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 12/31/24| Inception Date: | 12/01/08 |
|---|---|
| Strategy Assets*: | $516.0 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
| Sector | % of Assets | MSCI Emerging Markets Index | Under/Overweight % |
|---|---|---|---|
| Consumer Discretionary | 33.0% | 13.1% | |
| Information Technology | 27.0% | 24.2% | |
| Financials | 12.8% | 23.7% | |
| Industrials | 9.1% | 6.6% | |
| Consumer Staples | 5.0% | 4.8% | |
| Communication Services | 4.2% | 9.4% | |
| Real Estate | 3.9% | 1.7% | |
| Health Care | 2.1% | 3.4% | |
| Materials | 2.0% | 5.7% | |
| Energy | 1.0% | 4.6% | |
| Utilities | 0.0% | 2.7% | |
| Other | -0.1% | 0.0% | |
Representative Portfolio Ten Largest Holdings
| Company | Country | Sector | % |
|---|---|---|---|
| Taiwan Semiconductor Mfg | Taiwan | Information Technology | 12.7 |
| Alibaba Group Holding, Ltd. | China | Consumer Discretionary | 4.6 |
| Tencent Holdings, Ltd. | China | Communication Services | 3.6 |
| Trip.com Group, Ltd. | Singapore | Consumer Discretionary | 3.0 |
| Amber Enterprises India, Ltd. | India | Consumer Discretionary | 3.0 |
| Dixon Technologies India, Ltd. | India | Consumer Discretionary | 2.6 |
| JD.com, Inc. | China | Consumer Discretionary | 2.6 |
| Eastroc Beverage Group Company, Ltd. | China | Consumer Staples | 2.5 |
| Indian Hotels Company, Ltd. | India | Consumer Discretionary | 2.4 |
| Zomato, Ltd. | India | Consumer Discretionary | 2.4 |
Characteristics
| Name | Calamos Portfolio | MSCI Emerging Markets Index |
|---|---|---|
| Number of Holdings | 63 | 1,252 |
| Portfolio Turnover (12 months) | 155.5% | N/A |
| Median Market Cap | $14.6 B | $8.3 B |
| Weighted Avg. Market Cap | $222.6 B | $170.4 B |
| ROIC | 27.4% | 21.6% |
| Debt/Capital | 23.0% | 24.7% |
| PEG Ratio | 1.5x | 1.3x |
Performance
Annualized Total Returns
| Name | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception (12/01/08) |
|---|---|---|---|---|---|
| Emerging Economies (Gross) | 16.99% | -1.38% | 7.03% | 6.02% | 8.86% |
| Emerging Economies (Net) | 15.77% | -2.42% | 5.89% | 4.91% | 7.69% |
| MSCI Emerging Markets Index | 8.05% | -1.48% | 2.10% | 4.04% | 7.46% |
Calendar Year Returns
| Name | Qtr ending Dec 24 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Emerging Economies (Gross) | -4.54% | 16.99% | 7.30% | -23.60% | -5.89% | 55.59% | 22.67% | -16.63% | 38.81% | -7.25% |
| Emerging Economies (Net) | -4.79% | 15.77% | 6.17% | -24.42% | -6.89% | 53.94% | 21.45% | -17.36% | 37.59% | -8.36% |
| MSCI Emerging Markets Index | -7.84% | 8.05% | 10.27% | -19.74% | -2.22% | 18.69% | 18.90% | -14.25% | 37.75% | -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
| Name | Calamos Emerging Economies Composite | MSCI Emerging Markets Index |
|---|---|---|
| Alpha | 2.69% | N/A |
| Beta | 0.80 | 1.00 |
| Annualized Standard Deviation | 16.16% | 18.85% |
| Upside Semivariance | 14.96% | 19.11% |
| Downside Semivariance | 7.37% | 10.90% |
| Sharpe Ratio | 0.48 | 0.34 |
| Information Ratio | 0.20 | N/A |
Since Inception Up/Down Capture Vs. MSCI Emerging Markets Index
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.