Institutional Strategies Main

Global Opportunities

Strategy Details




As of 12/31/18
Inception Date:
10/01/96
Strategy Assets*:
$991.9 M
Benchmark:
MSCI ACWI

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 12/31/18
% of Assets MSCI ACWI Under/Overweight %
Financials 15.6% 17.3%
Information Technology 14.7% 14.9%
Communication Services 12.5% 9.0%
Health Care 12.2% 11.9%
Energy 10.0% 6.2%
Consumer Staples 9.5% 8.4%
Consumer Discretionary 8.9% 10.5%
Materials 5.6% 5.0%
Industrials 5.2% 10.3%
Real Estate 3.1% 3.2%
Utilities 2.7% 3.3%
 

Representative Portfolio Ten Largest Holdings

AS OF 12/31/18
Company Sector %
Ping An Exchangeable (Jp Morgan) Financials 3.3
Alibaba Exchangeable (Softbank) Consumer Discretionary 3.1
Walt Disney Company Communication Services 3.0
Johnson & Johnson Health Care 2.5
Total, Sa Energy 2.2
Nestlé, Sa Consumer Staples 2.1
Bank Of America Corp. Financials 2.0
Glencore Funding, Llc Materials 1.8
Tencent Holdings, Ltd. Communication Services 1.8
Walmart, Inc. Consumer Staples 1.8

Characteristics

AS OF 12/31/18
  Calamos Portfolio MSCI ACWI
Strategy Assets $991.9 million N/A
# of Holdings 104 2754
Portfolio Turnover % (12-Month) 85.5% N/A
Median Market Cap ($bil) $67.9 $9.0
Weighted Average Market Cap ($bil) $194.2 $132.2
ROIC % 14.4% 15.4%
Debt/Capital % 37.2% 39.3%
PEG Ratio (1 year forward) 1.6x 1.7x

Credit Quality of Bonds

AS OF 12/31/18
Class %
AAA 17.1%
AA 17.3%
A 0.0%
BBB 12.6%
BB 33.5%
B 18.2%
CCC and below 1.3%
Unrated Securities 0.0%

44606B

Annualized Total Returns

AS OF 12/31/18
1-Year3-Year5-Year10-Year15-YearSince Inception (10/96)
Global Opportunities (Gross)-7.85%4.53%3.93%8.69%6.92%8.83%
Global Opportunities (Net)-8.41%3.76%3.15%7.82%6.01%7.86%
MSCI ACWI-8.94%7.17%4.82%10.05%6.75%6.30%

Calendar Year Returns

AS OF 12/31/18
                           Qtr Ending Dec 18YTD 201820172016201520142013201220112010200920082007200620052004200320022001200019991998199710/01/1996 to 12/31/1996
Global Opportunities (Gross)-11.10%-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)-11.21%-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-12.65%-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 12/31/18
  Calamos Global Opportunities Composite MSCI ACWI
Alpha 4.07% N/A
Beta 0.72 1.00
Standard Deviation 12.36% 15.41%
Upside Semivariance 8.14% 10.35%
Downside Semivariance 5.14% 9.73%
Sharpe Ratio 0.5413 0.2698
Information Ratio 0.3610 N/A

Since Inception Up/Down Capture Vs. MSCI ACWI

AS OF 12/31/18

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

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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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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