A mid-cap growth equity strategy that seeks to invest in common stocks of U.S. companies in high-growth industries.
Strategy: U.S. Mid-cap growth
*Strategy AUM reflects all assets that are currently being managed (collectively) under the Calamos Mid Cap Growth Strategy.
Chief Investment Officers
John P. Calamos, Sr.
Nick P. Calamos
Co-Heads of Research & Investments
7 Portfolio Specialists
Infrastructure & Execution*
*Information is as of 12/31/13.
Since Inception Up/Down Capture Vs. Russell MidCap Growth Index
Annualized Total Returns
Calendar Year Returns
Composite returns are gross of fees. Net of fees returns for 2013, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, are 31.96%, 7.20%, -6.89%, 28.83%, 53.93%, -49.37%, 23.34%, -0.78%, 8.86%, and 18.58% respectively.
Rolling 5-Year Returns
Composite returns are gross of fees. Net of fees returns for December 31 2013, 2012, 2011, 2010, 2009, 2008, are 21.17%, 0.04%, 2.89%, 4.20%, 0.75%, and -4.37% respectively.
Representative Portfolio Ten Largest Holdings‡
‡The information provided should not be considered a recommendation to purchase or sell any security. There is no assurance that any securities presented herein will remain in the portfolio at the time you receive information or that securities sold have not been repurchased. The securities discussed do not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any securities transactions or holdings presented were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities presented herein. Ten largest holdings exclude cash or cash equivalents, any government/sovereign bonds or instruments on broad based indexes the portfolio may hold.
First Quarter 2011 Attribution vs. Russell Mid Cap Growth Index
Security selection within the information technology added value. The allocation to and security selection within the Internet software and services industry and the semiconductors industry were notable, as these companies experienced strong corporate results. Our focus within the IT sector is on companies that offer products that enhance consumer and corporate productivity, as well as those that benefit from considerable consumer demand. We believe the portfolio’s holdings are positioned to capitalize on the current innovation cycle, which is bringing different technologies together, as well as from the pent-up demand for technology upgrade spending. In our view, strong growth catalysts remain within the technology sector.
Security selection within consumer discretionary sectors contributed to relative returns. The allocation and security selection within the Internet retail industry added to relative returns for the quarter. In the consumer discretionary sector, we are attracted to global businesses with strong brands and diversified revenue bases, as well as to lower-cost providers servicing a more cost-conscious consumer. In addition, we believe portfolio holdings are positioned to benefit from the rapid growth and maturation of a middle class in emerging markets.
Security selection and an overweight to energy contributed to the outperformance. Notably, positions within the drilling and equipment and services industries proved advantageous. Despite increased regulatory risk and volatility within the sector, we believe the global demand for energy resources should remain high, especially within developing markets, and reflation efforts should sustain already elevated commodity prices. We believe that the allocation to the sector also serves as a potential hedge against geopolitical risk, and that there will be more potential for growth within the sector as the global recovery continues.
Security selection within materials detracted from relative performance. Within the sector, we believe persistent demand coming from many Asian economies, as well as continued global reflation efforts, should help sustain elevated commodity prices and benefit our holdings. We are presently favoring those companies tied to the agricultural feed and fertilizer industries, as well as those associated with gold mining and production.
Security selection within financials hurt relative returns. The portfolio maintains an underweight to financials due to new regulations within the sector, which have put downward pressure on profits and revenues. We believe ongoing deleveraging makes the sector too risky to fully participate in at this time. Within the sector, we continue to favor those firms with lower underlying credit risk, such as well-run, global asset managers and select insurers with higher-quality balance sheets.
The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund's current prospectus. The prospectus contains important information about the Fund and should be read carefully before investing. A copy of the full and simplified prospectus for the Fund may be obtained by clicking here, or by contacting the local Paying Agent listed by jurisdiction, or through the Fund's Transfer Agent, State Street Fund Services (Ireland) Limited, listed here.
Calamos is a registered investment adviser only in the U.S. and advisory services are not being offered directly, but may be available through select financial professionals in your local jurisdiction.