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GLOBAL OPPORTUNITIES

Strategy Objective

A lower-volatility global equity strategy that leverages Calamos’ capital structure research by investing in equities and equity-sensitive securities of global growth companies, in order to generate consistent alpha and manage downside volatility versus the MSCI All Country World Index over a full market cycle.

Key Differentiators
  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • Broader opportunity set to generate alpha and manage risk
  • Team approach to management

Strategy Details




As of 06/30/17
Inception Date:
10/01/96
Strategy Assets*:
$567.9 M
Benchmark:
MSCI ACWI

Resources

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

Sector Weightings

AS OF 06/30/17
% of Assets MSCI ACWI Under/Overweight %
Information Technology 24.9% 16.9%
Consumer Discretionary 15.2 12.1
Financials 13.3 18.7
Health Care 12.9 11.4
Industrials 10.5 10.9
Energy 6.9 6.1
Consumer Staples 6.1 9.3
Telecom Services 4.2 3.2
Materials 3.6 5.2
Real Estate 1.3 3.1
 

Representative Portfolio Ten Largest Holdings

AS OF 06/30/17
Company Country Sector %
Alphabet, Inc. - Class A United States Information Technology 3.6
Priceline Group, Inc. United States Consumer Discretionary 2.6
Alibaba Exchangeable (Softbank) China Information Technology 2.5
Telenor East Holding Ii As Netherlands Telecom Services 2.4
Allergan, Plc United States Health Care 2.3
Apple, Inc. United States Information Technology 2.2
Ctrip.Com International, Ltd. China Consumer Discretionary 2.1
United States Treasury Note United States Other 2.1
Liberty Interactive, Llc United States Consumer Discretionary 1.6
Tencent Holdings, Ltd. China Information Technology 1.6

Characteristics

AS OF 06/30/17
  Calamos Portfolio MSCI ACWI
Assets in Strategy $567.9 million N/A
# of Holdings 107 2,499
Portfolio Turnover % (12-Month) 79.7% N/A
Median Market Cap ($bil) $98.2 $9.6
Weighted Average Market Cap ($bil) $212.0 $113.2
ROIC % 15.4% 15.1%
Debt/Capital % 37.5% 40.5%
PEG Ratio (1 year forward) 1.3x 1.6x

Credit Quality of Bonds

AS OF 06/30/17
Class %
AAA 4.5%
AA 0.0%
A 12.0%
BBB 25.2%
BB 37.0%
B 20.2%
CCC and below 1.1%
Unrated Securities 0.0%

Composite Summary

AS OF 06/30/17
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2015 617 21,098 2.8% 11 56
12/31/2014 882 23,506 3.8% 11 80
12/31/2013 1,287 26,543 4.8% 16 80
12/31/2012 3,126 30,580 10.2% 32 98
12/31/2011 2,923 32,777 8.9% 32 91
12/31/2010 2,572 35,414 7.3% 27 95
12/31/2009 1,609 32,144 5.0% 25 64
12/31/2008 1,073 23,522 4.6% 25 43
12/31/2007 1,558 46,208 3.4% 10 156
12/31/2006 1,011 44,725 2.3% 5 202
12/31/2005 573 43,805 1.3% 2 287
12/31/2004 308 37,975 0.8% 1 308
12/31/2003 116 23,840 0.5% 1 116
12/31/2002 36 12,892 0.3% 1 36

44606B

Annualized Total Returns

AS OF 06/30/17
1-Year3-Year5-Year10-Year15-YearSince Inception (10/96)
Global Opportunities (Gross)12.93%3.99%7.54%4.78%8.11%9.42%
Global Opportunities (Net)12.02%3.17%6.70%3.90%7.15%8.42%
MSCI ACWI19.41%5.39%11.14%4.27%7.87%6.69%

Calendar Year Returns

AS OF 06/30/17
                           Qtr Ending Jun 17YTD 20172016201520142013201220112010200920082007200620052004200320022001200019991998199710/01/1996 to 12/31/1996
Global Opportunities (Gross)4.42%10.17%2.10%2.20%3.88%13.58%7.93%-1.05%16.40%34.33%-34.45%15.63%17.32%20.81%10.38%24.69%-3.73%-5.34%-4.14%50.09%16.37%20.71%5.10%
Global Opportunities (Net)4.22%9.73%1.24%1.43%3.08%12.73%7.05%-1.93%15.39%33.13%-35.08%14.55%16.19%19.64%9.30%23.46%-4.70%-6.28%-5.09%48.66%15.23%19.53%4.85%
MSCI ACWI4.45%11.81%8.48%-1.84%4.71%23.44%16.80%-6.86%13.21%35.41%-41.85%12.19%21.53%11.37%15.75%34.63%-18.98%-15.91%-13.94%26.82%21.97%15.00%4.24%



44606B

Risk/Reward Since Inception

AS OF 06/30/17
  Calamos Global Opportunities Composite MSCI ACWI (USD)
Alpha 4.39% N/A
Beta 0.71 1.00
Standard Deviation 12.50% 15.65%
Upside Semivariance 8.47% 10.82%
Downside Semivariance 5.16% 9.92%
Sharpe Ratio 0.5792 0.2882
Information Ratio 0.3778 N/A

44606B

Strategy Vehicles

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

34606E

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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Global Opportunities Institutional Strategy Fact Sheet
Fact Sheet The Global Opportunities Strategy fact sheet provides a snap shot of the investment team, the investment strategy, performance, composition, ratings and returns.
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Performance Review A discussion of the Calamos Global Opportunities Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
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Managing Risk Using a Lower-Volatility Equity Strategy A discussion of the Calamos Global Opportunities Strategy which has historically provided strong excess returns versus the MSCI ACWI Index with less volatility; downside risk mitigation in most periods; and alpha generation throughout market cycles.
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