Equity Market Participation with Historically Lower Volatility
Calamos Evolving World Growth Fund has delivered its returns with less risk, as measured by a number of statistics.
Actively Managing Risk Is Crucial
Since its inception, the Calamos Evolving World Growth Fund has historically demonstrated lower volatility (as measured in terms of beta and standard deviation) than the broader emerging market equity market, represented by the MSCI Emerging Markets Index. Moreover, it has participated in a portion of the market's upside with relatively less downside than its peers (up/down capture). The fund provided a higher level of return than would be expected given its risk profile (Sharpe Ratio).
Up/Down Capture of MSCI EM Index
Over 90% OF THE TIME, THE FUND OUTPERFORMED WHEN EMERGING MARKETS DECLINED
As of 9/30/15
Data since inception, as of 03/31/16
Beta - A historic measure of a fund's relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market's volatility as represented by the S&P 500 Index, while a beta of 2.0 reflects twice the market's volatility.
Standard Deviation - Standard deviation is measure of volatility.
Upside Capture Ratio - Upside capture ratio measures a manager's performance in up markets relative to the named index itself. It is calculated by taking the security's upside capture return and dividing it by the benchmark's upside capture return.
Sharpe Ratio - Sharpe ratio is a calculation that reflects the reward per each unit of risk in a portfolio. The higher the ratio, the better the portfolio's risk-adjusted return is.
Diversified Emerging Mkts, EM - Diversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest at least 70% of total assets in equities and invest at least 50% of stock assets in emerging markets.
Morningstar 5 star overall rating among 561 Diversified Emerging Markets Funds. The fund’s Class I shares had 5 stars overall, 4 stars for 3 years, and 5 stars for 5 years out of 561, 561 and 376 Diversified Emerging Markets funds, respectively, for the period ended 9/30/15. Morningstar Ratings are based on the risk-adjusted returns. Past performance is no guarantee of future results. Morningstar Ratings™ are based on risk-adjusted returns for Class A shares and will differ for other share classes. Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximum front-end sales load of 4.75% had it been included, the Fund’s return would have been lower. For the most recent Fund performance information visit www.Calamos.com. In calculating net investment income, all applicable fees and expenses are deducted from the returns. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. The Fund also offers Class B and C shares, the performance of which may vary. Performance shown reflects an expense reimbursement that improved results. As of the prospectus dated 3/1/15, the gross and net expense ratios for Calamos Evolving World Growth Fund, Class A and Class I shares are 1.62% and 1.37%, respectively. Class A Load-waived shares are not available to all
The standardized performance as of 3/31/16 for the Evolving World Growth Fund A-shares for 1, 3, 5, and since inception is -11.95%, -2.99%, -2.59%, and 2.72% respectively. A-Shares load-waived performance for 1, 3, 5, and since inception is -16.13%, -4.55%, -3.54%, and 2.07% respectively. I-Shares performance for 1, 3, 5, and since inception is -11.77%, -2.78%, -2.35%, and 2.98% respectively. MSCI Emerging Markets Index performance for 1, 3, 5, and since inception is -11.70%, -4.15%, -3.80%, and 0.73% respectively.