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INTERNATIONAL GROWTH

Strategy Objective

A non-U.S. all-cap growth equity strategy that invests in the common stocks of growth companies based outside the United States and seeks to outperform the MSCI ACWI ex-U.S. Growth Index over a full market cycle.

Key Differentiators
  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • High active share, high relative growth focus
  • Team approach to management

Strategy Details




As of 30/6/17
Inception Date:
01/04/2005
Strategy Assets*:
$279.7 M
Benchmark:
MSCI ACWI ex-US Growth

Resources

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

Sector Weightings

AS OF 30/6/17
% of Assets MSCI ACWI ex-US Growth Under/Overweight %
Information Technology 23.2% 16.4%
Industrials 15.3 15.1
Consumer Staples 13.6 16.7
Financials 13.3 9.0
Consumer Discretionary 12.4 14.3
Health Care 12.3 10.1
Materials 4.6 8.5
Energy 2.9 3.6
Telecom Services 1.5 2.7
Real Estate 0.9 2.2
 

Representative Portfolio Ten Largest Holdings

AS OF 30/6/17
Company Country Sector %
Tencent Holdings Ltd China Information Technology 4.4
Roche Holdings Ag Switzerland Health Care 3.1
Alibaba Group Holding Ltd China Information Technology 2.8
Taiwan Semiconductor Mfg Co. Taiwan Information Technology 2.8
Nestle Sa - Reg Switzerland Consumer Staples 2.5
Treasury Wine Estates Ltd Australia Consumer Staples 2.2
H Lundbeck A/S Denmark Health Care 2.1
Unilever Nv United Kingdom Consumer Staples 2.1
Kering France Consumer Discretionary 2.0
Asml Holding Nv Netherlands Information Technology 2.0

Characteristics

AS OF 30/6/17
  Calamos Portfolio MSCI ACWI ex-US Growth
Assets in Strategy $279.7 million N/A
# of Holdings 88 1,062
Portfolio Turnover % (12-Month) 91.1% N/A
Median Market Cap ($bil) $35.8 $8.0
Weighted Average Market Cap ($bil) $85.9 $62.3
ROIC % 17.1% 14.7%
Debt/Capital % 30.7% 31.7%
PEG Ratio (1 year forward) 1.2x 1.4x

Composite Summary

AS OF 30/6/17
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2015 688 23,506 2.9% 1 688
12/31/2014 585 21,908 2.7% 1 585
12/31/2013 1,395 26,543 5.3% 2 698
12/31/2012 1,660 30,580 5.4% 6 277
12/31/2011 794 32,777 2.4% 2 397
12/31/2010 332 35,414 0.9% 1 332
12/31/2009 241 32,144 0.7% 1 241
12/31/2008 180 23,522 0.8% 1 180
12/31/2007 540 46,208 1.2% 1 540
12/31/2006 332 44,725 0.7% 1 332
12/31/2005 158 43,805 0.4% 1 158

44604C

Annualized Total Returns

AS OF 30/6/17
1-Year3-Year5-Year10-YearSince Inception (4/05)
International Growth (Gross)17.79%2.77%7.31%4.85%8.68%
International Growth (Net)16.66%1.77%6.30%3.84%7.63%
MSCI ACWI ex-US Growth17.76%2.91%8.41%2.24%6.06%

Calendar Year Returns

AS OF 30/6/17
                           Qtr Ending Jun 17YTD 20172016201520142013201220112010200920082007200604/01/2005 to 12/31/2005
International Growth (Gross)8.56%19.01%-4.83%4.24%-5.10%15.75%15.14%-3.97%22.56%59.22%-47.48%24.06%23.31%23.42%
International Growth (Net)8.30%18.45%-5.76%3.23%-6.00%14.74%14.08%-4.97%21.37%57.69%-48.00%22.85%22.10%22.51%
MSCI ACWI ex-US Growth7.74%17.66%0.49%-0.91%-2.29%15.86%17.07%-13.93%14.78%39.21%-45.41%21.40%23.96%17.31%



44604B

Risk/Reward Since Inception

AS OF 30/6/17
  Calamos International Growth Composite MSCI ACWI ex-US Growth (USD)
Alpha 2.54% N/A
Beta 1.02 1.00
Standard Deviation 18.68% 17.57%
Upside Semivariance 15.85% 12.89%
Downside Semivariance 13.74% 13.05%
Sharpe Ratio 0.4011 0.2773
Information Ratio 0.4971 N/A

Since Inception Up/Down Capture Vs. MSCI ACWI ex-US Growth

AS OF 30/6/17 Upside = 107.69
Downside = 96.60

44604B

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Commingled Pool $5 million
Available for both qualified and non-qualified plans.
UCITS (Available in A, I, X Share Classes) $1 million

34604E

International Growth Institutional Strategy Fact Sheet
Fact Sheet The International Growth 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 International Growth Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
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Finding Growth Opportunities in Non-U.S. Equity Markets A discussion of the Calamos International Growth strategy which has historically provided a focus on high-quality growth companies; diversification across sectors and non-U.S. markets; and strong excess returns versus the MSCI ACWI ex-US Growth Index.
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