Institutional Strategies Main

Emerging Economies

Strategy Details




As of 03/31/19
Inception Date:
12/01/08
Strategy Assets*:
$302.0 M
Benchmark:
MSCI Emerging Markets 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 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 03/31/19
% 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 03/31/19
Company Sector %
Tencent Holdings, Ltd. Communication Services 7.3
Alibaba Exchangeable (Softbank) Consumer Discretionary 6.3
Ping An Exchangeable (Jp Morgan) Financials 4.8
Taiwan Semiconductor Mfg Co. Information Technology 4.1
Hdfc Bank, Ltd. Financials 3.5
Samsung Electronics Company Information Technology 2.9
China Construction Bank Corp Financials 2.6
Total, Sa Energy 2.5
Tata Consultancy Services, Ltd. Information Technology 1.9
Lm Ericsson Telephone Company - Class B Information Technology 1.8

Characteristics

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

44604C

Annualized Total Returns

AS OF 03/31/19
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 03/31/19
                           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%



44604B

Risk/Reward Since Inception

AS OF 03/31/19
  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 03/31/19

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.
Email Twitter Facebook LinkedIn
Performance Review A discussion of the Calamos Emerging Economies Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
Email Twitter Facebook LinkedIn