] plans to close a pair of funds to new investors next month. The soft close of the $4.4 billion Growth & Income Fund
and $1.7 billion Global Growth & Income Fund
will take effect at the close of business on January 20. [SEC filing
Explaining the decision to limit access to the funds, Calamos COO Jim Boyne
told The MFWire.com
: "We felt a soft close at this time is appropriate given the current market environment to look after the best interests of our current shareholders."
"We're constructive on the convertible market and believe that convertible securities continue to have attractive risk-reward characteristics, but we want to be proactive given the current convertible market dynamics to help preserve those opportunities for existing shareholders," Boyne added.
He said that Calamos has witnessed a lower than normal level of convertible issuance globally, due in large part to a persistently low interest rate environment.
"Additionally, the convertible issuance in the marketplace has primarily come from companies with non-investment grade ratings. With our risk managed approach, we tend to be biased toward the higher quality end of the spectrum," he added.
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