phineus Long Short Strategy fact sheet provides a snapshot of the investment team, strategy, performance, composition, ratings and returns.

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