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

  • 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 12/31/21
Inception Date: 10/01/96
Strategy Assets*: $1.7 B
Benchmark: MSCI ACWI 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 12/31/21
Sector % of Assets MSCI ACWI Index Under/Overweight %
Information Technology 29.4% 23.6%
Consumer Discretionary 17.6% 12.4%
Financials 12.1% 13.9%
Health Care 10.4% 11.7%
Communication Services 9.4% 8.6%
Industrials 6.2% 9.6%
Materials 4.9% 4.7%
Consumer Staples 3.9% 6.8%
Energy 3.5% 3.4%
Utilities 1.5% 2.7%
Real Estate 0.8% 2.7%
Other 0.3% 0.0%

Representative Portfolio Ten Largest Holdings

As of 12/31/21
Company Country Sector %
Ford Motor Company United States Consumer Discretionary 4.8
Microsoft Corp. United States Information Technology 3.4
Taiwan Semiconductor Mfg Taiwan Information Technology 3.3
ASML Holding, NV Netherlands Information Technology 3.2
Alcon, Inc. Switzerland Health Care 3.1
NVIDIA Corp. United States Information Technology 2.7
Amazon.com, Inc. United States Consumer Discretionary 2.7
Apple, Inc. United States Information Technology 2.5
Keyence Corp. Japan Information Technology 2.1
Vail Resorts, Inc. United States Consumer Discretionary 2.0

Characteristics

As of 12/31/21
Name Calamos Portfolio MSCI ACWI Index
Number of Holdings 85 2,958
Portfolio Turnover (12 months) 76.5% N/A
Median Market Cap $160.6 B $13.4 B
Weighted Avg. Market Cap $536.2 B $432.3 B
ROIC 20.6% 21.1%
Debt/Capital 40.3% 41.6%
PEG Ratio 2.0x 2.0x

Credit Quality of Bonds

As of 12/31/21
Class %
AAA 0.0%
AA 0.0%
A 9.0%
BBB 15.6%
BB 45.1%
B 19.6%
CCC and below 10.7%
Unrated Securities 0.0%

Performance

Annualized Total Returns

As of 12/31/21
Name 1-Year 3-Year 5-Year 10-Year Since Inception (10/96)
Global Opportunities (Gross) 16.88% 23.51% 16.08% 10.85% 10.48%
Global Opportunities (Net) 16.11% 22.78% 15.35% 10.06% 9.53%
MSCI ACWI Index 19.04% 20.97% 14.97% 12.44% 7.94%

Calendar Year Returns

As of 12/31/21
Name Qtr ending Dec 21 2021 2020 2019 2018 2017 2016 2015 2014 2013
Global Opportunities (Gross) 6.38% 16.88% 34.34% 19.98% -7.85% 21.42% 2.10% 2.20% 3.88% 13.58%
Global Opportunities (Net) 6.21% 16.11% 33.52% 19.39% -8.41% 20.46% 1.24% 1.43% 3.08% 12.73%
MSCI ACWI Index 6.77% 19.04% 16.82% 27.30% -8.94% 24.62% 8.48% -1.84% 4.71% 23.44%

Past performance does not guarantee or indicate future results. 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 statistics presented reflect the Calamos Global Opportunities Composite which is an actively managed composite primarily investing in a globally diversified portfolio of equity, convertible and fixed-income securities, with equal emphasis on capital appreciation and current income. The Composite was created February 16, 2006, calculated with an inception date of October 1, 1996 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 ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets and emerging markets.

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 12/31/21
Name Calamos Global Opportunities Composite MSCI ACWI Index
Alpha 4.33% N/A
Beta 0.74 1.00
Annualized Standard Deviation 12.78% 15.63%
Upside Semivariance 9.23% 11.21%
Downside Semivariance 5.16% 9.64%
Sharpe Ratio 0.66 0.38
Information Ratio 0.37 N/A

Since Inception Up/Down Capture Vs. MSCI ACWI Index

As of 12/31/21

Vehicles & Minimums

Vehicles and Minimums

Vehicle Minimum Availability
Separately Managed Accounts $25 million Available to new investors
Commingled Pool $5 million Available to new investors
Institutional Mutual Fund (CGCIX) $1 million These investment offerings are intended for investors inside the United States.

Literature

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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.