Institutional Strategies Main

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 09/30/14
Inception Date:
10/01/96
Strategy Assets*:
$998.3 M
Benchmark:
MSCI ACWI 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 09/30/14
% of Assets MSCI ACWI Index Under/Overweight %
Information Technology 22.9% 13.4%
Financials 17.4 21.5
Consumer Discretionary 13.1 11.4
Health Care 11.7 11.3
Industrials 10.7 10.5
Energy 9.3 9.4
Consumer Staples 9.3 9.5
Materials 2.5 5.8
Telecommunication Services 1.8 3.9
Utilities 1.3 3.3
 

Representative Portfolio Ten Largest Holdings

AS OF 09/30/14
Company Country Sector %
Apple, Inc. United States Information Technology 3.8
Novo Nordisk, A/S - Class B Denmark Health Care 2.9
Google, Inc. - Class A United States Information Technology 2.2
Johnson & Johnson United States Health Care 2.1
Naspers, Ltd. - Class N South Africa Consumer Discretionary 2.0
Nidec Corp. Japan Industrials 2.0
Azimut Holding, S.p.A. Italy Financials 1.9
Koninklijke Philips, NV Netherlands Industrials 1.9
Pandora, A/S Denmark Consumer Discretionary 1.9
Sanofi France Health Care 1.7

Characteristics

AS OF 09/30/14
  Calamos Portfolio MSCI ACWI Index
Assets in Strategy $998.3 million N/A
# of Holdings 100 2,449
Portfolio Turnover % (5-Year) 67.4% N/A
Median Market Cap ($bil) $54.2 $8.8
Weighted Average Market Cap ($bil) $147.4 $90.7
ROIC % 18.2% 15%
Debt/Capital % 27.9% 36.0%
PEG Ratio (1 year forward) 1.8x 1.8x

Credit Quality of Bonds

AS OF 09/30/14
AAA 0.0%
AA 0.0%
A 5.5%
BBB 34.6%
BB 32.7%
B 24.3%
CCC and below 2.9%
Unrated Securities 0.0%

Largest Country Weightings

AS OF 09/30/14
Representative Portfolio MSCI ACWI Index
United States 48.7% 49.1%
Japan 7.5% 7.3%
France 5.2% 3.4%
United Kingdom 4.9% 6.8%
Denmark 4.7% 0.6%
Taiwan 4.0% 1.3%
Switzerland 2.6% 3.7%
South Africa 2.6% 0.8%
Italy 2.4% 0.8%
Canada 2.0% 3.6%

Global Summary

AS OF 09/30/14
Representative Portfolio MSCI ACWI Index
Developed Markets 87.2% 100.0%
Emerging Markets 12.8% 0.0%

Composite Summary

AS OF 09/30/14
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2012 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 09/30/14
1-Year3-Year5-Year10-Year15-YearSince Inception (10/96)
Global Opportunities (Gross)8.16%9.53%8.67%8.36%8.41%10.04%
Global Opportunities (Net)7.33%8.67%7.78%7.40%7.41%9.02%
MSCI ACWI Index11.89%17.24%10.65%7.84%4.84%6.69%

Calendar Year Returns

AS OF 09/30/14
                           Qtr ending Sep 14YTD 20142013201220112010200920082007200620052004200320022001200019991998199710/1/1996 to 12/31/1996
Global Opportunities (Gross)-2.82%3.20%13.57%7.93%-1.05%16.39%34.34%-34.45%15.64%17.32%20.74%10.38%24.69%-3.72%-5.35%-4.13%50.10%16.37%20.70%5.10%
Global Opportunities (Net)-3.01%2.60%12.73%7.06%-1.92%15.39%33.15%-35.08%14.56%16.14%19.56%9.29%23.47%-4.68%-6.29%-5.09%48.66%15.23%19.53%4.84%
MSCI ACWI Index-2.20%4.16%23.44%16.80%-6.86%13.21%35.41%-41.85%12.18%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 09/30/14
  Calamos Global Opportunities Composite MSCI ACWI Index (USD)
Alpha 4.19% N/A
Beta 0.71 1.00
Standard Deviation 12.97% 16.23%
Upside Semivariance 9.12% 11.48%
Downside Semivariance 5.64% 10.90%
Sharpe Ratio 0.58 0.26
Information Ratio 0.34 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

Fact Sheet The Global Opportunities 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 Global Opportunities Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
Managing Risk Using a Low-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 protection in most periods; and alpha generation throughout market cycles.
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