Fund Evaluator:
Calamos Hedged Equity A (CAHEX)
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Fund Details
Calamos Hedged Equity A Overview
Calamos Hedged Equity A (CAHEX) is an actively managed Nontraditional Equity Equity Hedged fund. Calamos launched the fund in 2014.
The investment seeks total return with lower volatility than equity markets. The fund seeks to achieve total return with lower volatility than equity markets. Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and securities with economic characteristics similar to stock or the equity markets. The fund may write call options (i) on a portion of the equity securities in the fund's portfolio and (ii) on broad-based securities indexes (such as the S&P 500 or MSCI EAFE) or ETFs (exchange traded funds).
About Calamos Hedged Equity A (CAHEX)
There are 6 members of the management team with an average tenure of 9.42 years: Eli Pars (2014), Jason Hill (2014), David O’Donohue (2015), Jimmy Young (2019), Anthony Vecchiolla (2023), John Calamos (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Calamos Hedged Equity A has 268 securities in its portfolio. The top 10 holdings constitute 47.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Calamos Hedged Equity A is part of the Equity global asset class and is within the Nontraditional Equity fund group. Calamos Hedged Equity A has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.3%. There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Calamos Hedged Equity A has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $432 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CAHEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calamos Hedged Equity A expense ratio is high compared to funds in the Equity Hedged category. Calamos Hedged Equity A has an expense ratio of 1.15%, which is 17% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calamos Hedged Equity A has a portfolio turnover rate of 10%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 69% for the Equity Hedged category.
Recently, in the month of July 2026, Calamos Hedged Equity A returned 0.3%, which earned it a grade of C, as the Equity Hedged category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Calamos Hedged Equity A has a trailing yield of 0.13%, which is below the 0.94% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calamos Hedged Equity A Grades
Year to date, the fund has returned 5.9%, 0.5 percentage points better than the category, which translates into a grade of C. The fund has returned 11.5% over the past year (grade of C), 11.9% over the past three years (grade of B) and 7.7% per year over the past five years (grade of A) and 8.0% per year over the past 10 years (grade of B).
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CAHEX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CAHEX Return (NAV) | 0.3% | 2.8% | 11.5% | 11.9% | 7.7% | 8.0% |
| CAHEX Grade | C | B | C | B | A | B |
| +/- Category | 0.4% | 0.7% | 0.9% | 2.1% | 1.8% | 1.4% |
| Equity Hedged Avg | -0.0% | 2.1% | 10.6% | 9.9% | 5.9% | 6.6% |
| CAHEX Tax Cost Ratio | na | na | 0.1% | 0.1% | 0.1% | 0.2% |
CAHEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CAHEX Return (NAV) | 5.9% | 11.1% | 14.7% | 15.6% | -11.3% | 13.0% | 9.3% | 14.2% | 0.6% | 8.0% | 5.2% |
| CAHEX Grade | C | B | C | B | C | C | C | B | B | D | C |
| +/- Category | 0.5% | 1.7% | 2.5% | 3.3% | -1.5% | 1.8% | -1.5% | 0.0% | 3.3% | -0.9% | 0.7% |
| Equity Hedged Avg | 5.4% | 9.4% | 12.2% | 12.3% | -9.8% | 11.3% | 10.8% | 14.1% | -2.7% | 8.9% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 7.0% |
| Total Risk Index: | 0.57 - Below Average |
| Category Risk Index: | 0.88 - Below Average |
| Category Risk Grade: | B (31% Rank) |
| Beta: | 0.53 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $871 Mil |
| Fund Total Assets: | $ 32 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 10% |
Management Team
| Number of Managers: 6 | |||
| Longest Tenure: 11.6 years | |||
| Average Tenure: 9.4 years | |||
| Managers (Year): Pars Eli (2014), Hill Jason (2014), Calamos John (2014), O’Donohue David (2015), Young Jimmy (2019), Vecchiolla Anthony (2023) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 268 |
| % in Top 10 Holdings: | 47.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.3% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | Calamos |
| Phone Number: | 800-582-6959 |
| Website: | www.calamos.com |
| Status: | Open |
| Inception Date: | December 31, 2014 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 4.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.15% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.39% |
| Share Class: | Calamos Hedged Equity I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
