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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 09/30/17
Inception Date:
12/01/08
Strategy Assets*:
$435.8 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 09/30/17
% of Assets MSCI Emerging Markets Under/Overweight %
Information Technology 30.1% 27.5%
Financials 23.5 23.4
Consumer Discretionary 13.0 10.3
Industrials 8.0 5.4
Materials 5.7 7.2
Consumer Staples 5.3 6.5
Energy 4.5 6.8
Real Estate 3.9 2.9
Telecom Services 3.6 5.1
Health Care 2.4 2.3
 

Representative Portfolio Ten Largest Holdings

AS OF 09/30/17
Company Country Sector %
Tencent Holdings, Ltd. China Information Technology 5.2
Alibaba Exchangeable (Softbank) China Information Technology 5.1
Taiwan Semiconductor Mfg Co. Taiwan Information Technology 4.6
Samsung Electronics Company South Korea Information Technology 4.6
Ping An Insurance Group Company China Financials 2.5
Naspers, Ltd. - Class N South Africa Consumer Discretionary 2.5
Indiabulls Housing Finance, Ltd. India Financials 2.5
Itau Unibanco Holding, Sa Brazil Financials 2.1
Telenor East Holding Ii As Netherlands Telecom Services 2.1
X5 Retail Group, Nv Russia Consumer Staples 1.8

Characteristics

AS OF 09/30/17
  Calamos Portfolio MSCI Emerging Markets
Assets in Strategy $435.8 million N/A
# of Holdings 92 839
Portfolio Turnover % (12-Month) 100.6% N/A
Median Market Cap ($bil) $19.2 $5.9
Weighted Average Market Cap ($bil) $84.0 $84.6
ROIC % 22.5% 18.2%
Debt/Capital % 27.2% 27.4%
PEG Ratio (1 year forward) 1.2x 1.3x

Composite Summary

AS OF 09/30/17
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 09/30/17
1-Year3-Year5-YearSince Inception (12/08)
Emerging Economies (Gross)18.70%4.56%4.60%11.31%
Emerging Economies (Net)17.54%3.39%3.40%10.06%
MSCI Emerging Markets22.90%5.28%4.36%11.50%

Calendar Year Returns

AS OF 09/30/17
                           Qtr Ending Sep 17YTD 20172016201520142013201220112010200912/01/2008 to 12/31/2008
Emerging Economies (Gross)10.58%31.12%-2.98%-7.25%-4.17%9.67%10.22%-6.95%22.26%58.57%4.57%
Emerging Economies (Net)10.34%30.24%-4.15%-8.36%-5.30%8.37%8.90%-8.02%20.98%56.94%4.48%
MSCI Emerging Markets8.04%28.13%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 09/30/17
  Calamos Emerging Economies Composite MSCI Emerging Markets
Alpha 2.75% N/A
Beta 0.71 1.00
Standard Deviation 15.07% 19.83%
Upside Semivariance 13.65% 23.06%
Downside Semivariance 6.08% 10.56%
Sharpe Ratio 0.7402 0.5722
Information Ratio -0.0250 N/A

Since Inception Up/Down Capture Vs. MSCI Emerging Markets

AS OF 09/30/17 70.10 = Upside
68.38 = 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 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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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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