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 12/31/22
Inception Date: 6/01/02
Strategy Assets*: $1.2 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 12/31/22
Name Long Short
Number of Holdings 40 10
Equity Exposure 94.6 -53.3
Median Market Cap 66.3 245.1
Weighted Avg. Market Cap 286.1 350.4

Portfolio Composition

As of 12/31/22
Name Delta Adjusted Basis %
Total Long Exposure 96.4%
Total Short Exposure -44.5%
Total Gross Exposure 140.9%
Total Net Exposure 51.9%

Sector Weightings

As of 12/31/22
Sector Delta Adjusted Basis %
Industrials 33.9%
Financials 15.1%
Consumer Discretionary 13.0%
Information Technology 12.9%
Communication Services 6.7%
Health Care 4.7%
Consumer Staples 2.2%
Materials 2.2%
Energy 0.0%
Real Estate 0.0%
Utilities 0.0%
Other -38.9%

Regional Weightings

As of 12/31/22
Region Delta Adjusted Basis %
North America 44.3%
Europe 7.6%
Asia/Pacific 0.0%
Caribbean 0.0%
Latin America 0.0%
Middle East/Africa 0.0%

Market Capitalization

As of 12/31/22
Market CAP Range Delta Adjusted Basis %
<=$0.10bil 0.0%
>$0.10bil<=$5bil 4.0%
>$5bil<=$30bil 18.0%
>$30bil<=$200bil 52.5%
>$200bil -22.7%


Annualized Total Returns

As of 12/31/22
Name 1-Year 3-Year 5-Year 10-Year Since Inception (6/02)
Phineus Long/Short (Gross) 1.29% 11.16% 6.83% 9.06% 12.18%
Phineus Long/Short (Net) 0.04% 9.80% 5.52% 7.63% 10.61%
MSCI World Index -17.73% 5.45% 6.69% 9.44% 7.50%
S&P 500 Index -18.11% 7.66% 9.42% 12.56% 8.53%

Calendar Year Returns

As of 12/31/22
Name Qtr ending Dec 22 2022 2021 2020 2019 2018 2017 2016 2015 2014
Phineus Long/Short (Gross) 7.71% 1.29% 10.37% 22.86% 5.84% -4.26% 11.08% 15.37% 6.80% 2.26%
Phineus Long/Short (Net) 7.38% 0.04% 9.03% 21.37% 4.53% -5.45% 9.72% 13.84% 5.22% 0.74%
MSCI World Index 9.89% -17.73% 22.35% 16.50% 28.40% -8.20% 23.07% 8.15% -0.32% 5.50%
S&P 500 Index 7.56% -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. 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 12/31/22
Name Calamos Phineus Long/Short Composite MSCI World Index
Alpha 7.27% N/A
Beta 0.68 1.00
Annualized Standard Deviation 16.59% 15.72%
Upside Semivariance 17.67% 11.16%
Downside Semivariance 6.33% 9.86%
Sharpe Ratio 0.66 0.40
Information Ratio 0.35 N/A
Sortino Ratio 1.24 0.57

Since Inception Up/Down Capture Vs. MSCI World Index

As of 12/31/22

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.


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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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Performance Review

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

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