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 USA 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 12/31/22
Inception Date: 12/01/13
Strategy Assets*: $63.4 M
Benchmark: MSCI ACWI ex USA 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 12/31/22
Sector % of Assets MSCI ACWI ex USA Index Under/Overweight %
Consumer Discretionary 22.0% 11.4%
Financials 19.9% 21.0%
Industrials 16.1% 12.3%
Information Technology 14.2% 10.8%
Health Care 13.5% 9.8%
Materials 5.0% 8.4%
Energy 4.6% 6.0%
Consumer Staples 4.2% 8.9%
Communication Services 0.5% 5.9%
Utilities 0.0% 3.4%
Real Estate 0.0% 2.3%
Other 0.1% 0.0%

Representative Portfolio Ten Largest Holdings

As of 12/31/22
Company Country Sector %
Novo Nordisk, A/S - Class B Denmark Health Care 6.4
LVMH Moet Hennessy Louis Vuitton France Consumer Discretionary 4.6
ASML Holding, NV Netherlands Information Technology 4.3
AIA Group, Ltd. Hong Kong Financials 4.3
Prosus, NV Netherlands Consumer Discretionary 4.1
Taiwan Semiconductor Mfg Taiwan Information Technology 3.2
Glencore, PLC Switzerland Materials 3.0
Bank of Ireland Group, PLC Ireland Financials 3.0
Vinci, SA France Industrials 3.0
Canadian Pacific Railway, Ltd. Canada Industrials 2.9

Characteristics

As of 12/31/22
Name Calamos Portfolio MSCI ACWI ex USA Index
Number of Holdings 41 2,255
Portfolio Turnover (12 months) 56.1% N/A
Median Market Cap $63.6 B $8.4 B
Weighted Avg. Market Cap $118.4 B $79.9 B
ROIC 21.6% 15.0%
Debt/Capital 32.8% 32.9%
PEG Ratio 1.6x 1.7x

Performance

Annualized Total Returns

As of 12/31/22
Name 1-Year 3-Year 5-Year Since Inception (12/13)
International Growth Concentrated (Gross) -27.14% 7.49% 5.77% 6.24%
International Growth Concentrated (Net) -27.70% 6.65% 4.91% 5.30%
MSCI ACWI ex USA Index -15.57% 0.53% 1.36% 3.14%

Calendar Year Returns

As of 12/31/22
Name Qtr ending Dec 22 2022 2021 2020 2019 2018 2017 2016 2015 2014
International Growth Concentrated (Gross) 11.63% -27.14% 12.70% 51.22% 32.49% -19.56% 37.17% -5.82% 6.03% -7.42%
International Growth Concentrated (Net) 11.41% -27.70% 11.86% 50.01% 31.39% -20.26% 35.82% -6.75% 4.99% -8.33%
MSCI ACWI ex USA Index 14.37% -15.57% 8.29% 11.13% 22.13% -13.78% 27.77% 5.01% -5.25% -3.44%

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 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 USA 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 12/31/22
Name Calamos International Growth Concentrated Composite MSCI ACWI ex USA Index
Alpha 3.17% N/A
Beta 1.03 1.00
Annualized Standard Deviation 16.76% 14.85%
Upside Semivariance 13.92% 9.72%
Downside Semivariance 9.65% 8.61%
Sharpe Ratio 0.32 0.16
Information Ratio 0.46 N/A

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

As of 12/31/22

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.

Calamos Financial Services LLC, Distributor

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