Institutional Strategies Main

INTERNATIONAL GROWTH

Strategy Objective

A non-U.S. all-cap growth equity strategy that invests in the common stocks of growth companies based outside the United States and seeks to outperform the MSCI ACWI ex-U.S. Growth Index over a full market cycle.

Key Differentiators
  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • High active share, high relative growth focus
  • Team approach to management

Strategy Details




As of 30/9/14
Inception Date:
01/4/05
Strategy Assets*:
$769.5 M
Benchmark:
MSCI ACWI ex-US Growth Index

Resources

* Strategy Assets includes assets under management as well as assets for which the company provides model portfolio design and oversight.

Sector Weightings

AS OF 30/9/14
% of Assets MSCI ACWI ex-US Growth Index Under/Overweight %
Information Technology 23.7% 10.5%
Consumer Discretionary 17.2 14.1
Industrials 15.1 14.7
Financials 14.0 16.2
Health Care 10.5 12.0
Consumer Staples 9.8 15.7
Energy 5.7 5.3
Materials 2.2 7.1
Telecommunication Services 1.8 3.0
Utilities 0.0 1.4
 

Representative Portfolio Ten Largest Holdings

AS OF 30/9/14
Company Country Sector %
Pandora, A/S Denmark Consumer Discretionary 4.2
FANUC Corp. Japan Industrials 3.4
Sanofi France Health Care 3.4
Constellation Software, Inc. Canada Information Technology 3.2
MediaTek, Inc. Taiwan Information Technology 2.3
Novo Nordisk, A/S - Class B Denmark Health Care 2.3
Anheuser-Busch InBev, NV Belgium Consumer Staples 2.3
Schlumberger, Ltd. United States Energy 2.3
Tencent Holdings, Ltd. China Information Technology 2.2
Koninklijke Philips, NV Netherlands Industrials 2.1

Characteristics

AS OF 30/9/14
  Calamos Portfolio MSCI ACWI ex-US Growth Index
Assets in Strategy $769.5 million N/A
# of Holdings 80 1,066
Portfolio Turnover % (5-Year) 70.2% N/A
Median Market Cap ($bil) $19.6 $7.2
Weighted Average Market Cap ($bil) $47.8 $53.5
ROIC % 20.6% 14.8%
Debt/Capital % 25.7% 33.5%
PEG Ratio (1 year forward) 1.4x 1.8x

Largest Country Weightings

AS OF 30/9/14
Representative Portfolio MSCI ACWI ex-US Growth Index
Japan 12.5% 15.1%
United Kingdom 10.1% 12.3%
Canada 7.8% 7.1%
France 7.4% 6.0%
Switzerland 7.3% 9.3%
Taiwan 6.7% 2.5%
Denmark 6.6% 1.9%
Netherlands 3.9% 2.7%
China 3.9% 3.2%
United States 3.9% 0.6%

Global Summary

AS OF 30/9/14
Representative Portfolio MSCI ACWI ex-US Growth Index
Developed Markets 76.5% 79.4%
Emerging Markets 23.5% 20.6%

Composite Summary

AS OF 30/9/14
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2012 1,660 30,580 5.4% 6 277
12/31/2011 794 32,777 2.4% 2 397
12/31/2010 332 35,414 0.9% 1 332
12/31/2009 241 32,144 0.7% 1 241
12/31/2008 180 23,522 0.8% 1 180
12/31/2007 540 46,208 1.2% 1 540
12/31/2006 332 44,725 0.7% 1 332
12/31/2005 158 43,805 0.4% 1 158

44604C

Annualized Total Returns

AS OF 30/9/14
1-Year3-Year5-YearSince Inception (4/05)
International Growth (Gross)5.19%11.18%10.39%9.78%
International Growth (Net)4.21%10.16%9.34%8.73%
MSCI ACWI ex-US Growth Index4.65%12.19%7.13%6.36%

Calendar Year Returns

AS OF 30/9/14
                           Qtr ending Sep 14YTD 2014201320122011201020092008200720064/1/2005 to 12/31/2005
International Growth (Gross)-4.94%-1.86%15.76%15.03%-3.98%22.57%59.20%-47.48%24.05%23.31%23.42%
International Growth (Net)-5.18%-2.56%14.74%14.00%-4.98%21.38%57.68%-48.00%22.85%22.11%22.51%
MSCI ACWI ex-US Growth Index-4.83%-0.03%15.86%17.07%-13.93%14.79%39.21%-45.41%21.40%23.96%17.31%



44604B

Risk/Reward Since Inception

AS OF 30/9/14
  Calamos International Growth Composite MSCI ACWI ex-US Growth Index (USD)
Alpha 3.27% N/A
Beta 1.03 1.00
Standard Deviation 20.05% 18.78%
Upside Semivariance 18.22% 14.40%
Downside Semivariance 16.21% 15.43%
Sharpe Ratio 0.41 0.26
Information Ratio 0.62 N/A

Since Inception Up/Down Capture Vs. MSCI ACWI ex-US Growth Index

AS OF 30/9/14

44604B

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Commingled Pool $5 million
Available for both qualified and non-qualified plans.
UCITS (Available in A, I, X Share Classes) $1 million

34604E

Fact Sheet The International Growth Strategy fact sheet provides a snap shot of the investment team, the investment strategy, performance, composition, ratings and returns.
Performance Review A discussion of the Calamos International Growth Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
Finding Growth Opportunities in Non-U.S. Equity Markets A discussion of the Calamos International Growth strategy which has historically provided a focus on high-quality growth companies; diversification across sectors and non-U.S. markets; and strong excess returns versus the MSCI ACWI ex-US Growth Index.
Equity Valuation Process A review of Calamos Investments’ research process for determining a company’s business valuation and how Calamos research uncovers the economic profits of a company and how our research determines the quality of the cash flows, the return on capital, and finally, the equity’s valuation.
Investment Team View the Growth Equity/Fixed Income Team biographies