Institutional Strategies Main

EMERGING ECONOMIES

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

Strategy Details




As of 06/30/16
Inception Date:
12/01/08
Strategy Assets*:
$584.5 M
Benchmark:
MSCI Emerging Markets

Resources

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

Sector Weightings

AS OF 06/30/16
% of Assets MSCI Emerging Markets Under/Overweight %
Information Technology 24.1% 22.5%
Consumer Discretionary 18.4 10.5
Consumer Staples 15.5 8.5
Financials 14.9 26.1
Industrials 8.1 6.2
Materials 5.0 6.3
Health Care 5.0 2.7
Energy 4.8 7.4
Telecom Services 3.3 6.6
Utilities 0.9 3.2
 

Representative Portfolio Ten Largest Holdings

AS OF 06/30/16
Company Country Sector %
Tencent Holdings, Ltd. Cayman Islands Information Technology 3.4
Taiwan Semiconductor Mfg Co. Taiwan Information Technology 3.1
Ctrip.com International, Ltd. Cayman Islands Consumer Discretionary 2.8
Baidu, Inc. Cayman Islands Information Technology 2.7
Naspers, Ltd. - Class N South Africa Consumer Discretionary 2.5
NAVER Corp. South Korea Information Technology 2.2
China Mobile, Ltd. Hong Kong Telecom Services 2.2
Wal-Mart de Mexico SAB de CV Mexico Consumer Staples 2.2
Samsung Electronics Co., Ltd. South Korea Information Technology 2.1
TOTAL, SA France Energy 2.0

Characteristics

AS OF 06/30/16
  Calamos Portfolio MSCI Emerging Markets
Assets in Strategy $584.5 million N/A
# of Holdings 88 836
Portfolio Turnover
%(Since Inception)
N/A N/A
Median Market Cap ($bil) $13.9 $4.7
Weighted Average Market Cap ($bil) $54.1 $46.0
ROIC % 19.7% 16.1%
Debt/Capital % 26.2% 27.2%
PEG Ratio (1 year forward) 1.5x 1.3x

Composite Summary

AS OF 06/30/16
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 06/30/16
1-Year3-Year5-YearSince Inception (12/08)
Emerging Economies (Gross)-9.94%0.64%-0.79%9.95%
Emerging Economies (Net)-11.03%-0.55%-1.97%8.70%
MSCI Emerging Markets-11.72%-1.21%-3.44%9.21%

Calendar Year Returns

AS OF 06/30/16
                           Qtr Ending Jun 16YTD 2016201520142013201220112010200912/01/2008 to 12/31/2008
Emerging Economies (Gross)1.59%1.39%-7.25%-4.17%9.67%10.22%-6.95%22.26%58.57%4.57%
Emerging Economies (Net)1.29%0.78%-8.36%-5.30%8.37%8.90%-8.02%20.98%56.94%4.48%
MSCI Emerging Markets0.80%6.60%-14.60%-1.82%-2.27%18.64%-18.17%19.20%79.02%7.83%



44604B

Risk/Reward Since Inception

AS OF 06/30/16
  Calamos Emerging Economies Composite MSCI Emerging Markets
Alpha 3.06% N/A
Beta 0.70 1.00
Standard Deviation 15.65% 21.07%
Upside Semivariance 14.44% 25.36%
Downside Semivariance 6.55% 12.07%
Sharpe Ratio 0.6304 0.4329
Information Ratio 0.0912 N/A

Since Inception Up/Down Capture Vs. MSCI Emerging Markets

AS OF 06/30/16

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

Fact Sheet The Emerging Economies 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 Emerging Economies Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.