Money Flows: Evidence from Calamos

Chidem Kurdas

Calamos Asset Management, primarily a mutual fund manager that started as a convertible bond specialist but over time diversified into equities and other bonds, also runs hedge fund strategies. These apparently are attracting investors.

Total assets under management grew 40% to about $33 billion from March 31, 2009. That is a huge change in fortune for Calamos—15 months ago assets had dived by almost 50% to $24 billion, the lowest in seven years.

When you get down to the details and compare asset growth in various categories, you see an interesting difference. Assets in alternative strategies grew by a lot more than those in other strategies; 70% vs. 40%.

Admittedly, in terms of the absolute amount of assets, alternatives account for somewhat less than $2 billion of Calamos’ total $33 billion. Equities and the flagship convertible funds are a lot bigger.

Still, it is evidence of the return of investors and interest in long/short strategies.

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