COLLEGE PLANNING | ESTATE PLANNING | INVESTING | PORTFOLIO SPOTLIGHT | REAL ESTATE | RETIREMENT | TAX PLANNING
Calamos Growth and Income Fund
TICKER ASSETS
CGIIX $ 2.8 billion
PERFORMANCE YTD 1 yr . 3 yr . 5 yr . 10 yr . 15 yr . 11.19 % 15.44 % 5.40 % 12.08 % 10.28 % 10.39 %
TOP 5 HOLDINGS Microsoft Corp .; NVIDIA Corp .; Apple Inc .; Alphabet Inc . - Class A ; Amazon . com Inc .
CONTACT INFO 866-363-9219 • calamos . com
John Hillenbrand
EQUITY SECTOR WEIGHTINGS ( As a % of portfolio ) Information Technology 28.5 % Financials 11.3 % Consumer Discretionary 10.5 % Communication Services 10.3 % Healthcare 10.1 % Industrials 7.2 % Consumer Staples 5.2 % Utilities 3.4 % Energy 3.2 % Materials 2.2 % Real Estate 1.6 % Other 1.7 %
Performance and asset numbers as of 8 / 1 / 24 . Holdings as of 6 / 30 / 24 . Performance figures are for the institutional share class . Sources : Calamos Investments and Morningstar .
A Flexible Way To Reduce Equity Volatility
The Calamos Growth and Income Fund uses convertibles to enhance yield and mitigate risk . By Jeff Schlegel
INVESTORS WHO WANT A LITTLE LESS OCTANE IN THEIR equity exposure can turn to funds that combine stocks and other asset classes . Known as asset allocation funds , these multi-asset-class products offer equity exposure ranging from 20 % to 90 %, with the remainder in fixed income and cash .
One of the top funds in Morningstar ’ s moderately aggressive allocation category has been the Calamos Growth and Income Fund . This category includes funds with portfolios typically containing 50 % to 70 % in equities , with the remaining portion in fixed income and cash .
The Calamos fund adds some pep to its fixed-income exposure by combining convertible securities with traditional fixed income , with a greater emphasis on the former . That , in tandem with an equity weighting that ’ s substantially higher than the category average , has helped make this fund ’ s institutional share class a top-quartile performer in its category in every measurable period from one to 15 years . Furthermore , Lipper this year named the Calamos Growth and Income Fund ’ s institutional share class as the best fund in its flexible portfolio fund category during the last five- and 10-year periods .
The fund ’ s use of convertible securities — along with a smattering of options strategies — creates what fund manager John Hillenbrand calls an asymmetric risk profile . He and his team aim to generate total returns higher than its Morningstar category with a lower volatility profile than the S & P 500 .
According to Calamos , the fund ’ s investor share class has had a 0.69 beta to the S & P 500 over its history since inception in 1997 . ( Beta measures a security ’ s or portfolio ’ s volatility against the overall equity market , which has a beta of 1 . An investment with a beta below 1 is less volatile than the market .) In addition , the fund since inception has sported a standard deviation of 17.82 versus 23.46 for the S & P 500 . ( Standard deviation gauges volatility by measuring dispersion around an average . A lower value is better .) Meanwhile , the fund ’ s average annual returns since inception have topped the S & P 500 , though it has trailed
46 | FINANCIAL ADVISOR MAGAZINE | SEPTEMBER 2024 WWW . FA-MAG . COM