Fund Highlights
Unique Access
Exposure to high conviction and diversifying managers
Aksia Investment Edge
Depth and experience in an attractive and complex asset class
Efficient Structure
Interval funds offer a versatile solution for investors
Performance
As of 6/30/25
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns over 1-year are annualized.
Fund Literature
How to Invest
Financial advisors and institutional investors can purchase fund shares on a daily basis, using the ticker symbol HEDGX.
Contact UsMonthly Returns (%)
As of 6/30/25
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | 2024 | 0.41* | 0.45 | 0.59 | 0.96 | 0.80 | 1.45 | 1.18 | 6.00 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 1.64 | 0.72 | 0.18 | 0.28 | 0.75 | 0.89 | 4.53** |
*Partial month
**Performance value represents year to date
**Performance value represents year to date
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns over 1-year are annualized.
Simultaneous with the Fund’s Commencement of Operations, Calamos Aksia Hedge Fund Core Alpha LP, a Delaware limited partnership (the “Predecessor Fund”) reorganized with and into the Fund (the “Fund Conversion”). The Predecessor Fund maintained an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund and at the time of the Fund Conversion was managed by the same Advisor, Sub-Advisor and portfolio managers as the Fund. The Predecessor Fund commenced operations on June 1, 2024. The performance quoted below is that of the Predecessor Fund and was adjusted to reflect the Fund's estimated expenses of Class I Shares (with the exception of estimated Acquired Fund Fees and Expenses, the effect of which is already incorporated into the performance of the Predecessor Fund) and the Fund's Expense Limitation Agreement in effect for its first year as a registered investment company, and timing of recording and reporting its investments' practical expedient valuations to be in accordance with the expected valuation procedure of the Fund. The performance returns of the Predecessor Fund are unaudited and are calculated by the Advisor on a total return basis. If the effect of the Fund’s Expense Limitation Agreement were not reflected in the Predecessor Fund’s returns shown below, the returns would be lower. After-tax performance returns are not included for the Predecessor Fund. The Predecessor Fund was a privately placed fund, was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the Investment Company Act and the Code, which, if applicable, may have adversely affected its performance. The Fund Conversion itself was treated as a non-taxable contribution by the Predecessor Fund of limited partner interest to the Fund in exchange for shares of the interval fund, followed by a non-taxable liquidation of the Fund. Past performance is no indication of future returns.
Annualized Returns
As of 6/30/25
| Year-To-Date | 1-Year Return | Since Inception Annualized Return | |
|---|---|---|---|
| HEDGX | 4.53% | 10.34% | 9.99% |
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns over 1-year are annualized.
Simultaneous with the Fund’s Commencement of Operations, Calamos Aksia Hedge Fund Core Alpha LP, a Delaware limited partnership (the “Predecessor Fund”) reorganized with and into the Fund (the “Fund Conversion”). The Predecessor Fund maintained an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund and at the time of the Fund Conversion was managed by the same Advisor, Sub-Advisor and portfolio managers as the Fund. The Predecessor Fund commenced operations on June 1, 2024. The performance quoted below is that of the Predecessor Fund and was adjusted to reflect the Fund's estimated expenses of Class I Shares (with the exception of estimated Acquired Fund Fees and Expenses, the effect of which is already incorporated into the performance of the Predecessor Fund) and the Fund's Expense Limitation Agreement in effect for its first year as a registered investment company, and timing of recording and reporting its investments' practical expedient valuations to be in accordance with the expected valuation procedure of the Fund. The performance returns of the Predecessor Fund are unaudited and are calculated by the Advisor on a total return basis. If the effect of the Fund’s Expense Limitation Agreement were not reflected in the Predecessor Fund’s returns shown below, the returns would be lower. After-tax performance returns are not included for the Predecessor Fund. The Predecessor Fund was a privately placed fund, was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the Investment Company Act and the Code, which, if applicable, may have adversely affected its performance. The Fund Conversion itself was treated as a non-taxable contribution by the Predecessor Fund of limited partner interest to the Fund in exchange for shares of the interval fund, followed by a non-taxable liquidation of the Fund. Past performance is no indication of future returns.
Portfolio
Hedge Portfolio Statistics
| # of Holdings: | 33 |
|---|---|
| # of Substrategies: | 17 |
| Top 5 Holdings (% of Portfolios): | 23% |
| Top 10 Holdings (% of Portfolio): | 42% |
| Largest Holding: | 5% |
| Average Position Size: | 3% |
As of 7/31/25
Portfolio Strategy1
As of 7/31/25
1Percentages may not total 100% due to rounding. Percentages are based on net asset value and are subject to change.
Hedge Fund Substrategy
| Relative Value Multi-Strategy | 22.1% |
|---|---|
| Global Macro | 11.6% |
| Directional Multi-Strategy | 9.3% |
| Long/Short Credit | 9.2% |
| Fixed Income Arbitrage | 8.8% |
| Quantitative Strategies | 6.4% |
| Event Credit | 4.8% |
| Event & Merger | 3.3% |
| Structured Credit | 3.3% |
| Insurance Linked | 3.1% |
| Multi-PM | 3.1% |
| CTA | 3.1% |
| Fundamental Growth | 2.9% |
| Opportunistic | 2.8% |
| Activist | 2.7% |
| Risk Mitigators | 1.9% |
| Specialist | 1.7% |
As of 7/31/25
Top Hedge Fund Holdings
As of 7/31/25
| Holding | Strategy | % |
|---|---|---|
| Elliott Management Corporation | Multi-Strategy | 4.9% |
| Point72 Asset Management LP | Multi-Strategy | 4.7% |
| Balyasny Asset Management LP | Multi-Strategy | 4.5% |
| Sculptor Capital LP | Multi-Strategy | 4.4% |
| LMR Partners LLP | Multi-Strategy | 4.3% |
| Verition Fund Management LLC | Multi-Strategy | 4.3% |
| ExodusPoint Capital Management LP | Multi-Strategy | 4.3% |
| Linden Advisors LP | Relative Value | 3.8% |
| Two Sigma Investments LP | Relative Value | 3.7% |
| Empyrean Capital Partners LP | Event Driven | 3.3% |
Holdings are provided for illustrative purposes only and are selected as representative examples of the types of investments included in the Fund. Top holdings are based on portfolio weight as a percentage of net assets. Holdings may not be current and are not recommendations to buy or sell any security. Past performance is not indicative of future results, and actual outcomes may vary materially.
Leadership
David O’Donohue
Senior Vice President of Alternative Strategies, Senior Co-Portfolio Manager, Calamos Investments
Fund Information
| Ticker: | HEDGX (Share Class I) |
|---|---|
| Structure: | Interval Fund (40-Act registered) with daily purchase and quarterly repurchase |
| Accreditation Requirement: | None |
| Purchase: | Daily |
| Benchmark: | HFRI Fund of Funds Conservative Index |
| Secondary Benchmark: | Bloomberg US Agg Bond |
| Leverage: | Minimal leverage; permitted up to 33% |
|---|---|
| Liquidity Terms: | Quarterly; no less than 5% of outstanding shares |
| Distributions: | Yearly |
| Tax Reporting: | 1099-DIV |
| Management Fee1: | 1.10% |
| Performance Fee: | None |
| Other Expenses1: | Capped at 0.35% |
1As of the prospectus dated 9/30/25 the gross expense ratio for the Class A shares, Class C shares, Class I shares, and Class M shares is 18.15%, 18.90%, 17.90%, and 18.65% of average net assets, respectively. The net expense ratio for Class A shares, Class C shares, Class I shares, and Class M shares is 17.25%, 18.00%, 17.00%, and 17.75% of average net assets, respectively. The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor have contractually agreed on a monthly basis, until at least August 13, 2028, to reimburse on a 50/50 basis between the Advisor and the Sub-Advisor the Fund’s “Specified Expenses” in respect of each class of the Fund (each, a “Class”) where “Specified Expenses” means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund’s annual operating expenses, with the exception of (i) the Investment Management Fee (as defined herein), (ii) the Shareholder Servicing Fee (as defined herein), (iii) the Distribution Fee (as defined herein), (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund’s investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses, (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor), to the extent that such expenses exceed 0.35% of the average daily net assets of such Class (the “Expense Limitation”). See the prospectus for estimated interest expenses and additional information regarding fees and estimated operating expenses.
Literature
Prospectus and Reports
Prospectus
You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.
SAI
The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.
How to Invest
Financial advisors and institutional investors can purchase fund shares on a daily basis, using the ticker symbol HEDGX.
Contact Us