Global Convertible Strategy

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 6/30/21
Inception Date: 10/01/01
Strategy Assets*: $953.5 M
Benchmark: Refinitiv Global Convertible Bond 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 6/30/21
Sector % of Assets Refinitiv Global Convertible Bond Index Under/Overweight %
Information Technology 31.6% 24.1%
Consumer Discretionary 18.6% 18.4%
Communication Services 13.0% 16.2%
Health Care 11.1% 11.4%
Industrials 6.3% 8.2%
Real Estate 5.2% 3.7%
Financials 4.3% 4.6%
Utilities 2.6% 6.0%
Consumer Staples 2.5% 1.2%
Materials 2.4% 4.6%
Energy 1.8% 1.6%
Other 0.6% 0.0%

Representative Portfolio Ten Largest Holdings

As of 6/30/21
Company Security Type Sector %
Carrefour, SA Convertible Bonds Consumer Staples 1.7
Snap, Inc. Convertible Bonds Communication Services 1.7
Wells Fargo & Company Convertible Preferred Stocks Financials 1.5
Bank Of America Corp. Convertible Preferred Stocks Financials 1.4
Royal Caribbean Cruises, Ltd. Convertible Bonds Consumer Discretionary 1.4
Nexi S.p.A Convertible Bonds Information Technology 1.2
Sea, Ltd. Convertible Bonds Communication Services 1.2
BASF, SE Convertible Bonds Materials 1.2
Snap, Inc. Convertible Bonds Communication Services 1.2
Broadcom, Inc. DECS,ACES,PRIDES Information Technology 1.2

Characteristics

As of 6/30/21
Name Calamos Portfolio Refinitiv Global Convertible Bond Index
Number of Holdings 169 587
Portfolio Turnover (12 months) 38.1% N/A
Median Investment Premium 18.2% 16.4%
Median Conversion Premium 28.7% 22.9%

Credit Quality of Bonds

As of 6/30/21
Class %
AAA 0.6%
AA 0.6%
A 5.1%
BBB 15.1%
BB 61.2%
B 11.9%
CCC and below 5.4%
Unrated Securities 0.0%

The results portrayed on this page are for the Global Convertible Strategy and as such only relate to the representative portfolio shown at that point in time. Other portfolios will vary in composition, characteristics, and will experience 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.

Statistics based on percentage of invested portfolio and are subject to change. Sector weightings exclude any government/sovereign bonds or broad-based index hedging securities the portfolio may hold.

Bond Credit Quality allocation reflects the higher of the ratings of Standards & Poor's Corporation; Moody's Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards & Poor's scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security's credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. Additional information on ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com and www.moodys.com.

The Calamos Global Convertible Composite 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 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.

Sector Weightings percentages are based on invested portfolio and are subject to change. Other includes securities that do not have a sector classification.

The Refinitiv Global Convertible Bond Index is designed to broadly represent the global convertible bond 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.

Annualized Total Returns

As of 6/30/21
Name 1-Year 3-Year 5-Year 10-Year Since Inception (10/01)
Global Convertible (Gross) 30.27% 17.22% 15.00% 9.43% 9.35%
Global Convertible (Net) 28.52% 15.66% 13.47% 8.08% 8.21%
Refinitiv Global Convertible Bond Index 34.05% 15.72% 12.97% 8.15% 8.02%

Calendar Year Returns

As of 6/30/21
Name Qtr ending Jun 21 YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Global Convertible (Gross) 2.89% 3.29% 40.92% 16.23% -1.83% 15.64% 5.20% 2.15% 4.06% 13.96% 4.48%
Global Convertible (Net) 2.53% 2.58% 39.06% 14.68% -3.13% 14.09% 3.74% 0.58% 2.61% 12.91% 3.71%
Refinitiv Global Convertible Bond Index 3.64% 4.54% 35.11% 16.47% -3.74% 12.83% 3.48% -2.11% 1.71% 18.18% 13.33%

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

The Calamos Global Convertible Composite 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 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 Refinitiv Global Convertible Bond 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: 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 6/30/21
Name Calamos Global Convertible Composite Refinitiv Global Convertible Bond Index
Alpha 2.25% N/A
Beta 0.87 1.00
Annualized Standard Deviation 9.93% 10.89%
Upside Semivariance 5.56% 5.90%
Downside Semivariance 3.25% 4.42%
Sharpe Ratio 0.81 0.62
Information Ratio 0.40 N/A

Since Inception Up/Down Capture Vs. Refinitiv Global Convertible Bond Index

As of 6/30/21

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

The Calamos Global Convertible Composite 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 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 Refinitiv Global Convertible Bond 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: BNY Mellon Analytical Services LLC and Calamos Advisors LLC.

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 U.S. 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 U.S. citizen or U.S. 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 Ground Floor, 118 Rock Road, Booterstown, A94 V0Y, Co. Dublin and its registered office is at 1 WML, Windmill Lane, Dublin 2, D02 F206. 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-U.S. 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.

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.