Institutional Strategies Main

Global Opportunities

Strategy Details




As of 03/31/19
Inception Date:
10/01/96
Strategy Assets*:
$1.1 B
Benchmark:
MSCI ACWI 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 lower-volatility global equity strategy that leverages Calamos’ capital structure research by investing in equities and equity-sensitive securities of global growth companies, in order to generate consistent alpha and manage downside volatility versus the MSCI All Country World Index over a full market cycle.

Key Differentiators
  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • Broader opportunity set to generate alpha and manage risk
  • Team approach to management

Sector Weightings

AS OF 03/31/19
% of Assets MSCI ACWI Index Under/Overweight %
Information Technology 16.1% 15.7%
Financials 13.8% 16.6%
Health Care 13.2% 11.6%
Communication Services 12.5% 8.7%
Consumer Discretionary 10.9% 10.8%
Consumer Staples 10.9% 8.4%
Energy 8.7% 6.3%
Materials 5.1% 4.9%
Industrials 4.0% 10.5%
Utilities 3.1% 3.2%
Real Estate 1.7% 3.3%
 

Representative Portfolio Ten Largest Holdings

AS OF 03/31/19
Company Country Sector %
Ping An Exchangeable (Jp Morgan) China Financials 3.3
Alibaba Exchangeable (Softbank) China Consumer Discretionary 3.1
Walt Disney Company United States Communication Services 2.8
Johnson & Johnson United States Health Care 2.4
Nestlé, Sa Switzerland Consumer Staples 2.2
Tencent Holdings, Ltd. China Communication Services 2.1
Total, Sa France Energy 2.0
Palo Alto Networks, Inc. United States Information Technology 2.0
Bank Of America Corp. United States Financials 2.0
Tullow Oil Jersey, Ltd. United Kingdom Energy 1.8

Characteristics

AS OF 3/31/19
  Calamos Portfolio MSCI ACWI Index
Strategy Assets $1.1 B N/A
# of Holdings 99 2767
Portfolio Turnover % (12-Month) 78.2% N/A
Median Market Cap ($bil) $79.6 $10.1
Weighted Average Market Cap ($bil) $214.6 $151.9
ROIC % 17.7% 17.1%
Debt/Capital % 41% 40.2%
PEG Ratio (1 year forward) 1.8x 1.9x

Credit Quality of Bonds

AS OF 03/31/19
Class %
AAA 15.8%
AA 14.7%
A 1.6%
BBB 15.7%
BB 26.4%
B 22.5%
CCC and below 3.3%
Unrated Securities 0.0%

44606B

Annualized Total Returns

AS OF 03/31/19
1-Year3-Year5-Year10-Year15-YearSince Inception (10/96)
Global Opportunities (Gross)0.56%8.51%5.55%9.87%7.31%9.20%
Global Opportunities (Net)0.01%7.74%4.78%9.01%6.41%8.23%
MSCI ACWI Index3.16%11.27%7.03%12.58%7.36%6.78%

Calendar Year Returns

AS OF 03/31/19
                           Qtr Ending Mar 19YTD 2019201820172016201520142013201220112010200920082007200620052004200320022001200019991998199710/01/1996 to 12/31/1996
Global Opportunities (Gross)10.10%10.10%-7.85%21.42%2.10%2.20%3.88%13.58%7.93%-1.05%16.40%34.33%-34.45%15.63%17.32%20.81%10.38%24.69%-3.73%-5.34%-4.14%50.09%16.37%20.71%5.10%
Global Opportunities (Net)9.97%9.97%-8.41%20.46%1.24%1.43%3.08%12.73%7.05%-1.93%15.39%33.13%-35.08%14.55%16.19%19.64%9.30%23.46%-4.70%-6.28%-5.09%48.66%15.23%19.53%4.85%
MSCI ACWI Index12.33%12.33%-8.94%24.62%8.48%-1.84%4.71%23.44%16.80%-6.86%13.21%35.41%-41.85%12.19%21.53%11.37%15.75%34.63%-18.98%-15.91%-13.94%26.82%21.97%15.00%4.24%



44606B

Risk/Reward Since Inception

AS OF 03/31/19
  Calamos Global Opportunities Composite MSCI ACWI Index (USD)
Alpha 4.08% N/A
Beta 0.72 1.00
Standard Deviation 12.36% 15.40%
Upside Semivariance 8.24% 10.50%
Downside Semivariance 5.08% 9.62%
Sharpe Ratio 0.5705 0.3007
Information Ratio 0.3462 N/A

Since Inception Up/Down Capture Vs. MSCI ACWI Index

AS OF 03/31/19

44606B

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Commingled Pool $5 million
Available for both qualified and non-qualified plans.
Institutional Mutual Fund (CGCIX) Minimum $1 million

34606E

Fact Sheet The Global Opportunities 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 Global Opportunities Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
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Managing Risk Using a Lower-Volatility Equity Strategy A discussion of the Calamos Global Opportunities Strategy which has historically provided strong excess returns versus the MSCI ACWI Index with less volatility; downside risk mitigation in most periods; and alpha generation throughout market cycles.
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