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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 9/30/23| Inception Date: | 6/01/02 |
|---|---|
| Strategy Assets*: | $1.3 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.
Portfolio
Characteristics
| Name | Long | Short |
|---|---|---|
| Number of Holdings | 45 | 27 |
| Equity Exposure | 90.2 | -52.3 |
| Median Market Cap | $149.5 B | $197.3 B |
| Weighted Avg. Market Cap | $414.6 B | $667.3 B |
Portfolio Composition
| Name | Delta Adjusted Basis % |
|---|---|
| Total Long Exposure | 96.8% |
| Total Short Exposure | -60.0% |
| Total Gross Exposure | 156.9% |
| Total Net Exposure | 36.8% |
Sector Weightings
| Sector | Delta Adjusted Basis % |
|---|---|
| Industrials | 22.6% |
| Health Care | 15.0% |
| Consumer Discretionary | 12.4% |
| Financials | 11.1% |
| Information Technology | 7.5% |
| Communication Services | 5.0% |
| Materials | 1.0% |
| Real Estate | -0.5% |
| Consumer Staples | -0.9% |
| Energy | 0.0% |
| Utilities | 0.0% |
| Other | -36.5% |
Regional Weightings
| Region | Delta Adjusted Basis % |
|---|---|
| North America | 31.3% |
| Asia/Pacific | 2.8% |
| Europe | 2.7% |
| Caribbean | 0.0% |
| Latin America | 0.0% |
| Middle East/Africa | 0.0% |
Market Capitalization
| Market CAP Range | Delta Adjusted Basis % |
|---|---|
| <=$0.10bil | -0.3% |
| >$0.10bil<=$5bil | 0.8% |
| >$5bil<=$30bil | 10.2% |
| >$30bil<=$200bil | 39.2% |
| >$200bil | -13.1% |
Performance
Annualized Total Returns
| Name | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception (6/01/02) |
|---|---|---|---|---|---|
| Phineus Long/Short (Gross) | 13.40% | 13.85% | 8.07% | 7.81% | 11.99% |
| Phineus Long/Short (Net) | 12.02% | 12.47% | 6.75% | 6.42% | 10.44% |
| MSCI World Index | 22.58% | 8.60% | 7.80% | 8.84% | 7.78% |
| S&P 500 Index | 21.62% | 10.15% | 9.92% | 11.91% | 8.85% |
Calendar Year Returns
| Name | Qtr ending Sep 23 | YTD 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phineus Long/Short (Gross) | -2.88% | 5.28% | 1.29% | 10.37% | 22.86% | 5.84% | -4.26% | 11.08% | 15.37% | 6.80% | 2.26% |
| Phineus Long/Short (Net) | -3.19% | 4.32% | 0.04% | 9.03% | 21.37% | 4.53% | -5.45% | 9.72% | 13.84% | 5.22% | 0.74% |
| MSCI World Index | -3.36% | 11.55% | -17.73% | 22.35% | 16.50% | 28.40% | -8.20% | 23.07% | 8.15% | -0.32% | 5.50% |
| S&P 500 Index | -3.27% | 13.07% | -18.11% | 28.71% | 18.40% | 31.49% | -4.38% | 21.83% | 11.96% | 1.38% | 13.69% |
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
Risk/Reward Since Inception
| Name | Calamos Phineus Long/Short Composite | MSCI World Index |
|---|---|---|
| Alpha | 6.91% | N/A |
| Beta | 0.68 | 1.00 |
| Annualized Standard Deviation | 16.43% | 15.64% |
| Upside Semivariance | 17.34% | 11.20% |
| Downside Semivariance | 6.17% | 9.63% |
| Sharpe Ratio | 0.65 | 0.41 |
| Information Ratio | 0.31 | N/A |
| Sortino Ratio | 1.22 | 0.59 |
Since Inception Up/Down Capture Vs. MSCI World Index
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. |
Literature
Fact Sheet
The Phineus Long Short Strategy fact sheet provides a snapshot of the investment team, strategy, performance, composition, ratings and returns.