Institutional Strategies Main

Emerging Economies

Strategy Details

As of 31/3/19
Inception Date:
Strategy Assets*:
$302.0 M
MSCI Emerging Markets Index


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

Strategy Objective

A risk-managed, emerging market equity strategy that seeks to gain exposure to emerging economies and outperform the MSCI Emerging Markets Index over a full market cycle, with lower volatility and downside risk.

Key Differentiators
  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • Risk-managed growth exposure
  • Emerging market revenue mapping
  • Team approach to management

Sector Weightings

AS OF 31/3/19
% of Assets MSCI Emerging Markets Index Under/Overweight %
Financials 23.2% 24.1%
Consumer Discretionary 16.3% 13.4%
Information Technology 16.1% 14.6%
Communication Services 13.1% 12.3%
Energy 8.6% 8.1%
Consumer Staples 7.0% 6.4%
Industrials 6.5% 5.4%
Materials 5.1% 7.4%
Health Care 2.1% 2.6%
Real Estate 2.0% 3.2%
Utilities 0.0% 2.5%

Representative Portfolio Ten Largest Holdings

AS OF 31/3/19
Company Country Sector %
Tencent Holdings, Ltd. China Communication Services 7.3
Alibaba Exchangeable (Softbank) China Consumer Discretionary 6.3
Ping An Exchangeable (Jp Morgan) China Financials 4.8
Taiwan Semiconductor Mfg Co. Taiwan Information Technology 4.1
Hdfc Bank, Ltd. India Financials 3.5
Samsung Electronics Company South Korea Information Technology 2.9
China Construction Bank Corp China Financials 2.6
Total, Sa France Energy 2.5
Tata Consultancy Services, Ltd. India Information Technology 1.9
Lm Ericsson Telephone Company - Class B Sweden Information Technology 1.8


AS OF 3/31/19
  Calamos Portfolio MSCI Emerging Markets Index
Strategy Assets $302.0 M N/A
# of Holdings 93 1132
Portfolio Turnover % (12-Month) 99.6% N/A
Median Market Cap ($bil) $18.7 $6.6
Weighted Average Market Cap ($bil) $119.8 $95.5
ROIC % 19.1% 16.8%
Debt/Capital % 36% 26.7%
PEG Ratio (1 year forward) 1.5x 1.5x


Annualized Total Returns

AS OF 31/3/19
1-Year3-Year5-Year10-YearSince Inception (12/08)
Emerging Economies (Gross)-10.00%7.75%2.01%9.22%9.39%
Emerging Economies (Net)-10.78%6.72%0.94%8.03%8.21%
MSCI Emerging Markets Index-7.07%11.08%4.05%9.31%9.90%

Calendar Year Returns

AS OF 31/3/19
                           Qtr Ending Mar 19YTD 2019201820172016201520142013201220112010200912/01/2008 to 12/31/2008
Emerging Economies (Gross)11.20%11.20%-16.63%38.81%-2.98%-7.25%-4.17%9.67%10.22%-6.95%22.26%58.57%4.57%
Emerging Economies (Net)10.97%10.97%-17.36%37.59%-4.15%-8.36%-5.30%8.37%8.90%-8.02%20.98%56.94%4.48%
MSCI Emerging Markets Index9.95%9.95%-14.25%37.75%11.60%-14.60%-1.82%-2.27%18.64%-18.17%19.20%79.02%7.83%


Risk/Reward Since Inception

AS OF 31/3/19
  Calamos Emerging Economies Composite MSCI Emerging Markets Index
Alpha 1.90% N/A
Beta 0.73 1.00
Standard Deviation 14.92% 19.24%
Upside Semivariance 12.82% 21.28%
Downside Semivariance 6.30% 10.19%
Sharpe Ratio 0.6030 0.4940
Information Ratio -0.0691 N/A

Since Inception Up/Down Capture Vs. MSCI Emerging Markets Index

AS OF 31/3/19


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


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