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

  • Managing global assets since the 1980s
  • High active share, high conviction
  • Fundamental research, top-down thematic
  • Focus on risk-adjusted alpha
  • Capital structure analysis

Strategy Details

As of 12/31/23
Inception Date: 12/01/08
Strategy Assets*: $484.9 M
Benchmark: MSCI Emerging Markets Index

*Strategy Assets reflect all assets that are currently being managed (collectively) under the strategy, which may contain multiple performance composites.

Portfolio

Sector Weightings

As of 12/31/23
Sector % of Assets MSCI Emerging Markets Index Under/Overweight %
Information Technology 26.9% 22.1%
Consumer Discretionary 21.5% 12.8%
Industrials 9.1% 6.7%
Real Estate 9.0% 1.6%
Financials 7.8% 22.4%
Energy 7.7% 5.1%
Consumer Staples 5.4% 6.0%
Communication Services 5.1% 8.8%
Health Care 3.8% 3.8%
Materials 2.6% 7.9%
Utilities 0.0% 2.7%
Other 1.3% 0.0%

Representative Portfolio Ten Largest Holdings

As of 12/31/23
Company Country Sector %
Taiwan Semiconductor Mfg Taiwan Information Technology 8.2
SK Hynix, Inc. South Korea Information Technology 5.2
MakeMyTrip, Ltd. India Consumer Discretionary 5.0
Corp Inmobiliaria Vesta SAB de CV Mexico Real Estate 3.2
Tencent Holdings, Ltd. China Communication Services 2.9
Li Auto, Inc. China Consumer Discretionary 2.7
MercadoLibre, Inc. Uruguay Consumer Discretionary 2.6
Alchip Technologies, Ltd. Taiwan Information Technology 2.5
Macrotech Developers, Ltd. India Real Estate 2.3
Hindustan Aeronautics, Ltd. India Industrials 2.2

Characteristics

As of 12/31/23
Name Calamos Portfolio MSCI Emerging Markets Index
Number of Holdings 84 1,436
Portfolio Turnover (12 months) 149.6% N/A
Median Market Cap $11.9 B $6.7 B
Weighted Avg. Market Cap $90.3 B $109.8 B
ROIC 23.0% 18.6%
Debt/Capital 24.9% 25.3%
PEG Ratio 1.8x 1.6x

Performance

Annualized Total Returns

As of 12/31/23
Name 1-Year 3-Year 5-Year 10-Year Since Inception (12/01/08)
Emerging Economies (Gross) 7.30% -8.28% 8.05% 3.92% 8.34%
Emerging Economies (Net) 6.17% -9.26% 6.91% 2.82% 7.17%
MSCI Emerging Markets Index 10.27% -4.71% 4.08% 3.05% 7.42%

Calendar Year Returns

As of 12/31/23
Name Qtr ending Dec 23 2023 2022 2021 2020 2019 2018 2017 2016 2015
Emerging Economies (Gross) 7.43% 7.30% -23.60% -5.89% 55.59% 22.67% -16.63% 38.81% -2.98% -7.25%
Emerging Economies (Net) 7.15% 6.17% -24.42% -6.89% 53.94% 21.45% -17.36% 37.59% -4.15% -8.36%
MSCI Emerging Markets Index 7.93% 10.27% -19.74% -2.22% 18.69% 18.90% -14.25% 37.75% 11.60% -14.60%

Past performance does not guarantee or indicate future results. Current performance may be lower or higher than the performance quoted. Portfolios are managed according to their respective strategies which may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark(s). Portfolio performance, characteristics and volatility may differ from the benchmark(s) shown.

Returns and Risk/Reward presented reflect the Calamos Emerging Economies Composite, which is an actively managed composite investing in a globally diversified portfolio of equity, convertible or debt securities, with at least 35% of constituent portfolio assets are invested in securities of issuers that are organized in emerging market countries. Investments in securities of developed market companies are generally limited to those companies which derive 20% or more of assets or revenues from emerging market countries. The Composite was created December 1, 2010 calculated with an inception date of December 1, 2008 and includes all fully discretionary fee paying accounts, including those no longer with the Firm.

Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index is calculated on a total return basis, which includes reinvestment of gross dividends before deduction of withholding taxes.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: Calamos Advisors LLC.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.

Risk/Reward

Risk/Reward Since Inception

As of 12/31/23
Name Calamos Emerging Economies Composite MSCI Emerging Markets Index
Alpha 2.20% N/A
Beta 0.80 1.00
Annualized Standard Deviation 16.41% 19.22%
Upside Semivariance 15.17% 19.85%
Downside Semivariance 7.77% 11.33%
Sharpe Ratio 0.46 0.34
Information Ratio 0.13 N/A

Since Inception Up/Down Capture Vs. MSCI Emerging Markets Index

As of 12/31/23

Vehicles & Minimums

Vehicles and Minimums

Vehicle Minimum Availability
Separately Managed Accounts $25 million Available to new investors
Institutional Mutual Fund (CNWIX) $1 million These investment offerings are intended for investors inside the United States.

Literature

Fact Sheet

The Emerging Economies Strategy fact sheet provides a snap shot of the investment team, the investment strategy, performance, composition, ratings and returns.

Performance Review

A discussion of the Calamos Emerging Economies Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.

Calamos Financial Services LLC, Distributor

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Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

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