Institutional Strategies Main

International Growth

Strategy Details




As of 31/3/19
Inception Date:
01/04/2005
Strategy Assets*:
$214.2 M
Benchmark:
MSCI ACWI ex US Growth Index

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 31/3/19
% of Assets MSCI ACWI ex US Growth Index Under/Overweight %
Consumer Discretionary 15.8% 14.4%
Information Technology 15.7% 12.5%
Financials 13.6% 9.8%
Health Care 13.4% 11.0%
Consumer Staples 13.3% 16.4%
Communication Services 9.8% 7.5%
Industrials 9.5% 15.3%
Materials 4.2% 6.8%
Energy 4.0% 3.1%
Real Estate 0.7% 1.9%
Utilities 0.0% 1.3%
 

Representative Portfolio Ten Largest Holdings

AS OF 31/3/19
Company Country Sector %
Alibaba Group Holding, Ltd. China Consumer Discretionary 5.1
Tencent Holdings, Ltd. China Communication Services 5.0
Nestle, Sa Switzerland Consumer Staples 3.0
Csl, Ltd. Australia Health Care 2.8
Lululemon Athletica, Inc. Canada Consumer Discretionary 2.8
Astrazeneca, Plc United Kingdom Health Care 2.6
Lm Ericsson Telephone Company - Class B Sweden Information Technology 2.6
Hdfc Bank, Ltd. India Financials 2.3
Taiwan Semiconductor Mfg Co. Taiwan Information Technology 2.3
Deutsche Böerse, Ag Germany Financials 2.2

Characteristics

AS OF 3/31/19
  Calamos Portfolio MSCI ACWI ex US Growth Index
Strategy Assets $214.2 M N/A
# of Holdings 85 1140
Portfolio Turnover % (12-Month) 88.2% N/A
Median Market Cap ($bil) $27.3 $8.5
Weighted Average Market Cap ($bil) $107.0 $79.8
ROIC % 19.7% 15.5%
Debt/Capital % 29.7% 29.6%
PEG Ratio (1 year forward) 1.8x 2.1x

44604C

Annualized Total Returns

AS OF 31/3/19
1-Year3-Year5-Year10-YearSince Inception (4/05)
International Growth (Gross)-9.02%8.64%3.76%12.26%8.17%
International Growth (Net)-9.91%7.59%2.76%11.19%7.13%
MSCI ACWI ex US Growth Index-2.67%8.80%4.38%9.85%5.91%

Calendar Year Returns

AS OF 31/3/19
                           Qtr Ending Mar 19YTD 2019201820172016201520142013201220112010200920082007200604/01/2005 to 12/31/2005
International Growth (Gross)14.12%14.12%-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)13.86%13.86%-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 Index12.42%12.42%-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 31/3/19
  Calamos International Growth Composite MSCI ACWI ex US Growth Index (USD)
Alpha 2.14% N/A
Beta 1.03 1.00
Standard Deviation 18.30% 16.99%
Upside Semivariance 14.99% 12.05%
Downside Semivariance 13.38% 12.22%
Sharpe Ratio 0.3780 0.2743
Information Ratio 0.4315 N/A

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

AS OF 31/3/19

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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