Global Opportunities Strategy

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

Strategy Details
As of 9/30/19
Inception Date: 10/01/96
Strategy Assets*: $1.0 B
Benchmark: MSCI ACWI

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

Resources

Sector Weightings

As of 9/30/19
Sector % of Assets MSCI ACWI Under/Overweight %
Information Technology 20.6% 16.3%
Health Care 13.3% 11.3%
Communication Services 13.1% 8.8%
Consumer Staples 12.8% 8.6%
Consumer Discretionary 10.7% 10.8%
Financials 10.6% 16.7%
Industrials 7.3% 10.4%
Energy 6.9% 5.5%
Utilities 2.3% 3.5%
Real Estate 1.2% 3.3%
Materials 1.1% 4.7%

Representative Portfolio Ten Largest Holdings

As of 9/30/19
Company Country Sector %
Walt Disney Company United States Communication Services 4.7
CSL, Ltd. Australia Health Care 3.1
Ping An Exchangeable (Jp Morgan) China Financials 2.7
Tullow Oil Jersey, Ltd. United Kingdom Energy 2.2
Xero Investments, Ltd. New Zealand Information Technology 2.0
TOTAL, SA France Energy 2.0
Walmart, Inc. United States Consumer Staples 2.0
Tencent Holdings, Ltd. China Communication Services 1.9
Nestlé, Sa Switzerland Consumer Staples 1.8
Alcon, Inc. Switzerland Health Care 1.7

Characteristics

As of 9/30/19
Name Calamos Portfolio MSCI ACWI
Number of Holdings 101 2,848
Portfolio Turnover (12 months) 70.9% N/A
Median Market Cap $109.0 B $9.7 B
Weighted Avg. Market Cap $195.8 B $163.6 B
ROIC 17.0% 17.4%
Debt/Capital 41.6% 40.7%
PEG Ratio 2.5x 2.1x

Credit Quality of Bonds

As of 9/30/19
Class %
AAA 16.8%
AA 14.2%
A 5.5%
BBB 13.2%
BB 20.7%
B 24.7%
CCC and below 4.9%
Unrated Securities 0.0%

The results portrayed on this page are for the Global Opportunities Strategy and as such only relate to the representative portfolio shown. Representative holdings and portfolio characteristics are specific only to the portfolio shown at that point in time. Other portfolios will vary in composition, characteristics, and will experienced different investment results. The representative portfolio shown has been selected by the advisor based on account characteristics that the advisor feels accurately represents the investment strategy as a whole.

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.

Statistics based on percentage of invested portfolio and are subject to change. Sector weightings exclude any government/sovereign bonds or broad-based index hedging securities the portfolio may hold.

Bond Credit Quality allocation reflects the higher of the ratings of Standards & Poor's Corporation or Moody's Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are adjusted to the Standards & Poor's scale shown. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security's credit rating does not eliminate risk. The table excludes equity securities, cash and cash equivalents. For more information about securities ratings, please see the Fund's Statement of Additional Information at calamos.com. Additional information on ratings methodologies are available by visiting the NRSRO websites: www.standardandpoors.com and www.moodys.com.

Unmanaged index returns assume reinvestment of any and all distributions and, 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.

The information provided in this page should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. Ten Largest Holdings exclude any government/sovereign bonds or broad-based index hedging securities the portfolio may hold.

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

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

Annualized Total Returns

As of 9/30/19
Name 1-Year 3-Year 5-Year 10-Year 15-Year Since Inception (10/96)
Global Opportunities (Gross) 0.00% 7.20% 5.74% 7.20% 7.48% 9.09%
Global Opportunities (Net) -0.49% 6.49% 4.99% 6.37% 6.60% 8.13%
MSCI ACWI Index 1.94% 10.29% 7.23% 8.92% 7.63% 6.80%

Calendar Year Returns

As of 9/30/19
Name Qtr ending Sep 19 YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 10/1/96 - 12/31/96
Global Opportunities (Gross) -1.84% 12.48% -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) -1.96% 12.07% -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 0.10% 16.71% -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%

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 assume reinvestment of any and all distributions and, 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: BNY Mellon Analytical Services LLC and 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 Since Inception

As of 9/30/19
Name Calamos Global Opportunities Composite MSCI ACWI
Alpha 3.96% N/A
Beta 0.72 1.00
Annualized Standard Deviation 12.31% 15.37%
Upside Semivariance 8.18% 10.49%
Downside Semivariance 5.03% 9.55%
Sharpe Ratio 0.56 0.30
Information Ratio 0.33 N/A

Since Inception Up/Down Capture Vs. MSCI ACWI

As of 9/30/19

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 assume reinvestment of any and all distributions and, 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: BNY Mellon Analytical Services LLC and Calamos Advisors LLC.

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.
calamos-global-opportunities-institutional-strategy-fact-sheet.pdf
Fact Sheet

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

calamos-global-opportunities-institutional-strategy-performance-review.pdf
Performance Review

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