Strategy Objective
A global convertible strategy that leverages Calamos' capital structure research by investing predominantly in a portfolio of global convertible securities, in order to generate consistent alpha and manage downside volatility. The strategy seeks to outperform the Refinitiv Global Convertible Bond Index.
Key Differentiators
- In-depth capital structure analysis
- Rigorous top-down and fundamental research
- Proprietary credit and convertible research
- Team approach to management
Strategy Details
As of 9/30/24| Inception Date: | 10/01/01 |
|---|---|
| Strategy Assets*: | $690.3 M |
| Benchmark: | FTSE Global Convertible Index |
*Strategy Assets reflect all assets that are currently being managed (collectively) under the strategy, which may contain multiple performance composites.
Portfolio
Sector Weightings
| Sector | % of Assets | FTSE Global Convertible Index | Under/Overweight % |
|---|---|---|---|
| Consumer Discretionary | 29.2% | 17.5% | |
| Information Technology | 23.0% | 22.3% | |
| Health Care | 10.4% | 10.1% | |
| Industrials | 7.1% | 12.1% | |
| Financials | 6.9% | 9.7% | |
| Energy | 5.2% | 1.6% | |
| Consumer Staples | 4.0% | 2.0% | |
| Utilities | 3.4% | 8.0% | |
| Communication Services | 2.8% | 8.0% | |
| Materials | 2.5% | 4.0% | |
| Real Estate | 1.9% | 4.7% | |
| Other | 3.5% | 0.0% | |
Representative Portfolio Ten Largest Holdings
| Company | Security Type | Sector | % |
|---|---|---|---|
| Alibaba Group Holding, Ltd. | Convertible Bonds | Consumer Discretionary | 4.8 |
| JD.com, Inc. | Convertible Bonds | Consumer Discretionary | 3.4 |
| Trip.com Group, Ltd. | Convertible Bonds | Consumer Discretionary | 2.2 |
| MakeMyTrip, Ltd. | Convertible Bonds | Consumer Discretionary | 2.0 |
| Eni S.p.A. | Convertible Bonds | Energy | 2.0 |
| NCL Corp., Ltd. | Convertible Bonds | Consumer Discretionary | 1.9 |
| Rivian Automotive, Inc. | Convertible Bonds | Consumer Discretionary | 1.8 |
| DISH Network Corp. | Convertible Bonds | Communication Services | 1.8 |
| Morgan Stanley Finance, LLC | Convertible Bonds | Financials | 1.7 |
| Meritage Homes Corp. | Convertible Bonds | Consumer Discretionary | 1.6 |
Characteristics
| Name | Calamos Portfolio | FTSE Global Convertible Index |
|---|---|---|
| Number of Holdings | 113 | 509 |
| Portfolio Turnover (12 months) | 46.1% | N/A |
| Average Credit Quality | BB | N/A |
| Median Investment Premium | 10.7% | 8.0% |
| Median Conversion Premium | 38.5% | 39.7% |
Credit Quality of Bonds
| Class | % |
|---|---|
| AAA | 3.5% |
| AA | 0.0% |
| A | 13.9% |
| BBB | 7.6% |
| BB | 0.0% |
| B | 0.0% |
| CCC and below | 1.8% |
| Unrated Securities | 73.3% |
Performance
Annualized Total Returns
| Name | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception (10/01/01) |
|---|---|---|---|---|---|
| Global Convertible (Gross) | 18.57% | -0.15% | 8.59% | 7.46% | 7.90% |
| Global Convertible (Net) | 16.85% | -1.61% | 7.06% | 5.96% | 6.71% |
| FTSE Global Convertible Index | 15.65% | -0.86% | 7.44% | 5.56% | 6.64% |
Calendar Year Returns
| Name | Qtr ending Sep 24 | YTD 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Global Convertible (Gross) | 6.67% | 12.18% | 13.21% | -20.39% | 0.52% | 40.92% | 16.23% | -1.83% | 15.64% | 5.20% |
| Global Convertible (Net) | 6.28% | 10.95% | 11.55% | -21.57% | -0.88% | 39.06% | 14.68% | -3.13% | 14.09% | 3.74% |
| FTSE Global Convertible Index | 6.90% | 8.40% | 12.44% | -18.88% | 1.02% | 35.11% | 16.47% | -3.74% | 12.83% | 3.48% |
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/Rewards statistics presented reflect the Calamos Global Convertible Composite which is an actively managed composite investing primarily in a globally diversified portfolio of convertible securities. The Composite includes all fully discretionary fee paying accounts, including those no longer with the Firm. The Composite was created May 15, 2008, calculated with an inception date of October 1, 2001.
Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.
The FTSE Global Convertible Index is designed to broadly represent the global convertible bond market.
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 Global Convertible Composite | FTSE Global Convertible Index |
|---|---|---|
| Alpha | 1.93% | N/A |
| Beta | 0.88 | 1.00 |
| Annualized Standard Deviation | 10.12% | 10.95% |
| Upside Semivariance | 5.43% | 5.72% |
| Downside Semivariance | 3.53% | 4.59% |
| Sharpe Ratio | 0.63 | 0.46 |
| Information Ratio | 0.40 | N/A |
Since Inception Up/Down Capture Vs. FTSE Global Convertible Index
Vehicles & Minimums
Vehicles and Minimums
| Vehicle | Minimum | Availability |
|---|---|---|
| Separately Managed Accounts | $25 million | Available to new investors |
| Institutional Mutual Fund (CXGCX) | $1 million | These investment offerings are intended for investors inside the United States. |
| UCITS (Available in I Shares) | $1 million | These investment offerings are intended for investors outside the United States.* |
*These investment offerings are intended for investors outside the United States. The contents of this website have been prepared solely for informational purposes. This site is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you. You should satisfy yourself before accessing the site that we would be allowed to advertise investment products to you under the law of the jurisdiction in which you reside. If you are unsure as to whether the investment products described in this site are suitable for you, we strongly recommend that you seek professional advice from a financial adviser registered in the jurisdiction in which you reside. We have not considered the suitability and/or appropriateness of any investment you may wish to make with us. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction, including the one in which you reside. No investment in the Calamos Global Convertible Fund UCITS may be offered or sold to citizens or residents of the United States nor in any other country, state or jurisdictions where it would be unlawful to offer, solicit an offer or such investments. This restriction also applies to citizens and residents of the United States who may view or access this site while traveling or living outside of the United States. The investment products described on this site are not registered under the US Securities Act of 1933 and may not be directly or indirectly offered or sold in the United States or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US citizen or US resident.
This webpage is issued by Calamos Advisors LLC ("CAL") and does not constitute or form part of any offer or invitation to buy or sell shares. It should be read in conjunction with the Global Convertible Fund's Prospectus, key investor information document ("KIID") or offering memorandum. CAL is authorised and regulated by the United States Securities and Exchange Commission. The Company's registered office is 2020 Calamos Court, Naperville, IL 60563. The price of shares and income from them can go down as well as up and past performance is not a guide to future performance. Investors may not get back the full amount originally invested. A comprehensive list of risk factors is detailed in the Prospectus and KIID and an investment should not be contemplated until the risks are fully considered. The Prospectus and KIID can be viewed at http://www.calamos.com/funds/ucits and at www.geminicapital.ie The contents of this document are based upon sources of information believed to be reliable. CAL has taken reasonable care to ensure the information stated is accurate. However, CAL makes no representation, guarantee or warranty that it is wholly accurate and complete. The Calamos Global Convertible Fund is a subfund of GemCap Investment Funds (Ireland) plc, an umbrella type open-ended investment company with variable capital, incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between sub-funds. GemCap Investment Funds (Ireland) plc is authorised in Ireland by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No. 352 of 2011) (the "UCITS Regulations"), as amended. Gemini Capital Management (Ireland) Limited, trading as GemCap, is a limited liability company registered under the registered number 579677 under Irish law pursuant to the Companies Act 2014 which is regulated by the Central Bank of Ireland. Its principal office is at Suites 22-26 Morrison Chambers, 32 Nassau Street, Dublin 2, D02 X598 and its registered office is at 7th Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, D02E762. GemCap acts as both management company and global distributor to GemCap Investment Funds (Ireland) plc. GemCap UK Limited Ltd provides distribution oversight services to GemCap acting as global distributor and is responsible for the oversight of all distribution arrangements for the sub-fund.The Fund is offered solely to non-US investors under the terms and conditions of the fund's current prospectus. The prospectus contains important information about the Fund and should be read carefully before investing. A copy of the full and simplified prospectus for the Fund may be obtained by visiting www.calamos.com/global, or by contacting the local Paying Agent listed by jurisdiction at www.calamos.com/global, or through the fund's Transfer Agent, RBC Investor Services Ireland Limited.
Literature
Fact Sheet
The Global Convertible Strategy fact sheet provides a snap shot of the investment team, the investment strategy, performance, composition, ratings and returns.
Performance Review
A discussion of the Calamos Global Convertible Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.