Institutional Strategies Main

Emerging Economies

Strategy Details




As of 12/31/18
Inception Date:
12/01/08
Strategy Assets*:
$293.8 M
Benchmark:
MSCI Emerging Markets

Resources

*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 12/31/18
% of Assets MSCI Emerging Markets Under/Overweight %
Financials 21.5% 24.9%
Information Technology 14.9% 14.2%
Communication Services 14.0% 14.1%
Consumer Discretionary 12.4% 10.4%
Consumer Staples 9.5% 6.7%
Industrials 7.4% 5.5%
Energy 7.0% 8.0%
Materials 6.5% 7.7%
Real Estate 4.1% 3.0%
Health Care 2.7% 2.8%
Utilities 0.0% 2.7%
 

Representative Portfolio Ten Largest Holdings

AS OF 12/31/18
Company Sector %
Alibaba Exchangeable (Softbank) Consumer Discretionary 7.6
Tencent Holdings, Ltd. Communication Services 6.7
Ping An Exchangeable (Jp Morgan) Financials 4.9
Taiwan Semiconductor Mfg Co. Information Technology 3.7
Hdfc Bank, Ltd. Financials 3.1
Ayc Finance, Ltd. Real Estate 2.5
Samsung Electronics Company Information Technology 2.5
Wal-Mart De Mexico, Sab De Cv Consumer Staples 2.4
China Construction Bank Corp Financials 2.4
Total, Sa Energy 2.4

Characteristics

AS OF 12/31/18
  Calamos Portfolio MSCI Emerging Markets
Strategy Assets $293.8 million N/A
# of Holdings 82 1121
Portfolio Turnover % (12-Month) 104.2% N/A
Median Market Cap ($bil) $31.2 $5.8
Weighted Average Market Cap ($bil) $110.4 $79.0
ROIC % 19% 17.9%
Debt/Capital % 29.2% 26%
PEG Ratio (1 year forward) 1.6x 1.5x

44604C

Annualized Total Returns

AS OF 12/31/18
1-Year3-Year5-Year10-YearSince Inception (12/08)
Emerging Economies (Gross)-16.63%3.94%-0.04%8.09%8.49%
Emerging Economies (Net)-17.36%2.91%-1.11%6.90%7.30%
MSCI Emerging Markets-14.25%9.65%2.02%8.39%9.12%

Calendar Year Returns

AS OF 12/31/18
                           Qtr Ending Dec 18YTD 201820172016201520142013201220112010200912/01/2008 to 12/31/2008
Emerging Economies (Gross)-8.77%-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)-8.97%-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-7.40%-14.25%37.75%11.60%-14.60%-1.82%-2.27%18.64%-18.17%19.20%79.02%7.83%



44604B

Risk/Reward Since Inception

AS OF 12/31/18
  Calamos Emerging Economies Composite MSCI Emerging Markets
Alpha 1.60% N/A
Beta 0.73 1.00
Standard Deviation 14.94% 19.31%
Upside Semivariance 12.60% 21.17%
Downside Semivariance 6.46% 10.44%
Sharpe Ratio 0.5449 0.4544
Information Ratio -0.0862 N/A

Since Inception Up/Down Capture Vs. MSCI Emerging Markets

AS OF 12/31/18

44604B

Strategy Vehicles

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

34604E

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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Global and Emerging Markets Lower Volatility Strategies A discussion of the risk mitigation approach of employing a lower volatility equity strategy to both the Global Opportunities and Emerging Economies strategies.
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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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