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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 9/30/23| Inception Date: | 10/01/96 |
|---|---|
| Strategy Assets*: | $989.3 M |
| 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
| Sector | % of Assets | MSCI ACWI Index | Under/Overweight % |
|---|---|---|---|
| Information Technology | 28.5% | 21.6% | |
| Industrials | 16.1% | 10.3% | |
| Financials | 11.0% | 15.7% | |
| Health Care | 10.6% | 11.9% | |
| Consumer Staples | 7.2% | 7.1% | |
| Consumer Discretionary | 7.2% | 11.2% | |
| Energy | 5.8% | 5.2% | |
| Communication Services | 4.7% | 7.6% | |
| Materials | 3.7% | 4.5% | |
| Utilities | 0.0% | 2.6% | |
| Real Estate | 0.0% | 2.3% | |
| Other | 5.0% | 0.0% | |
Representative Portfolio Ten Largest Holdings
| Company | Country | Sector | % |
|---|---|---|---|
| NVIDIA Corp. | United States | Information Technology | 4.6 |
| Microsoft Corp. | United States | Information Technology | 4.0 |
| Novo Nordisk, A/S (ADR) | Denmark | Health Care | 3.2 |
| Eli Lilly & Company | United States | Health Care | 3.0 |
| Apple, Inc. | United States | Information Technology | 2.8 |
| SK Hynix, Inc. | South Korea | Information Technology | 2.7 |
| Glencore Funding LLC | Switzerland | Materials | 2.5 |
| LG Chem, Ltd. | South Korea | Industrials | 2.2 |
| Wynn Macau, Ltd. | Macao | Consumer Discretionary | 2.2 |
| Taiwan Semiconductor Mfg | Taiwan | Information Technology | 2.1 |
Characteristics
| Name | Calamos Portfolio | MSCI ACWI Index |
|---|---|---|
| Number of Holdings | 79 | 2,940 |
| Portfolio Turnover (12 months) | 81.3% | N/A |
| Median Market Cap | $142.6 B | $10.5 B |
| Weighted Avg. Market Cap | $620.0 B | $407.7 B |
| ROIC | 22.4% | 21.3% |
| Debt/Capital | 42.2% | 41.0% |
| PEG Ratio | 1.9x | 1.9x |
Credit Quality of Bonds
| Class | % |
|---|---|
| AAA | 12.4% |
| AA | 0.0% |
| A | 9.8% |
| BBB | 20.7% |
| BB | 0.0% |
| B | 0.0% |
| CCC and below | 0.0% |
| Unrated Securities | 57.1% |
Performance
Annualized Total Returns
| Name | 1-Year | 3-Year | 5-Year | 10-Year | Since Inception (10/01/96) |
|---|---|---|---|---|---|
| Global Opportunities (Gross) | 14.33% | 3.96% | 7.13% | 7.27% | 9.07% |
| Global Opportunities (Net) | 13.54% | 3.25% | 6.45% | 6.52% | 8.15% |
| MSCI ACWI Index | 21.41% | 7.39% | 6.99% | 8.11% | 7.02% |
Calendar Year Returns
| Name | Qtr ending Sep 23 | YTD 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Global Opportunities (Gross) | -4.04% | 6.58% | -20.96% | 16.88% | 34.34% | 19.98% | -7.85% | 21.42% | 2.10% | 2.20% | 3.88% |
| Global Opportunities (Net) | -4.21% | 6.03% | -21.51% | 16.11% | 33.52% | 19.33% | -8.41% | 20.46% | 1.24% | 1.43% | 3.08% |
| MSCI ACWI Index | -3.30% | 10.49% | -17.96% | 19.04% | 16.82% | 27.30% | -8.93% | 24.62% | 8.48% | -1.84% | 4.71% |
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 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
| Name | Calamos Global Opportunities Composite | MSCI ACWI Index |
|---|---|---|
| Alpha | 3.54% | N/A |
| Beta | 0.75 | 1.00 |
| Annualized Standard Deviation | 13.11% | 15.84% |
| Upside Semivariance | 9.18% | 11.29% |
| Downside Semivariance | 5.74% | 9.99% |
| Sharpe Ratio | 0.53 | 0.31 |
| Information Ratio | 0.31 | N/A |
Since Inception Up/Down Capture Vs. MSCI ACWI Index
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
Fact Sheet
The Global Opportunities 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 Global Opportunities Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.