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Phineus Long/Short Strategy

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 6/30/20
Inception Date: 6/01/02
Strategy Assets*: $799.2 M
Benchmark: MSCI World Index

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

Resources

Sector Weightings

As of 6/30/20
Sector Long Short Gross Net MSCI World Index
Utilities 0.0% 0.0% 0.0% 0.0% 3.3%
Real Estate 0.0% 0.0% 0.0% 0.0% 3.0%
Materials 4.9% 0.0% 4.9% 4.9% 4.3%
Information Technology 14.3% -2.8% 17.2% 11.5% 21.3%
Industrials 26.7% 0.0% 26.7% 26.7% 10.1%
Health Care 6.6% -0.1% 6.8% 6.5% 14.1%
Financials 25.0% 0.0% 25.0% 25.0% 12.6%
Energy 5.7% 0.0% 5.7% 5.7% 3.2%
Consumer Staples 1.6% -4.4% 6.0% -2.9% 8.3%
Consumer Discretionary 6.2% 0.0% 6.2% 6.2% 11.0%
Communication Services 10.5% -1.0% 11.5% 9.4% 8.8%
Other 0.5% -48.3% 48.8% -47.8% 0.0%
TOTAL 102.0% -56.7% 158.7% 45.2% 100.0%

Regional Weightings

As of 6/30/20
Region Long Short Gross Net
Asia/Pacific 0.0% 0.0% 0.0% 0.0%
Caribbean 0.0% 0.0% 0.0% 0.0%
Europe 13.5% 0.0% 13.5% 13.5%
Latin America 0.0% 0.0% 0.0% 0.0%
Middle East/Africa 0.0% 0.0% 0.0% 0.0%
North America 88.4% -56.7% 145.1% 31.7%
TOTAL 102.0% -56.7% 158.7% 45.2%

Characteristics

As of 6/30/20
Name Long Short
Number of Holdings 45 12
Equity Exposure 102.0 -56.7
Median Market Cap 47.0 88.8
Weighted Avg. Market Cap 133.8 325.1

Market Capitalization

As of 6/30/20
Market CAP Range Long Short Gross Net
<=$0.10bil 0.0% 0.0% 0.0% 0.0%
>$0.10bil<=$5bil 3.3% 0.0% 3.3% 3.3%
>$5bil<=$30bil 30.2% -2.2% 32.4% 28.0%
>$30bil<=$200bil 52.2% -1.5% 53.8% 50.7%
>$200bil 16.3% -53.0% 69.3% -36.7%
Total 102.0% -56.7% 158.7% 45.2%

The results portrayed on this page are for the Phineus Long/Short Strategy and as such only relate to the representative portfolio shown. Representative holdings and portfolio characteristics are specific only to the portfolio shown at that point in time. Other portfolios will vary in composition, characteristics, and will experienced different investment results. The representative portfolio shown has been selected by the advisor based on account characteristics that the advisor feels accurately represents the investment strategy as a whole.

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 assume reinvestment of any and all distributions and, 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 U.S. stock market.

The information provided in this page should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. Ten Largest Holdings exclude any government/sovereign bonds or broad-based index hedging securities the portfolio may hold.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

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

Exposure is calculated using the market value of the equities and options in the portfolio. Please note that calculating option positions on a market value basis does not reflect the potential exposure to the underlying security which may be larger on a notional basis.

Annualized Total Returns

As of 6/30/20
Name 1-Year 3-Year 5-Year 10-Year 15-Year Since Inception (6/02)
Phineus Long/Short (Gross) -0.06% 1.77% 4.01% 7.23% 11.72% 12.02%
Phineus Long/Short (Net) -1.29% 0.52% 2.68% 5.75% 10.15% 10.44%
MSCI World Index 3.40% 7.29% 7.50% 10.57% 7.14% 7.29%
S&P 500 Index 7.51% 10.73% 10.73% 13.99% 8.83% 8.25%
HFRI Equity Hedge (Total) Index 1.04% 3.12% 3.15% 4.59% 4.30% 4.79%

Calendar Year Returns

As of 6/30/20
Name Qtr ending Jun 20 YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 6/1/02 - 12/31/02
Phineus Long/Short (Gross) 12.99% 0.53% 5.84% -4.26% 11.08% 15.37% 6.80% 2.26% 22.26% 9.45% -5.06% 10.25% 76.38% -16.39% 30.28% 23.72% 18.96% 8.98% 30.75% -2.97%
Phineus Long/Short (Net) 12.66% -0.08% 4.53% -5.45% 9.72% 13.84% 5.22% 0.74% 20.47% 7.83% -6.48% 8.62% 73.86% -17.66% 28.38% 21.91% 17.22% 7.37% 28.85% -3.82%
MSCI World Index 19.54% -5.48% 28.40% -8.20% 23.07% 8.15% -0.32% 5.50% 27.37% 16.54% -5.01% 12.34% 30.79% -40.33% 9.57% 20.65% 10.02% 15.25% 33.76% -17.29%
S&P 500 Index 20.54% -3.08% 31.49% -4.39% 21.83% 11.96% 1.38% 13.69% 32.38% 16.00% 2.11% 15.07% 26.46% -36.99% 5.50% 15.80% 4.91% 10.88% 28.68% -16.69%
HFRI Equity Hedge (Total) Index 13.64% -2.93% 13.69% -7.14% 13.29% 5.47% -0.96% 1.81% 14.28% 7.41% -8.38% 10.46% 24.57% -26.64% 10.50% 11.71% 10.61% 7.69% 20.53% -6.13%

Long/Short Historical Equity Exposure

Date Long Short
6/30/02 51.3 -22.0
7/31/02 18.7 -16.7
8/31/02 10.4 -10.8
9/30/02 4.1 -10.8
10/31/02 28.6 0.0
11/30/02 32.9 -10.0
12/31/02 26.5 -24.0
1/31/03 24.1 0.0
2/28/03 34.3 0.0
3/31/03 28.5 -2.2
4/30/03 40.4 0.0
5/31/03 41.1 -30.3
6/30/03 46.1 -40.1
7/31/03 64.2 -30.3
8/31/03 62.7 -29.7
9/30/03 46.5 -35.0
10/31/03 45.0 -35.9
11/30/03 63.3 -41.3
12/31/03 70.4 -49.6
1/31/04 50.5 -43.7
2/29/04 46.9 -32.7
3/31/04 52.1 -34.0
4/30/04 44.5 -32.5
5/31/04 42.6 -25.3
6/30/04 43.2 -17.9
7/31/04 25.7 -1.0
8/31/04 40.5 -7.5
9/30/04 44.7 -19.8
10/31/04 55.0 -19.0
11/30/04 50.3 -31.3
12/31/04 53.4 -55.9
1/31/05 41.9 -26.7
2/28/05 59.0 -24.2
3/31/05 51.1 -17.9
4/30/05 60.1 -12.0
5/31/05 56.6 -18.5
6/30/05 54.7 -20.5
7/31/05 47.5 -33.4
8/31/05 54.3 -25.9
9/30/05 61.5 -36.3
10/31/05 53.4 -44.8
11/30/05 52.3 -46.3
12/31/05 48.9 -40.0
1/31/06 68.6 -45.6
2/28/06 58.4 -58.6
3/31/06 67.5 -64.1
4/30/06 50.2 -45.0
5/31/06 71.2 -40.5
6/30/06 92.1 -45.9
7/31/06 93.8 -37.3
8/31/06 82.1 -42.3
9/30/06 67.6 -58.3
10/31/06 66.2 -56.9
11/30/06 70.7 -74.9
12/31/06 78.8 -87.7
1/31/07 47.8 -53.3
2/28/07 49.4 -35.0
3/31/07 62.5 -57.2
4/30/07 77.6 -66.0
5/31/07 92.2 -94.7
6/30/07 99.6 -98.8
7/31/07 94.6 -91.9
8/31/07 101.6 -71.7
9/30/07 94.2 -69.6
10/31/07 70.3 -83.8
11/30/07 43.3 -31.1
12/31/07 39.6 -33.3
1/31/08 46.5 -20.5
2/29/08 49.7 -18.4
3/31/08 45.1 -22.7
4/30/08 73.2 -25.0
5/31/08 74.0 -28.0
6/30/08 57.2 -25.8
7/31/08 58.6 -25.5
8/31/08 59.3 -24.0
9/30/08 71.0 -34.0
10/31/08 70.7 -26.6
11/30/08 101.0 -18.6
12/31/08 96.1 -16.0
1/31/09 101.4 -20.4
2/28/09 102.2 -20.5
3/31/09 111.7 -17.4
4/30/09 109.0 -19.1
5/31/09 119.6 -13.0
6/30/09 82.8 -11.1
7/31/09 83.5 -11.8
8/31/09 68.8 -14.1
9/30/09 54.4 -28.9
10/31/09 59.1 -46.7
11/30/09 76.7 -45.4
12/31/09 69.1 -33.4
1/31/10 75.8 -26.2
2/28/10 65.7 -18.6
3/31/10 76.3 -18.6
4/30/10 80.6 -13.6
5/31/10 60.1 -12.4
6/30/10 58.8 -14.7
7/31/10 70.4 -14.7
8/31/10 75.2 -37.0
9/30/10 81.3 -23.1
10/31/10 71.3 -23.3
11/30/10 78.7 -30.9
12/31/10 79.3 -30.9
1/31/11 83.6 -32.3
2/28/11 73.9 -70.4
3/31/11 66.8 -72.0
4/30/11 73.7 -77.1
5/31/11 85.9 -66.6
6/30/11 82.6 -70.9
7/31/11 81.3 -53.4
8/31/11 77.8 -62.4
9/30/11 70.2 -39.4
10/31/11 70.1 -41.6
11/30/11 79.2 -37.2
12/31/11 90.2 -62.8
1/31/12 66.1 -47.1
2/29/12 80.6 -82.3
3/31/12 93.4 -62.2
4/30/12 79.7 -73.4
5/31/12 71.6 -119.1
6/30/12 77.4 -92.3
7/31/12 80.7 -82.1
8/31/12 94.7 -87.7
9/30/12 98.3 -106.5
10/31/12 98.1 -85.7
11/30/12 95.8 -69.6
12/31/12 70.5 -74.3
1/31/13 75.2 -8.9
2/28/13 76.7 -121.3
3/31/13 74.2 -78.5
4/30/13 64.3 -78.6
5/31/13 76.7 -8.6
6/30/13 36.9 -17.7
7/31/13 45.0 -112.4
8/31/13 40.6 -129.5
9/30/13 56.6 -99.3
10/31/13 50.3 -42.3
11/30/13 56.6 -34.2
12/31/13 57.2 -61.9
1/31/14 43.6 -62.4
2/28/14 56.3 -66.7
3/31/14 71.5 -66.1
4/30/14 55.8 -70.6
5/31/14 56.5 -62.4
6/30/14 64.9 -43.4
7/31/14 57.1 -51.3
8/31/14 62.7 -79.1
9/30/14 62.2 -59.5
10/31/14 98.0 -31.7
11/30/14 122.8 -30.6
12/31/14 110.3 -42.8
1/31/15 146.1 -94.5
2/28/15 107.0 -69.6
3/31/15 100.2 -31.1
4/30/15 81.4 -30.9
5/31/15 74.8 -120.2
6/30/15 96.3 -70.2
7/31/15 103.8 -87.5
8/31/15 92.5 -70.8
9/30/15 114.2 -73.2
10/31/15 81.6 -50.5
11/30/15 81.3 -59.7
12/31/15 94.8 -41.4
1/31/16 96.2 -88.4
2/29/16 101.7 -40.4
3/31/16 98.9 -56.1
4/30/16 82.5 -46.6
5/31/16 86.2 -43.5
6/30/16 85.3 -51.4
7/31/16 96.0 -65.6
8/31/16 96.9 -59.9
9/30/16 93.3 -40.4
10/31/16 89.8 -43.0
11/30/16 94.0 -46.7
12/31/16 94.8 -52.8
1/31/17 93.1 -61.0
2/28/17 92.5 -49.1
3/31/17 93.0 -48.9
4/30/17 87.8 -42.7
5/31/17 101.5 -50.5
6/30/17 88.9 -52.7
7/31/17 93.2 -71.9
8/31/17 100.5 -59.2
9/30/17 95.6 -64.1
10/31/17 90.8 -62.7
11/30/17 90.6 -64.2
12/31/17 84.4 -62.5
1/31/18 89.5 -57.6
2/28/18 87.1 -52.9
3/31/18 81.1 -49.1
4/30/18 85.2 -54.4
5/31/18 82.9 -36.7
6/30/18 84.5 -35.9
7/31/18 87.7 -44.2
8/31/18 86.7 -42.7
9/30/18 91.3 -43.5
10/31/18 92.9 -33.8
11/30/18 91.5 -32.7
12/31/18 96.3 -47.9
1/31/19 92.9 -51.1
2/28/19 95.0 -95.3
3/31/19 88.8 -84.6
4/30/19 91.9 -90.3
5/31/19 93.0 -84.0
6/30/19 96.9 -90.3
7/31/19 97.4 -93.0
8/31/19 101.1 -97.6
9/30/19 97.7 -89.2
10/31/19 93.7 -89.3
11/30/19 102.1 -57.7
12/31/19 97.8 -63.0
1/31/20 83.9 -94.1
2/29/20 102.1 -103.6
3/31/20 107.4 -81.5
4/30/20 102.3 -72.5
5/31/20 103.2 -60.8
6/30/20 102.0 -56.7

Gross/Net Historical Equity Exposure

Date Net Gross
6/30/02 29.3 73.2
7/31/02 2.0 35.3
8/31/02 -0.4 21.1
9/30/02 -6.7 14.8
10/31/02 28.6 28.6
11/30/02 22.9 42.9
12/31/02 2.5 50.5
1/31/03 24.1 24.1
2/28/03 34.3 34.3
3/31/03 26.4 30.7
4/30/03 40.4 40.4
5/31/03 10.8 71.4
6/30/03 6.0 86.2
7/31/03 33.9 94.5
8/31/03 32.9 92.4
9/30/03 11.5 81.5
10/31/03 9.1 80.9
11/30/03 22.0 104.5
12/31/03 20.8 120.0
1/31/04 6.9 94.2
2/29/04 14.2 79.7
3/31/04 18.1 86.0
4/30/04 12.0 76.9
5/31/04 17.3 68.0
6/30/04 25.3 61.1
7/31/04 24.7 26.8
8/31/04 33.0 48.0
9/30/04 24.9 64.5
10/31/04 36.0 74.0
11/30/04 19.0 81.7
12/31/04 -2.4 109.3
1/31/05 15.2 68.6
2/28/05 34.8 83.2
3/31/05 33.2 69.1
4/30/05 48.0 72.1
5/31/05 38.1 75.1
6/30/05 34.2 75.2
7/31/05 14.2 80.9
8/31/05 28.4 80.2
9/30/05 25.2 97.8
10/31/05 8.6 98.1
11/30/05 6.1 98.6
12/31/05 8.9 88.9
1/31/06 23.0 114.2
2/28/06 -0.2 117.1
3/31/06 3.4 131.6
4/30/06 5.1 95.2
5/31/06 30.6 111.7
6/30/06 46.2 138.0
7/31/06 56.6 131.1
8/31/06 39.8 124.4
9/30/06 9.3 126.0
10/31/06 9.3 123.1
11/30/06 -4.2 145.6
12/31/06 -8.9 166.5
1/31/07 -5.4 101.1
2/28/07 14.4 84.3
3/31/07 5.3 119.6
4/30/07 11.6 143.6
5/31/07 -2.5 186.9
6/30/07 0.8 198.4
7/31/07 2.7 186.5
8/31/07 29.9 173.4
9/30/07 24.5 163.8
10/31/07 -13.5 154.2
11/30/07 12.2 74.4
12/31/07 6.3 72.8
1/31/08 26.1 67.0
2/29/08 31.3 68.1
3/31/08 22.4 67.8
4/30/08 48.1 98.2
5/31/08 46.0 102.1
6/30/08 31.4 83.0
7/31/08 33.1 84.2
8/31/08 35.3 83.4
9/30/08 37.0 105.0
10/31/08 44.1 97.3
11/30/08 82.5 119.6
12/31/08 80.1 112.2
1/31/09 81.0 121.8
2/28/09 81.7 122.7
3/31/09 94.3 129.1
4/30/09 89.9 128.1
5/31/09 106.6 132.7
6/30/09 71.6 93.9
7/31/09 71.7 95.3
8/31/09 54.7 82.9
9/30/09 25.5 83.3
10/31/09 12.4 105.8
11/30/09 31.3 122.1
12/31/09 35.7 102.4
1/31/10 49.6 102.0
2/28/10 47.1 84.3
3/31/10 57.7 94.9
4/30/10 67.0 94.3
5/31/10 47.8 72.5
6/30/10 44.1 73.5
7/31/10 55.7 85.0
8/31/10 38.2 112.2
9/30/10 58.3 104.4
10/31/10 48.0 94.7
11/30/10 47.8 109.6
12/31/10 48.4 110.2
1/31/11 51.3 115.9
2/28/11 3.4 144.3
3/31/11 -5.3 138.8
4/30/11 -3.4 150.9
5/31/11 19.3 152.5
6/30/11 11.7 153.5
7/31/11 27.8 134.7
8/31/11 15.4 140.3
9/30/11 30.8 109.6
10/31/11 28.6 111.7
11/30/11 42.0 116.4
12/31/11 27.4 152.9
1/31/12 18.9 113.2
2/29/12 -1.7 162.9
3/31/12 31.2 155.6
4/30/12 6.3 153.0
5/31/12 -47.6 190.7
6/30/12 -15.0 169.7
7/31/12 -1.4 162.8
8/31/12 7.0 182.4
9/30/12 -8.2 204.8
10/31/12 12.4 183.8
11/30/12 26.2 165.4
12/31/12 -3.8 144.8
1/31/13 66.3 84.0
2/28/13 -44.6 198.1
3/31/13 -4.3 152.7
4/30/13 -14.3 142.9
5/31/13 68.1 85.3
6/30/13 19.1 54.6
7/31/13 -67.4 157.3
8/31/13 -88.9 170.1
9/30/13 -42.7 155.9
10/31/13 8.0 92.6
11/30/13 22.4 90.8
12/31/13 -4.7 119.1
1/31/14 -18.8 106.0
2/28/14 -10.3 123.0
3/31/14 5.4 137.7
4/30/14 -14.9 126.4
5/31/14 -5.9 119.0
6/30/14 21.5 108.4
7/31/14 5.8 108.3
8/31/14 -16.4 141.7
9/30/14 2.7 121.6
10/31/14 66.3 129.7
11/30/14 92.2 153.4
12/31/14 67.5 153.1
1/31/15 51.6 240.6
2/28/15 37.4 176.6
3/31/15 69.1 131.3
4/30/15 50.5 112.3
5/31/15 -45.4 195.0
6/30/15 26.2 166.5
7/31/15 16.3 191.3
8/31/15 21.8 163.3
9/30/15 41.0 187.4
10/31/15 31.1 132.0
11/30/15 21.6 141.0
12/31/15 53.4 136.1
1/31/16 7.8 184.6
2/29/16 61.3 142.0
3/31/16 42.7 155.0
4/30/16 35.9 129.1
5/31/16 42.7 129.7
6/30/16 33.9 136.7
7/31/16 30.5 161.6
8/31/16 37.0 156.8
9/30/16 52.9 133.8
10/31/16 46.9 132.8
11/30/16 47.3 140.7
12/31/16 42.1 147.6
1/31/17 32.1 154.0
2/28/17 43.4 141.5
3/31/17 44.1 141.8
4/30/17 45.1 130.5
5/31/17 51.0 152.0
6/30/17 36.2 141.5
7/31/17 21.3 165.2
8/31/17 41.3 159.6
9/30/17 31.5 159.7
10/31/17 28.1 153.4
11/30/17 26.4 154.8
12/31/17 21.9 147.0
1/31/18 32.0 147.1
2/28/18 34.2 140.0
3/31/18 31.9 130.2
4/30/18 30.8 139.6
5/31/18 46.2 119.6
6/30/18 48.6 120.4
7/31/18 43.5 131.9
8/31/18 44.0 129.4
9/30/18 47.8 134.8
10/31/18 59.2 126.7
11/30/18 58.8 124.2
12/31/18 48.4 144.2
1/31/19 41.8 144.0
2/28/19 -0.3 190.3
3/31/19 4.2 173.4
4/30/19 1.6 182.2
5/31/19 9.0 177.0
6/30/19 6.6 187.3
7/31/19 4.4 190.4
8/31/19 3.5 198.8
9/30/19 8.4 186.9
10/31/19 4.4 182.9
11/30/19 44.3 159.8
12/31/19 34.8 160.8
1/31/20 -10.2 178.1
2/29/20 -1.5 205.7
3/31/20 25.9 188.8
4/30/20 29.8 174.8
5/31/20 42.4 164.0
6/30/20 45.2 158.7

Past performance does not guarantee or indicate future results. 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 assume reinvestment of any and all distributions and, 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 U.S. 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: BNY Mellon Analytical Services LLC and 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 6/30/20
Name Calamos Phineus Long/Short Composite MSCI World Index
Alpha 7.25% N/A
Beta 0.68 1.00
Annualized Standard Deviation 16.08% 15.31%
Upside Semivariance 16.38% 10.26%
Downside Semivariance 6.19% 9.65%
Sharpe Ratio 0.67 0.39
Information Ratio 0.36 N/A
Sortino Ratio 1.23 0.55

Since Inception Up/Down Capture Vs. MSCI World Index

As of 6/30/20

Past performance does not guarantee or indicate future results. 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 assume reinvestment of any and all distributions and, 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 U.S. 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: BNY Mellon Analytical Services LLC and Calamos Advisors LLC.

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.
Calamos_Phineus_Long_Short_Institutional_Strategy_Fact_Sheet.pdf
Fact Sheet

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

calamos-phineus-long-short-institutional-strategy-performance-review.pdf
Performance Review

A discussion of the Calamos Phineus Long Short Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.