Fund Evaluator:
Calamos Global Opportunities I (CGCIX)
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Best Performing in Global Moderate Allocation Over the Last Year
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Fund Details
Calamos Global Opportunities I Overview
Calamos Global Opportunities I (CGCIX) is an actively managed Allocation Global Moderate Allocation fund. Calamos launched the fund in 1997.
The investment seeks high long-term total return through capital appreciation and current income. The fund invests primarily in a globally-diversified portfolio of convertible, equity and fixed-income securities, which may include synthetic convertible instruments, without regard to market capitalization. The Advisor attempts to utilize these different types of securities to strike, in the investment adviser's opinion, the appropriate balance between risk and reward in terms of growth and income. The fund will invest at least 40% of its assets in securities of foreign issuers.
About Calamos Global Opportunities I (CGCIX)
There are 5 members of the management team with an average tenure of 12.32 years: Dennis Cogan (2013), Nick Niziolek (2013), Kyle Ruge (2024), Paul Ryndak (2024), John Calamos (1996). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MSCI World NR USD index with a weighting of 100%. Calamos Global Opportunities I has 102 securities in its portfolio. The top 10 holdings constitute 31.3% 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 Global Opportunities I is part of the Allocation global asset class and is within the Allocation fund group. Calamos Global Opportunities I has 25.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 40.1%. There is 25.6% allocated to foreign stock, and 4.0% 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 28.7% convertible bond). Calamos Global Opportunities I has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $242 million in total assets, which is below the $947 million average for the Global Moderate Allocation 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.
CGCIX 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 Global Opportunities I expense ratio is high compared to funds in the Global Moderate Allocation category. Calamos Global Opportunities I has an expense ratio of 0.97%, which is 7% lower than its category average, making the fund expense ratio grade a C. 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 Global Opportunities I has a portfolio turnover rate of 123%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.
Recently, in the month of July 2026, Calamos Global Opportunities I returned -4.0%, which earned it a grade of F, as the Global Moderate Allocation category had an average return of 0.3%. 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 Global Opportunities I has a trailing yield of 0.37%, which is below the 2.61% 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 Global Opportunities I Grades
Year to date, the fund has returned 13.1%, 4.9 percentage points better than the category, which translates into a grade of A. The fund has returned 17.9% over the past year (grade of B), 18.4% over the past three years (grade of A) and 8.9% per year over the past five years (grade of A) and 10.9% per year over the past 10 years (grade of A).
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CGCIX 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 |
|
| CGCIX Return (NAV) | -4.0% | 1.4% | 17.9% | 18.4% | 8.9% | 10.9% |
| CGCIX Grade | F | F | B | A | A | A |
| +/- Category | -4.3% | -0.7% | 1.9% | 6.4% | 2.7% | 3.6% |
| Global Moderate Allocation Avg | 0.3% | 2.1% | 16.0% | 11.9% | 6.2% | 7.3% |
| CGCIX Tax Cost Ratio | na | na | 2.1% | 1.4% | 1.2% | 1.3% |
CGCIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CGCIX Return (NAV) | 13.1% | 16.1% | 24.2% | 14.0% | -21.9% | 16.0% | 32.2% | 18.4% | -9.5% | 20.3% | 0.9% |
| CGCIX Grade | A | C | A | B | F | A | A | C | F | A | F |
| +/- Category | 4.9% | -0.1% | 15.8% | 1.8% | -8.5% | 4.4% | 22.4% | 0.7% | -2.4% | 6.3% | -5.8% |
| Global Moderate Allocation Avg | 8.1% | 16.1% | 8.4% | 12.2% | -13.4% | 11.6% | 9.8% | 17.7% | -7.1% | 14.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 13.6% |
| Total Risk Index: | 1.11 - Above Average |
| Category Risk Index: | 1.48 - High |
| Category Risk Grade: | F (108% Rank) |
| Beta: | 1.19 |
| R-Squared: | 68% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $366 Mil |
| Fund Total Assets: | $ 242 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 123% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 29.9 years | |||
| Average Tenure: 12.3 years | |||
| Managers (Year): Calamos John (1996), Cogan Dennis (2013), Niziolek Nick (2013), Ruge Kyle (2024), Ryndak Paul (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 102 |
| % in Top 10 Holdings: | 31.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 25.6% |
Portfolio Allocation |
|
| Domestic Stock: | 40.1% |
| Foreign Stock: | 25.6% |
| Preferred Stock: | 4.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 28.7% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Calamos |
| Phone Number: | 800-582-6959 |
| Website: | www.calamos.com |
| Status: | Open |
| Inception Date: | September 18, 1997 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.97% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | Calamos Global Opportunities A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
