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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 3/31/23| Inception Date: | 12/01/13 |
|---|---|
| Strategy Assets*: | $70.0 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
| Sector | % of Assets | MSCI ACWI ex USA Index | Under/Overweight % |
|---|---|---|---|
| Consumer Discretionary | 31.1% | 12.0% | |
| Financials | 15.3% | 20.2% | |
| Information Technology | 15.2% | 11.3% | |
| Health Care | 11.4% | 9.6% | |
| Industrials | 11.2% | 12.7% | |
| Materials | 7.3% | 8.2% | |
| Energy | 5.9% | 5.5% | |
| Consumer Staples | 2.1% | 8.9% | |
| Communication Services | 0.5% | 6.0% | |
| Utilities | 0.0% | 3.2% | |
| Real Estate | 0.0% | 2.1% | |
| Other | 0.0% | 0.0% | |
Representative Portfolio Ten Largest Holdings
| Company | Country | Sector | % |
|---|---|---|---|
| Novo Nordisk, A/S - Class B | Denmark | Health Care | 6.0 |
| LVMH Moet Hennessy Louis Vuitton | France | Consumer Discretionary | 6.0 |
| ASML Holding, NV | Netherlands | Information Technology | 5.1 |
| Taiwan Semiconductor Mfg | Taiwan | Information Technology | 4.5 |
| MercadoLibre, Inc. | Uruguay | Consumer Discretionary | 4.0 |
| AIA Group, Ltd. | Hong Kong | Financials | 3.8 |
| Prosus, NV | Netherlands | Consumer Discretionary | 3.5 |
| Lonza Group, AG | Switzerland | Health Care | 3.2 |
| Vinci, SA | France | Industrials | 3.2 |
| Keyence Corp. | Japan | Information Technology | 3.0 |
Characteristics
| Name | Calamos Portfolio | MSCI ACWI ex USA Index |
|---|---|---|
| Number of Holdings | 39 | 2,258 |
| Portfolio Turnover (12 months) | 57.9% | N/A |
| Median Market Cap | $67.1 B | $8.7 B |
| Weighted Avg. Market Cap | $138.2 B | $88.6 B |
| ROIC | 21.1% | 14.9% |
| Debt/Capital | 33.9% | 32.7% |
| PEG Ratio | 1.5x | 1.8x |
Performance
Annualized Total Returns
| Name | 1-Year | 3-Year | 5-Year | Since Inception (12/13) |
|---|---|---|---|---|
| International Growth Concentrated (Gross) | -11.38% | 18.03% | 7.60% | 7.18% |
| International Growth Concentrated (Net) | -12.07% | 17.12% | 6.74% | 6.23% |
| MSCI ACWI ex USA Index | -4.56% | 12.32% | 2.97% | 3.81% |
Calendar Year Returns
| Name | Qtr ending Mar 23 | YTD 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| International Growth Concentrated (Gross) | 10.24% | 10.24% | -27.14% | 12.70% | 51.22% | 32.49% | -19.56% | 37.17% | -5.82% | 6.03% | -7.42% |
| International Growth Concentrated (Net) | 10.03% | 10.03% | -27.70% | 11.86% | 50.01% | 31.39% | -20.26% | 35.82% | -6.75% | 4.99% | -8.33% |
| MSCI ACWI ex USA Index | 7.00% | 7.00% | -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
| Name | Calamos International Growth Concentrated Composite | MSCI ACWI ex USA Index |
|---|---|---|
| Alpha | 3.36% | N/A |
| Beta | 1.05 | 1.00 |
| Annualized Standard Deviation | 17.05% | 14.94% |
| Upside Semivariance | 14.87% | 10.11% |
| Downside Semivariance | 9.63% | 8.48% |
| Sharpe Ratio | 0.37 | 0.19 |
| Information Ratio | 0.49 | N/A |
Since Inception Up/Down Capture Vs. MSCI ACWI ex USA Index
Vehicles & Minimums
Vehicles and Minimums
| Vehicle | Minimum | Availability |
|---|---|---|
| Separately Managed Accounts | $25 million | Available to new investors |
Literature
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.
Performance Review
A discussion of the International Growth Concentrated Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.