International Growth Concentrated Strategy

Strategy Objective

A non-US 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 US 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 9/30/21
Inception Date: 12/01/13
Strategy Assets*: $84.2 M
Benchmark: MSCI ACWI ex US 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 9/30/21
Sector % of Assets MSCI ACWI ex US Index Under/Overweight %
Information Technology 25.0% 13.2%
Industrials 16.3% 12.2%
Consumer Discretionary 15.4% 12.7%
Financials 14.7% 19.3%
Health Care 11.5% 9.5%
Materials 7.6% 7.9%
Communication Services 5.1% 6.3%
Energy 3.0% 4.9%
Consumer Staples 1.4% 8.5%
Utilities 0.0% 3.0%
Real Estate 0.0% 2.5%
Other 0.1% 0.0%

Representative Portfolio Ten Largest Holdings

As of 9/30/21
Company Country Sector %
ASML Holding, NV Netherlands Information Technology 5.0
Keyence Corp. Japan Information Technology 3.7
HDFC Bank, Ltd. India Financials 3.6
ING Groep, NV Netherlands Financials 3.5
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 3.4
Adyen, NV Netherlands Information Technology 3.3
Sea, Ltd. Singapore Communication Services 3.2
Novo Nordisk, A/S - Class B Denmark Health Care 3.0
Schneider Electric, SE France Industrials 3.0
Canadian Natural Resources, Ltd. Canada Energy 3.0

Characteristics

As of 9/30/21
Name Calamos Portfolio MSCI ACWI ex US Index
Number of Holdings 41 2,348
Portfolio Turnover (12 months) 21.0% N/A
Median Market Cap $65.4 B $10.1 B
Weighted Avg. Market Cap $141.1 B $94.7 B
ROIC 19.5% 14.4%
Debt/Capital 31.6% 33.5%
PEG Ratio 1.8x 1.7x

Performance

Annualized Total Returns

As of 9/30/21
Name 1-Year 3-Year 5-Year Since Inception (12/13)
International Growth Concentrated (Gross) 33.54% 23.12% 16.98% 11.38%
International Growth Concentrated (Net) 32.53% 22.14% 15.98% 10.37%
MSCI ACWI ex US Index 24.45% 8.52% 9.44% 5.66%

Calendar Year Returns

As of 9/30/21
Name Qtr ending Sep 21 YTD 2021 2020 2019 2018 2017 2016 2015 2014 12/1/13 - 12/31/13
International Growth Concentrated (Gross) -1.27% 10.26% 51.22% 32.49% -19.56% 37.17% -5.82% 6.03% -7.42% 3.29%
International Growth Concentrated (Net) -1.46% 9.64% 50.01% 31.39% -20.26% 35.82% -6.75% 4.99% -8.33% 3.20%
MSCI ACWI ex US Index -2.88% 6.29% 11.13% 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, 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: 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 9/30/21
Name Calamos International Growth Concentrated Composite MSCI ACWI ex US Index
Alpha 5.63% N/A
Beta 1.01 1.00
Annualized Standard Deviation 15.63% 14.03%
Upside Semivariance 14.32% 9.31%
Downside Semivariance 6.84% 7.22%
Sharpe Ratio 0.68 0.35
Information Ratio 0.85 N/A

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

As of 9/30/21

Vehicles & Minimums

Vehicles and Minimums

Vehicle Minimum Availability
Separately Managed Accounts $25 million Available to new investors

Literature

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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.

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Performance Review

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