Calamos Investments has reopened its flagship Calamos Convertible Fund to new accounts and new investments as of September 6, 2013.
“We’re pleased to reopen our convertible mutual fund to new investors at what we consider to be an opportune time to invest in these unique hybrid securities,” said John P. Calamos, Sr., Chief Executive Officer and Global Co-Chief Investment Officer of Calamos Investments. “An improving global economy and widening spreads have boosted interest in the asset class by issuers, resulting in an improving and diversified convertible market that we expect will become more robust. Moreover, during periods of rising rates and economic expansion, convertibles have historically outperformed their more traditional fixed-income counterparts.”
Calamos has been a pioneer and long-time champion of the convertible asset class, launching the fund in 1985 as one of the first convertible mutual funds. The fund, with $1.1 billion in assets, invests primarily in convertible securities issued by U.S. companies, though it generally will invest 5% to 15% of net assets in non-U.S. securities and may invest in equities. It is managed through an active approach blending global investment themes and fundamental research. The portfolio is diversified across market sector and credit quality emphasizing mid-sized companies with higher quality balance sheets.
Regarding non-US investors, Calamos Investments highlights that the Calamos Convertible Fund, which just reopened, is most similar to the U.S. Convertible Strategy, which is available to non-U.S. institutional investors in an SMA. In its European SICAV Calamos Investments has the UCITS Global Convertible Opportunities Fund, which is not the same strategy as the Convertible Fund, as the UCITS Global Convertible Fund combines equity, convertibles and fixed income.