Strategy Objective
A lower-volatility equity strategy that leverages Calamos' capital structure research by investing in equities and equity-sensitive securities of growth companies, in order to generate alpha and manage downside volatility versus the S&P 500 Index over a full market cycle.
Key Differentiators
- In-depth capital structure analysis
- Rigorous top-down and fundamental research
- Broader opportunity set to generate alpha and manage risk
- Team approach to management
Strategy Details
As of 12/31/24| Inception Date: | 1/01/89 |
|---|---|
| Strategy Assets*: | $3.2 B |
| Benchmark: | S&P 500 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 | S&P 500 Index | Under/Overweight % |
|---|---|---|---|
| Information Technology | 30.1% | 32.5% | |
| Financials | 12.7% | 13.6% | |
| Consumer Discretionary | 12.7% | 11.3% | |
| Communication Services | 11.1% | 9.4% | |
| Industrials | 7.7% | 8.2% | |
| Health Care | 7.4% | 10.1% | |
| Consumer Staples | 5.2% | 5.5% | |
| Energy | 3.2% | 3.2% | |
| Utilities | 3.2% | 2.3% | |
| Materials | 2.0% | 1.9% | |
| Real Estate | 1.9% | 2.1% | |
| Other | 2.6% | 0.0% | |
Representative Portfolio Ten Largest Holdings
| Company | Sector | % |
|---|---|---|
| Apple, Inc. | Information Technology | 6.3 |
| NVIDIA Corp. | Information Technology | 6.0 |
| Microsoft Corp. | Information Technology | 5.5 |
| Alphabet, Inc. - Class A | Communication Services | 5.0 |
| Amazon.com, Inc. | Consumer Discretionary | 4.5 |
| Broadcom, Inc. | Information Technology | 2.4 |
| Meta Platforms, Inc. - Class A | Communication Services | 2.2 |
| Tesla, Inc. | Consumer Discretionary | 1.8 |
| Boeing Company | Industrials | 1.6 |
| JPMorgan Chase & Company | Financials | 1.5 |
Characteristics
| Name | Calamos Portfolio | S&P 500 Index |
|---|---|---|
| Number of Holdings | 157 | 503 |
| Portfolio Turnover (12 months) | 32.6% | N/A |
| Median Market Cap | $154.4 B | $37.1 B |
| Weighted Avg. Market Cap | $1330.3 B | $1116.3 B |
| ROIC | 23.7% | 25.2% |
| Debt/Capital | 44.9% | 43.1% |
| PEG Ratio | 2.1x | 2.2x |
Credit Quality of Bonds
| Class | % |
|---|---|
| AAA | 10.0% |
| AA | 0.0% |
| A | 7.6% |
| BBB | 24.8% |
| BB | 0.0% |
| B | 0.0% |
| CCC and below | 0.0% |
| Unrated Securities | 57.6% |
Performance
Annualized Total Returns
| Name | 1-Month | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception (1/01/91) |
|---|---|---|---|---|---|---|
| US Opportunities (Gross) | -1.49% | 21.89% | 6.88% | 13.09% | 11.61% | 12.96% |
| US Opportunities (Net) | -1.55% | 21.02% | 6.14% | 12.31% | 10.85% | 12.18% |
| S&P 500 Index | -2.38% | 25.02% | 8.94% | 14.53% | 13.10% | 11.03% |
Calendar Year Returns
| Name | Qtr ending Dec 24 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| US Opportunities (Gross) | 3.39% | 21.89% | 21.54% | -17.58% | 22.42% | 23.74% | 27.30% | -2.84% | 17.65% | 2.79% |
| US Opportunities (Net) | 3.20% | 21.02% | 20.71% | -18.15% | 21.59% | 22.91% | 26.47% | -3.49% | 16.88% | 2.10% |
| S&P 500 Index | 2.41% | 25.02% | 26.29% | -18.11% | 28.71% | 18.40% | 31.49% | -4.38% | 21.83% | 1.38% |
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/Reward statistics presented reflect the Calamos US Opportunities Composite, which is an actively managed composite investing in equity, convertible and fixed-income securities seeking long-term total return through growth and current income. The Composite was created August 31, 2013 calculated with an inception date of January 1, 1991 and includes all fully discretionary, fee paying accounts, including those no longer with the Firm.
Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.
S&P 500 Index is generally considered representative of the US stock 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 US Opportunities Composite | S&P 500 Index |
|---|---|---|
| Alpha | 4.25% | N/A |
| Beta | 0.77 | 1.00 |
| Annualized Standard Deviation | 12.84% | 14.73% |
| Upside Semivariance | 10.20% | 11.33% |
| Downside Semivariance | 4.70% | 7.64% |
| Sharpe Ratio | 0.81 | 0.57 |
| Information Ratio | 0.28 | N/A |
Since Inception Up/Down Capture Vs. S&P 500 Index
Vehicles & Minimums
Vehicles and Minimums
| Vehicle | Minimum | Availability |
|---|---|---|
| Separately Managed Accounts | $25 million | Available to new investors |
| Institutional Mutual Fund (CGIIX) | $1 million | These investment offerings are intended for investors inside the United States. |
Literature
Fact Sheet
The US Opportunities 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 US Opportunities Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.