Institutional Strategies Main

GLOBAL OPPORTUNITIES

Strategy Objective

An actively managed global strategy that leverages Calamos' capital structure research by investing in equities and equity-sensitive securities of global companies, in order to generate alpha and manage downside volatility.

Attributes
  • Rigorous Capital Structure Analysis
  • Holistic Approach Tying Macro Perspectives to Fundamental Analysis
  • Broad Opportunity set of Global Equity and Equity Sensitive Securities
  • Asymmetric Risk/Reward Profile
  • Team-Managed
Benefits
  • Opportunistic Approach with Various Levers to Manage Risk/Reward Profile Across Various Market Environments
  • Selective Convertibles Seeking to Provide Structural Hedge to Manage Downside
  • Leveraging the Experience of over 50 Investment Professionals

Sector Weightings

AS OF 03/31/13
% of Assets MSCI ACWI Index Under/Overweight %
Information Technology 24.7% 11.9%
Health Care 16.1 9.9
Energy 10.5 10.2
Financials 9.1 21.4
Consumer Staples 8.5 10.8
Industrials 7.4 10.5
Consumer Discretionary 7.3 10.9
Materials 5.4 6.8
Telecommunication Services 2.9 4.2
Utilities 1.0 3.4
 

Representative Portfolio Ten Largest Holdings

AS OF 03/31/13
Company Country Sector %
SAP, AG Germany Information Technology 5.2
Novo Nordisk, A/S - Class B Denmark Health Care 4.6
Swatch Group, AG Switzerland Consumer Discretionary 4.4
Coca-Cola Company United States Consumer Staples 2.9
Deutsche Post, AG Germany Industrials 2.8
Temasek Financial, Ltd. (Standard Chartered, PLC) United Kingdom Financials 2.7
QUALCOMM, Inc. United States Information Technology 2.7
Schlumberger, Ltd. United States Energy 2.1
eBay, Inc. United States Information Technology 2.0
Yamana Gold, Inc. Canada Materials 2.0

Characteristics

AS OF 03/31/13
  Calamos Portfolio MSCI ACWI Index
Assets in Strategy $2.3 billion N/A
# of Holdings 85 2,431
Portfolio Turnover % (5-Year) 70.2% N/A
Median Market Cap ($bil) $56.7 $7.9
Weighted Average Market Cap ($bil) $81.5 $75.6
ROIC % 18.6% 14.9%
Debt/Capital % 24.1% 36.1%
PEG Ratio (1 year forward) 1.4x 1.7x

Credit Quality of Bonds

AS OF 03/31/13
AAA 16.6%
AA 8.3%
A 10.6%
BBB 35.5%
BB 23.9%
B 5.1%
CCC and below 0.0%
Unrated Securities 0.0%

Largest Country Weightings

AS OF 03/31/13
Representative Portfolio MSCI ACWI Index
United States 35.9% 46.2%
Germany 9.5% 3.1%
United Kingdom 6.8% 7.2%
Switzerland 6.3% 3.9%
Sweden 5.8% 1.2%
Canada 5.8% 3.9%
Taiwan 4.6% 1.3%
Denmark 4.3% 0.4%
Ireland 3.9% 0.6%
Japan 3.8% 7.8%

Global Summary

AS OF 03/31/13
Representative Portfolio MSCI ACWI Index
Developed Markets 93.1% 88.5%
Emerging Markets 6.9% 11.5%

Composite Summary

AS OF 03/31/13
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

Past performance does not guarantee or indicate future results. Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

The information portrayed on the composition tab is supplemental information to the Calamos Global Opportunities Composite and as such only relate to the representative portfolio shown. Representative holdings and portfolio characteristics are specific only to the portfolio shown at that point in time. Other portfolios will vary in composition, characteristics, and will experienced different investment results. The representative portfolio shown has been selected by the advisor based on account characteristics that the advisor feels accurately represents the investment strategy as a whole.

Returns and Risk/Reward statistics presented reflect the Calamos Global Opportunities Composite which is an actively managed composite primarily investing in a globally diversified portfolio of equity, convertible and fixed-income securities, with equal emphasis on capital appreciation and current income. The Composite was created February 16, 2006, calculated with an inception date of October 1, 1996 and includes all fully discretionary fee paying accounts of $500,000 or more, including those no longer with the Firm.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific Region

The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: Russell/Mellon Analytical Services LLC and Calamos Advisors LLC.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions.

44606B

As of 03/31/13

Annualized Total Returns

4.51%7.74%5.03%9.96%8.63%10.21%
3.69%6.83%4.12%8.95%7.60%9.17%
12.53%9.08%2.83%9.46%4.29%5.99%
11.19%8.35%2.63%9.92%4.55%6.11%

As of 03/31/13

Calendar Year Returns




As of 03/31/13

Rolling 5-Year Returns

5 Years Ended




Past performance does not guarantee or indicate future results. Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Returns and Risk/Reward statistics presented reflect the Calamos Global Opportunities Composite which is an actively managed composite primarily investing in a globally diversified portfolio of equity, convertible and fixed-income securities, with equal emphasis on capital appreciation and current income. The Composite was created February 16, 2006, calculated with an inception date of October 1, 1996 and includes all fully discretionary fee paying accounts of $500,000 or more, including those no longer with the Firm.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific Region

The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: Russell/Mellon Analytical Services LLC and Calamos Advisors LLC.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions.

44606B

Risk/Reward Since Inception

AS OF 03/31/13
  Calamos Global Opportunities Composite MSCI ACWI Index (USD)
Alpha 4.67% N/A
Beta 0.71 1.00
Standard Deviation 13.30% 16.70%
Upside Semivariance 9.51% 11.92%
Downside Semivariance 6.01% 11.69%
Sharpe Ratio 0.56 0.20
Information Ratio 0.54 N/A

Past performance does not guarantee or indicate future results. Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Returns and Risk/Reward statistics presented reflect the Calamos Global Opportunities Composite which is an actively managed composite primarily investing in a globally diversified portfolio of equity, convertible and fixed-income securities, with equal emphasis on capital appreciation and current income. The Composite was created February 16, 2006, calculated with an inception date of October 1, 1996 and includes all fully discretionary fee paying accounts of $500,000 or more, including those no longer with the Firm.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. The MSCI World Index is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and the Asia/Pacific Region

The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and in the aggregate may represent only a small percentage of an account’s portfolio holdings.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: Russell/Mellon Analytical Services LLC and Calamos Advisors LLC.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions.

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
Quarterly
Yearly
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/Convertible Team biographies

Strategy Details




As of 03/31/13
Inception Date:
10/01/96
Strategy Assets*:
$2.3 B
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.