Institutional Strategies Main

International Growth

Strategy Details




As of 31/12/18
Inception Date:
01/04/2005
Strategy Assets*:
$196.3 M
Benchmark:
MSCI ACWI ex-US Growth

Resources

*Strategy Assets reflect all assets that are currently being managed (collectively) under the strategy, which may contain multiple performance composites.

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

Sector Weightings

AS OF 31/12/18
% of Assets MSCI ACWI ex-US Growth Under/Overweight %
Consumer Discretionary 16.5% 13.3%
Consumer Staples 15.0% 16.7%
Health Care 12.6% 11.1%
Financials 12.5% 9.9%
Information Technology 12.0% 12.1%
Communication Services 10.6% 8.2%
Industrials 10.2% 15.5%
Materials 4.6% 7.0%
Energy 3.5% 3.0%
Real Estate 2.5% 1.9%
Utilities 0.0% 1.3%
 

Representative Portfolio Ten Largest Holdings

AS OF 31/12/18
Company Country Sector %
Alibaba Group Holding, Ltd. China Consumer Discretionary 5.5
Tencent Holdings, Ltd. China Communication Services 4.9
Csl, Ltd. Australia Health Care 3.0
Nestle, Sa Switzerland Consumer Staples 2.9
Diageo, Plc United Kingdom Consumer Staples 2.9
Lm Ericsson Telephone Company - Class B Sweden Information Technology 2.8
Astrazeneca, Plc United Kingdom Health Care 2.8
Treasury Wine Estates, Ltd. Australia Consumer Staples 2.7
Thales, Sa France Industrials 2.6
Aroundtown, Sa Germany Real Estate 2.5

Characteristics

AS OF 12/31/18
  Calamos Portfolio MSCI ACWI ex-US Growth
Assets in Strategy $196.3 million N/A
# of Holdings 77 1130
Portfolio Turnover % (12-Month) 97.4% N/A
Median Market Cap ($bil) $28.7 $7.7
Weighted Average Market Cap ($bil) $89.1 $67.6
ROIC % 19.8% 15.9%
Debt/Capital % 28.2% 28.3%
PEG Ratio (1 year forward) 1.5x 1.8x

Composite Summary

AS OF 31/12/18
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2017 333 20,788 1.6% 1 333
12/31/2016 305 18,278 1.7% 1 305
12/31/2015 585 21,908 2.7% 1 585
12/31/2014 688 23,506 2.9% 1 688
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

44604C

Annualized Total Returns

AS OF 31/12/18
1-Year3-Year5-Year10-YearSince Index Inception (4/05)
International Growth (Gross)-19.92%2.45%1.24%10.26%7.29%
International Growth (Net)-20.72%1.45%0.26%9.21%6.26%
MSCI ACWI ex-US Growth-14.12%4.55%2.05%7.52%5.12%

Calendar Year Returns

AS OF 31/12/18
                           Qtr Ending Dec 18201820172016201520142013201220112010200920082007200604/01/2005 to 12/31/2005
International Growth (Gross)-18.13%-19.92%41.08%-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)-18.34%-20.72%39.75%-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 Growth-12.16%-14.12%32.44%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 31/12/18
  Calamos International Growth Composite MSCI ACWI ex-US Growth (USD)
Alpha 2.10% N/A
Beta 1.03 1.00
Standard Deviation 18.33% 17.02%
Upside Semivariance 14.76% 11.86%
Downside Semivariance 13.62% 12.44%
Sharpe Ratio 0.3304 0.2286
Information Ratio 0.4109 N/A

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

AS OF 31/12/18

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

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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