Fund Evaluator:
Calamos Phineus Long/Short I (CPLIX)
Follow This Fund
Best Performing in Long-Short Equity Over the Last Year
| 37.0% | Boston Partners Long/Short Equity Inv (BPLEX) |
| 20.5% | ABR 50/50 Volatility Investor (ABRJX) |
| 17.4% | Gator Capital L/S Fd (GATRX) |
| 16.6% | ABR 75/25 Volatility Investor (VOLJX) |
| 16.0% | Boston Partners Long/Short Rsrch Inv (BPRRX) |
Fund Details
Calamos Phineus Long/Short I Overview
Calamos Phineus Long/Short I (CPLIX) is an actively managed Nontraditional Equity Long-Short Equity fund. Calamos launched the fund in 2016.
The investment seeks strong, risk-adjusted and absolute returns in the context of prevailing market conditions across the global equity universe. The fund aims to achieve its investment objective primarily by investing globally in publicly listed equity securities, including common stock and American Depositary Receipts, of issuers of all market capitalizations that operate in the knowledge-based sectors such as technology, communications and media, as well as financial services and healthcare, and other investment companies, including exchange-traded funds, that track or otherwise provide exposure to such sectors.
About Calamos Phineus Long/Short I (CPLIX)
There are 1 members of the management team with an average tenure of 10.33 years: Michael Grant (2016). 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 MSCI World NR USD index with a weighting of 100%. Calamos Phineus Long/Short I has 74 securities in its portfolio. The top 10 holdings constitute 71.5% 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 Phineus Long/Short I is part of the Equity global asset class and is within the Nontraditional Equity fund group. Calamos Phineus Long/Short I has 6.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 63.0%. There is 6.4% 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 Phineus Long/Short I has 33.2% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $352 million average for the Long-Short Equity 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.
CPLIX 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 Phineus Long/Short I expense ratio is high compared to funds in the Long-Short Equity category. Calamos Phineus Long/Short I has an expense ratio of 2.05%, 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 Phineus Long/Short I has a portfolio turnover rate of 347%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of July 2026, Calamos Phineus Long/Short I returned 4.5%, which earned it a grade of B, as the Long-Short Equity category had an average return of 2.6%. 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 Phineus Long/Short I has a trailing yield of 1.53%, which is above the 1.15% category average. The fund normally distributes its income annually 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 Phineus Long/Short I Grades
Year to date, the fund has returned 4.9%, 2.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.9% over the past year (grade of F), 7.9% over the past three years (grade of D) and 5.8% per year over the past five years (grade of D) and 7.8% per year over the past 10 years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Calamos Phineus Long/Short I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
CPLIX 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 |
|
| CPLIX Return (NAV) | 4.5% | 5.9% | 3.9% | 7.9% | 5.8% | 7.8% |
| CPLIX Grade | B | A | F | D | D | C |
| +/- Category | 2.0% | 2.3% | -10.2% | -4.0% | -3.1% | -0.1% |
| Long-Short Equity Avg | 2.6% | 3.6% | 14.1% | 11.9% | 8.8% | 7.9% |
| CPLIX Tax Cost Ratio | na | na | 2.1% | 1.7% | 1.0% | 0.8% |
CPLIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CPLIX Return (NAV) | 4.9% | 9.9% | 8.9% | 8.0% | -1.0% | 7.5% | 19.8% | 4.0% | -5.9% | 9.2% | na |
| CPLIX Grade | D | C | D | D | B | F | A | F | C | D | na |
| +/- Category | -2.6% | -1.6% | -4.5% | -5.0% | 2.9% | -13.6% | 14.0% | -9.3% | 2.0% | -2.4% | na |
| Long-Short Equity Avg | 7.5% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 7.3% |
| Total Risk Index: | 0.59 - Below Average |
| Category Risk Index: | 0.68 - Low |
| Category Risk Grade: | A (16% Rank) |
| Beta: | 0.31 |
| R-Squared: | 30% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1110 Mil |
| Fund Total Assets: | $1,014 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 347% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Grant Michael (2016) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 74 |
| % in Top 10 Holdings: | 71.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.4% |
Portfolio Allocation |
|
| Domestic Stock: | 63.0% |
| Foreign Stock: | 6.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -2.6% |
| Cash: | 33.2% |
Purchase Information
| Fund Family: | Calamos |
| Phone Number: | 800-582-6959 |
| Website: | www.calamos.com |
| Status: | Open |
| Inception Date: | April 5, 2016 |
| 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 (%): | 2.05% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Calamos Phineus Long/Short I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
