Institutional Strategies Main

Emerging Economies

Strategy Details




As of 06/30/18
Inception Date:
12/01/08
Strategy Assets*:
$373.1 M
Benchmark:
MSCI Emerging Markets

Resources

* Strategy Assets reflect all assets that are currently being managed (collectively) under the Calamos Emerging Economies Strategy.

Strategy Objective

A risk-managed, emerging market equity strategy that seeks to gain exposure to emerging economies and outperform the MSCI Emerging Markets Index over a full market cycle, with lower volatility and downside risk.

Key Differentiators
  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • Risk-managed growth exposure
  • Emerging market revenue mapping
  • Team approach to management

Sector Weightings

AS OF 06/30/18
% of Assets MSCI Emerging Markets Under/Overweight %
Information Technology 32.4% 27.9%
Financials 17.0 22.7
Consumer Discretionary 14.3 9.8
Materials 8.5 7.6
Energy 7.6 7.2
Industrials 6.9 5.2
Consumer Staples 5.6 6.7
Health Care 3.7 3.2
Real Estate 2.9 3.0
Telecom Services 1.1 4.3
 

Representative Portfolio Ten Largest Holdings

AS OF 06/30/18
Company Country Sector %
Alibaba Exchangeable (Softbank) China Information Technology 7.9
Tencent Holdings, Ltd. China Information Technology 6.5
Taiwan Semiconductor Mfg Co. Taiwan Information Technology 4.6
Naspers, Ltd. - Class N South Africa Consumer Discretionary 3.7
Glencore Funding, Llc Switzerland Materials 3.4
Larsen & Toubro, Ltd. India Industrials 2.5
Hdfc Bank Ltd India Financials 2.4
Baidu, Inc. China Information Technology 2.3
Tata Consultancy Services, Ltd. India Information Technology 2.2
Zhongsheng Group Holdings, Ltd. China Consumer Discretionary 2.2

Characteristics

AS OF 06/30/18
  Calamos Portfolio MSCI Emerging Markets
Assets in Strategy $373.1 million N/A
# of Holdings 79 1,138
Portfolio Turnover % (12-Month) 93.0% N/A
Median Market Cap ($bil) $25.9 $5.3
Weighted Average Market Cap ($bil) $120.1 $89.9
ROIC % 23.1% 19%
Debt/Capital % 24.4% 25.4%
PEG Ratio (1 year forward) 1.2x 1.2x

Composite Summary

AS OF 06/30/18
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2015 542 21,908 2.5% 2 271
12/31/2014 686 23,506 2.9% 2 343
12/31/2013 676 26,543 2.5% 2 338
12/31/2012 437 30,580 1.4% 2 219
12/31/2011 321 32,777 1.0% 2 160
12/31/2010 136 35,414 0.4% 1 136
12/31/2009 49 32,144 0.2% 1 49
12/31/2008 19 23,522 0.1% 1 19

44604C

Annualized Total Returns

AS OF 06/30/18
1-Year3-Year5-YearSince Inception (12/08)
Emerging Economies (Gross)10.19%4.03%4.97%10.34%
Emerging Economies (Net)9.22%2.94%3.81%9.12%
MSCI Emerging Markets8.59%5.98%5.39%10.61%

Calendar Year Returns

AS OF 06/30/18
                           Qtr Ending Jun 18YTD 201820172016201520142013201220112010200912/01/2008 to 12/31/2008
Emerging Economies (Gross)-8.64%-5.89%38.81%-2.98%-7.25%-4.17%9.67%10.22%-6.95%22.26%58.57%4.57%
Emerging Economies (Net)-8.85%-6.30%37.59%-4.15%-8.36%-5.30%8.37%8.90%-8.02%20.98%56.94%4.48%
MSCI Emerging Markets-7.86%-6.51%37.75%11.60%-14.60%-1.82%-2.27%18.64%-18.17%19.20%79.02%7.83%



44604B

Risk/Reward Since Inception

AS OF 06/30/18
  Calamos Emerging Economies Composite MSCI Emerging Markets
Alpha 2.39% N/A
Beta 0.72 1.00
Standard Deviation 14.89% 19.46%
Upside Semivariance 13.18% 22.08%
Downside Semivariance 5.98% 10.20%
Sharpe Ratio 0.6771 0.5324
Information Ratio -0.0368 N/A

Since Inception Up/Down Capture Vs. MSCI Emerging Markets

AS OF 06/30/18 70.71 = Upside
70.17 = Downside

44604B

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Commingled Pool $5 million
Available for both qualified and non-qualified plans.
Institutional Mutual Fund (CNWIX) Minimum $1 million

34604E

Emerging Economies Institutional Strategy Fact Sheet
Fact Sheet The Emerging Economies Strategy fact sheet provides a snap shot of the investment team, the investment strategy, performance, composition, ratings and returns.
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Global Lower Volatility Strategies Thumbnail
Global and Emerging Markets Lower Volatility Strategies A discussion of the risk mitigation approach of employing a lower volatility equity strategy to both the Global Opportunities and Emerging Economies strategies.
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Emerging Economies Strategy Performance Review Thumbnail
Performance Review A discussion of the Calamos Emerging Economies Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
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