According to the announcement, the Calamos U.S. Opportunities Fund has been renamed Calamos U.S. Convertible Opportunities Fund, and the Calamos Global Opportunities Fund is now named Calamos Global Convertible Opportunities Fund.
The Naperville, Illinois-based firm said the change was designed to help investors better identify the use of convertibles securities in the portfolios, which are available to non-U.S. investors. UCITS is the abbreviation for “Undertakings for Collective Investment in Transferable Securities” – a set of European Union directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorization from one member state.
The funds’ investment universe, philosophy, investment process and portfolio management team remain unchanged. The Calamos U.S. Convertible Opportunities Fund will continue to be benchmarked to the S&P 500 Index, and will also be benchmarked to the Merrill Lynch All U.S. Convertible Ex-Mandatory Index. The Calamos Global Convertible Opportunities Fund will continue to be benchmarked to the MSCI World Index, and will also be benchmarked to the Merrill Lynch Global 300 Convertible Index.
“Although investment objectives have not changed, it is important for these strategies’ names to reflect the underlying portfolios’ convertibles composition,” said John P. Calamos, Sr., founder and Co-CIO of Calamos Investments. “The current market environment has created historically favorable convertible valuations. We believe we are in a period of extreme undervaluation in the convertible market, providing long-term investors compelling investment opportunities.”
Calamos Investments is a diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds.
More information is available at http://www.calamos.com