International Growth Concentrated Strategy

Strategy Objective

A non-U.S. all-cap growth equity strategy that invests in a concentrated portfolio of common stocks of growth companies based outside the United States and seeks to outperform the MSCI ACWI ex-U.S. Index over a full market cycle.

Key Differentiators

  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • High active share, high relative growth focus
  • Team approach to management

Strategy Details
As of 6/30/20
Inception Date: 12/01/13
Benchmark: MSCI ACWI ex US Index

Resources

Sector Weightings

As of 6/30/20
Sector % of Assets MSCI ACWI ex US Index Under/Overweight %
Industrials 20.0% 11.4%
Information Technology 18.1% 11.0%
Consumer Discretionary 16.6% 12.6%
Financials 15.7% 18.1%
Health Care 12.7% 10.7%
Communication Services 8.2% 7.6%
Energy 4.7% 4.8%
Materials 4.1% 7.6%
Real Estate 0.0% 2.8%
Utilities 0.0% 3.5%
Consumer Staples 0.0% 10.0%

Representative Portfolio Ten Largest Holdings

As of 6/30/20
Company Country Sector %
Tencent Holdings, Ltd. China Communication Services 4.5
Sea, Ltd. Singapore Communication Services 3.6
Alibaba Group Holding, Ltd. China Consumer Discretionary 3.6
Lululemon Athletica, Inc. Canada Consumer Discretionary 3.4
Alcon, Inc. Switzerland Health Care 3.4
Lonza Group, AG Switzerland Health Care 3.1
Novo Nordisk, A/S Denmark Health Care 3.1
ASML Holding, NV Netherlands Information Technology 3.1
CSL, Ltd. Australia Health Care 3.1
Adyen, NV Netherlands Information Technology 2.9

Characteristics

As of 6/30/20
Name Calamos Portfolio MSCI ACWI ex US Index
Number of Holdings 40 2,371
Portfolio Turnover (12 months) 37.0% N/A
Median Market Cap $42.6 B $7.2 B
Weighted Avg. Market Cap $114.1 B $82.9 B
ROIC 16.7% 13.1%
Debt/Capital 29.7% 32.4%
PEG Ratio 2.7x 2.3x

The results portrayed on this page are for the International Growth Concentrated 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 International Growth Concentrated Composite which is an actively managed composite primarily investing in a concentrated portfolio of common stocks issued by companies outside the United States. The Composite was created December 13, 2013 calculated with an inception date of December 1, 2013 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.

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 ex US Index represents performance of large- and mid-cap stocks across developed and emerging markets excluding the United States.

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 6/30/20
Name 1-Year 3-Year 5-Year Since Inception (12/13)
International Growth Concentrated (Gross) 20.42% 11.38% 7.98% 6.82%
International Growth Concentrated (Net) 19.43% 10.41% 6.99% 5.82%
MSCI ACWI ex US Index -4.39% 1.61% 2.74% 2.33%

Calendar Year Returns

As of 6/30/20
Name Qtr ending Jun 20 YTD 2020 2019 2018 2017 2016 2015 2014 12/1/13 - 12/31/13
International Growth Concentrated (Gross) 32.87% 10.63% 32.49% -19.56% 37.17% -5.82% 6.03% -7.42% 3.29%
International Growth Concentrated (Net) 32.60% 10.17% 31.39% -20.26% 35.82% -6.75% 4.99% -8.33% 3.20%
MSCI ACWI ex US Index 16.30% -10.76% 22.13% -13.78% 27.76% 5.00% -5.25% -3.44% 0.90%

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 International Growth Concentrated Composite which is an actively managed composite primarily investing in a concentrated portfolio of common stocks issued by companies outside the United States. The Composite was created December 13, 2013 calculated with an inception date of December 1, 2013 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 ex US Index represents performance of large- and mid-cap stocks across developed and emerging markets excluding the United States.

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 6/30/20
Name Calamos International Growth Concentrated Composite MSCI ACWI ex US Index
Alpha 4.63% N/A
Beta 1.00 1.00
Annualized Standard Deviation 15.50% 13.85%
Upside Semivariance 12.36% 7.55%
Downside Semivariance 7.82% 8.30%
Sharpe Ratio 0.38 0.10
Information Ratio 0.64 N/A

Since Inception Up/Down Capture Vs. MSCI ACWI ex US Index

As of 6/30/20

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 International Growth Concentrated Composite which is an actively managed composite primarily investing in a concentrated portfolio of common stocks issued by companies outside the United States. The Composite was created December 13, 2013 calculated with an inception date of December 1, 2013 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 ex US Index represents performance of large- and mid-cap stocks across developed and emerging markets excluding the United States.

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
Calamos-International-Growth-Concentrated-Strategy-Fact-Sheet.pdf
Fact Sheet

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

calamos-international-growth-concentrated-strategy-commentary.pdf
Performance Review

A discussion of the International Growth Concentrated Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.