Strategy Objective

A non-US all-cap growth equity strategy that invests in the 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: 4/01/05
Strategy Assets*: $209.3 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 22.7% 11.4%
Industrials 17.5% 12.3%
Financials 15.8% 21.0%
Information Technology 14.9% 10.8%
Health Care 11.5% 9.8%
Consumer Staples 5.5% 8.9%
Energy 4.5% 6.0%
Materials 3.9% 8.4%
Communication Services 3.7% 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 5.1
LVMH Moet Hennessy Louis Vuitton France Consumer Discretionary 3.9
ASML Holding, NV Netherlands Information Technology 3.7
AIA Group, Ltd. Hong Kong Financials 3.0
Taiwan Semiconductor Mfg Taiwan Information Technology 2.4
Keyence Corp. Japan Information Technology 2.3
JD.com, Inc. - Class A China Consumer Discretionary 2.2
Glencore, PLC Switzerland Materials 2.1
Canadian Natural Resources Ltd Canada Energy 1.9
MercadoLibre, Inc. Uruguay Consumer Discretionary 1.9

Characteristics

As of 12/31/22
Name Calamos Portfolio MSCI ACWI ex USA Index
Number of Holdings 91 2,255
Portfolio Turnover (12 months) 152.8% N/A
Median Market Cap $38.1 B $8.4 B
Weighted Avg. Market Cap $99.1 B $79.9 B
ROIC 20.4% 15.0%
Debt/Capital 33.3% 32.9%
PEG Ratio 1.5x 1.7x

Performance

Annualized Total Returns

As of 12/31/22
Name 1-Year 3-Year 5-Year 10-Year Since Inception (4/05)
International Growth (Gross) -29.93% 3.40% 3.03% 5.96% 7.83%
International Growth (Net) -30.70% 2.37% 2.00% 4.94% 6.79%
MSCI ACWI ex USA Index -15.57% 0.53% 1.36% 4.28% 4.89%

Calendar Year Returns

As of 12/31/22
Name Qtr ending Dec 22 2022 2021 2020 2019 2018 2017 2016 2015 2014
International Growth (Gross) 10.29% -29.93% 7.93% 46.19% 31.10% -19.92% 41.08% -4.83% 4.24% -5.10%
International Growth (Net) 10.00% -30.70% 6.87% 44.85% 29.85% -20.72% 39.75% -5.76% 3.23% -6.00%
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 Composite which is an actively managed composite primarily investing in common stocks issued by companies outside the United States. The Composite was created February 16, 2006 calculated with an inception date of April 1, 2005 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 Composite MSCI ACWI ex USA Index
Alpha 2.99% N/A
Beta 1.01 1.00
Annualized Standard Deviation 18.67% 17.44%
Upside Semivariance 15.92% 13.01%
Downside Semivariance 13.59% 12.49%
Sharpe Ratio 0.36 0.21
Information Ratio 0.47 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
Commingled Pool $10 million Available to new investors
Institutional Mutual Fund (CIGIX) $1 million These investment offerings are intended for investors inside the United States.

Literature

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Fact Sheet

The International Growth 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 Calamos International Growth Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.

Calamos Financial Services LLC, Distributor

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