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 03/31/15
Inception Date:
04/01/05
Strategy Assets*:
$672.9 M
Benchmark:
MSCI ACWI ex-U.S. Growth Index

Resources

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

Sector Weightings

AS OF 03/31/15
% of Assets MSCI ACWI ex-U.S. Growth Index Under/Overweight %
Consumer Discretionary 19.9% 14.3%
Information Technology 17.1 11.6
Financials 16.3 17.1
Industrials 15.4 13.7
Health Care 14.8 14.0
Consumer Staples 11.7 15.2
Energy 3.1 3.3
Telecommunication Services 1.0 2.4
Materials 0.7 7.1
Utilities 0.0 1.3
 

Representative Portfolio Ten Largest Holdings

AS OF 03/31/15
Company Country Sector %
Pandora, A/S Denmark Consumer Discretionary 3.8
FANUC Corp. Japan Industrials 3.1
Anheuser-Busch InBev, NV Belgium Consumer Staples 2.6
Safran, SA France Industrials 2.5
Shire, PLC Ireland Health Care 2.2
Naspers, Ltd. - Class N South Africa Consumer Discretionary 2.2
Toyota Motor Corp. Japan Consumer Discretionary 2.2
Nestlé, SA Switzerland Consumer Staples 2.1
AIA Group, Ltd. Hong Kong Financials 1.8
Chugai Pharmaceutical Co., Ltd. Japan Health Care 1.7

Characteristics

AS OF 03/31/15
  Calamos Portfolio MSCI ACWI ex-U.S. Growth Index
Assets in Strategy $672.9 million N/A
# of Holdings 92 1,073
Portfolio Turnover % (5-Year) 64.8% N/A
Median Market Cap ($bil) $29.0 $7.4
Weighted Average Market Cap ($bil) $61.5 $57.7
ROIC % 18.3% 14.5%
Debt/Capital % 27.8% 39.8%
PEG Ratio (1 year forward) 1.8x 1.9x

Largest Country Weightings

AS OF 03/31/15
Representative Portfolio MSCI ACWI ex-U.S. Growth Index
Japan 17.5% 15.6%
United Kingdom 10.3% 10.4%
Switzerland 8.5% 10.7%
Germany 8.0% 6.5%
France 6.1% 5.8%
Denmark 5.1% 2.1%
India 4.6% 1.7%
Canada 4.5% 6.3%
Belgium 4.3% 1.5%
Ireland 3.7% 1.0%

Global Summary

AS OF 03/31/15
Representative Portfolio MSCI ACWI ex-U.S. Growth Index
Developed Markets 84.1% 79.1%
Emerging Markets 15.9% 20.9%

Composite Summary

AS OF 03/31/15
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
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 03/31/15
1-Year3-Year5-Year10-YearSince Inception (4/05)
International Growth (Gross)1.02%6.29%8.99%9.69%9.69%
International Growth (Net)0.04%5.32%7.96%8.64%8.64%
MSCI ACWI ex-U.S. Growth Index2.09%7.52%6.11%6.30%6.30%

Calendar Year Returns

AS OF 03/31/15
                           Qtr ending Mar 15YTD 20152014201320122011201020092008200720064/1/2005 to 12/31/2005
International Growth (Gross)7.42%7.42%-5.10%15.76%15.03%-3.98%22.57%59.20%-47.48%24.05%23.31%23.42%
International Growth (Net)7.16%7.16%-6.00%14.74%14.00%-4.98%21.38%57.68%-48.00%22.85%22.11%22.51%
MSCI ACWI ex-U.S. Growth Index4.89%4.89%-2.29%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 03/31/15
  Calamos International Growth Composite MSCI ACWI ex-U.S. Growth Index (USD)
Alpha 3.23% N/A
Beta 1.03 1.00
Standard Deviation 19.68% 18.41%
Upside Semivariance 17.65% 13.93%
Downside Semivariance 15.52% 14.76%
Sharpe Ratio 0.42 0.27
Information Ratio 0.62 N/A

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

AS OF 03/31/15

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.