Institutional Strategies Main

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 06/30/14
Inception Date:
04/01/05
Strategy Assets*:
$867.2 M
Benchmark:
MSCI ACWI ex-US Growth 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 06/30/14
% of Assets MSCI ACWI ex-US Growth Index Under/Overweight %
Information Technology 25.5% 10.4%
Consumer Discretionary 21.3 14.3
Financials 15.3 16.0
Industrials 15.2 14.9
Health Care 7.6 11.4
Energy 5.2 5.5
Consumer Staples 5.0 15.7
Telecommunication Services 2.6 3.0
Materials 2.3 7.5
Utilities 0.0 1.3
 

Representative Portfolio Ten Largest Holdings

AS OF 06/30/14
Company Country Sector %
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 3.2
Pandora, A/S Denmark Consumer Discretionary 3.1
Constellation Software, Inc. Canada Information Technology 2.9
Schlumberger, Ltd. United States Energy 2.6
Novo Nordisk, A/S - Class B Denmark Health Care 2.6
Credit Suisse Group, AG Switzerland Financials 2.4
MediaTek, Inc. Taiwan Information Technology 2.4
Accenture, PLC - Class A Ireland Information Technology 2.3
Tencent Holdings, Ltd. China Information Technology 2.3
Naspers, Ltd. - N Shares South Africa Consumer Discretionary 2.3

Characteristics

AS OF 06/30/14
  Calamos Portfolio MSCI ACWI ex-US Growth Index
Assets in Strategy $867.2 million N/A
# of Holdings 80 1,063
Portfolio Turnover % (5-Year) 70.4% N/A
Median Market Cap ($bil) $18.9 $7.5
Weighted Average Market Cap ($bil) $46.1 $56.2
ROIC % 21.3% 14.8%
Debt/Capital % 22.3% 33.5%
PEG Ratio (1 year forward) 1.3x 1.7x

Largest Country Weightings

AS OF 06/30/14
Representative Portfolio MSCI ACWI ex-US Growth Index
Japan 11.9% 14.3%
United Kingdom 11.8% 12.7%
Switzerland 8.4% 9.3%
Taiwan 7.6% 2.6%
Hong Kong 6.1% 2.9%
Denmark 5.7% 1.8%
China 4.7% 3.0%
Canada 4.7% 6.9%
Ireland 4.5% 0.9%
United States 3.7% 0.6%

Global Summary

AS OF 06/30/14
Representative Portfolio MSCI ACWI ex-US Growth Index
Developed Markets 75.8% 79.6%
Emerging Markets 24.2% 20.4%

Composite Summary

AS OF 06/30/14
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2012 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 06/30/14
1-Year3-Year5-YearSince Inception (4/05)
International Growth (Gross)21.77%6.81%15.84%10.67%
International Growth (Net)20.68%5.82%14.74%9.61%
MSCI ACWI ex-US Growth Index19.74%5.84%11.71%7.11%

Calendar Year Returns

AS OF 06/30/14
                           Qtr ending Jun 14YTD 2014201320122011201020092008200720064/1/2005 to 12/31/2005
International Growth (Gross)2.30%3.24%15.76%15.03%-3.98%22.57%59.20%-47.48%24.05%23.31%23.42%
International Growth (Net)2.06%2.77%14.74%14.00%-4.98%21.38%57.68%-48.00%22.85%22.11%22.51%
MSCI ACWI ex-US Growth Index4.63%5.04%15.86%17.07%-13.93%14.79%39.21%-45.41%21.40%23.96%17.31%



44604B

Risk/Reward Since Inception

AS OF 06/30/14
  Calamos International Growth Composite MSCI ACWI ex-US Growth Index (USD)
Alpha 3.36% N/A
Beta 1.03 1.00
Standard Deviation 20.22% 18.95%
Upside Semivariance 18.68% 14.78%
Downside Semivariance 16.43% 15.66%
Sharpe Ratio 0.45 0.29
Information Ratio 0.63 N/A

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

AS OF 06/30/14

44604B

Strategy Vehicles

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

34604E

Fact Sheet The International Growth 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 International Growth Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
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.
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