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 3/31/19
Inception Date: 6/01/02
Strategy Assets*: $958.8 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 3/31/19
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% 3.3%
Materials 2.1% 0.0% 2.1% 2.1% 4.6%
Information Technology 4.4% -3.1% 7.5% 1.3% 15.9%
Industrials 13.0% 0.0% 13.0% 13.0% 11.1%
Health Care 12.2% -0.1% 12.3% 12.1% 12.8%
Financials 29.7% 0.0% 29.7% 29.7% 15.6%
Energy 2.2% 0.0% 2.2% 2.2% 6.0%
Consumer Staples 2.0% 0.0% 2.0% 2.0% 8.6%
Consumer Discretionary 9.9% -0.2% 10.1% 9.7% 10.4%
Communication Services 9.4% -0.1% 9.5% 9.3% 8.3%
Other 3.9% -81.1% 84.9% -77.2% 0.0%
TOTAL 88.8% -84.6% 173.4% 4.2% 100.0%

Regional Weightings

As of 3/31/19
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 5.9 0.0 5.9 5.9%
Latin America 0.0 0.0 0.0 0.0%
Middle East/Africa 0.0 0.0 0.0 0.0%
North America 82.9 -84.6 167.5 -1.7%
TOTAL 88.8 -84.6 173.4 4.2%

Largest Holdings

As of 3/31/19
Long Portfolio Sector Weight
Facebook, Inc. - Class A Communication Services 5.0
Goldman Sachs Group, Inc. Financials 4.2
Alphabet, Inc. - Class A Communication Services 4.1
Morgan Stanley Financials 4.0
Calamos Short-Term Bond Fund - Class I N/A 3.7
As of 3/31/19
Short Portfolio Sector Weight
ETF N/A -75.4
ETF N/A -4.1
ETF Information Technology -3.1
ETF N/A -1.8
Other Consumer Discretionary -0.1

Characteristics

As of 3/31/19
Name Long Short
Number of Holdings 48 15
Equity Exposure 88.8 -84.6
Median Market Cap 47.2 235.8
Weighted Avg. Market Cap 144.9 237.2

Market Capitalization

As of 3/31/19
Market CAP Range Long Short Gross Net
<=$0.3bil 3.7 0.0 3.7 3.7%
>$0.3bil<=$5bil 2.7 -3.0 5.7 -0.3%
>$5bil<=$20bil 18.8 -4.2 23.0 14.6%
>$20bil<=$100bil 33.8 -1.8 35.6 32.0%
>$100bil 29.8 -75.6 105.3 -45.8%
Total 88.8 -84.6 173.4 4.2%

The results portrayed on this page are for the Phineus Long/Short 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.

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 3/31/19
Name 1-Year 3-Year 5-Year 10-Year 15-Year Since Inception (6/02)
Phineus Long/Short (Gross) -2.83% 8.46% 6.37% 13.59% 12.11% 12.81%
Phineus Long/Short (Net) -4.03% 7.11% 4.95% 12.00% 10.51% 11.19%
MSCI World Index 4.61% 11.31% 7.38% 13.01% 7.40% 7.38%
S&P 500 Index 9.50% 13.51% 10.91% 15.92% 8.57% 8.15%
HFRI Equity Hedge (Total) Index -0.08% 6.83% 3.61% 6.48% 4.55% 5.02%

Calendar Year Returns

As of 3/31/19
Name Qtr ending Mar 19 YTD 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) 3.80% 3.80% -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) 3.48% 3.48% -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 12.64% 12.64% -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 13.65% 13.65% -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 7.92% -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

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

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 3/31/19
Name Calamos Phineus Long/Short Composite MSCI World Index
Alpha 7.81% N/A
Beta 0.71 1.00
Annualized Standard Deviation 16.33% 14.88%
Upside Semivariance 17.14% 9.85%
Downside Semivariance 6.22% 8.98%
Sharpe Ratio 0.71 0.41
Information Ratio 0.41 N/A
Sortino Ratio 1.32 0.58

Since Inception Up/Down Capture Vs. MSCI World Index

As of 3/31/19

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.

U.S. Strategy Vehicles

Vehicle Minimum
Separately Managed Accounts $10 million
Institutional Mutual Fund (CPLIX) $1 million

These investment offerings are intended for investors inside the United States. If you reside outside the United States please reference the global offerings table below.

Non-U.S. Strategy Vehicles

Vehicle Minimum
Separately Managed Accounts $10 million

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 Funds, PLC 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.Calamos Global Funds, PLC, is a Dublin, Ireland-domiciled open-end umbrella company consisting of the following funds:Calamos Global Convertible FundCalamos Global Equity FundCalamos Emerging Markets FundThe offshore funds described can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund.The following does not constitute an offer or solicitation to sell shares in any of the funds referred to on this site, by anyone in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. [Information referring to investment funds which are not registered for sale in Switzerland does not constitute a solicitation or an offer to sell shares in these funds in Switzerland. Nor does it constitute an offer or invitation to anyone in Singapore to invest in the Funds, and has not been prepared in connection with any such offer.]Applications to invest in any fund referred to on this site must only be made on the basis of the offering document relating to the specific investment (e.g., Prospectus or other applicable terms and conditions).As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Prospectus or other constitutional document.If you are unsure about the meaning of any information provided or whether you are entitled to proceed, please consult your financial or other professional adviser.The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.The information contained on this site is published in good faith but no representation or warranty, express or implied, is made by Calamos Investments or by any person as to its accuracy or completeness and it should not be relied on as such. You should review the Prospectus and other constitutional documents prior to making any investment decision. Calamos Investments shall have no liability, save for any liability that Calamos Investments may have under the UK Financial Services and Markets Act 2000 (or any replacement legislation if the legislation permits such a statement to be made), for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential. No information on this site constitutes investment, tax, legal, investment or any other advice.Calamos Investments shall have no liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein.Past performance is no guarantee of future performance.The value of investments and the income from them may go down as well as up and are not guaranteed.You may not get back the amount you invested.Rates of exchange may cause the value of the investments to go up or down.Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. For your protection, telephone calls are usually recorded and may be used in the event of any complaint or dispute between us.Calamos entities which do not carry out investment business in the UK are not subject to the provisions of the UK Financial Services and Markets Act 2000. Accordingly, investors entering into investment agreements with such companies will not have the protection afforded by that Act or the rules and regulations made under it, including the UK's Financial Services Compensation Scheme.

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-perfromance-review.pdf
Performance Review

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