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 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: 4/01/05
Strategy Assets*: $293.9 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 26.0% 13.2%
Industrials 16.8% 12.2%
Consumer Discretionary 15.0% 12.7%
Financials 13.3% 19.3%
Health Care 10.2% 9.5%
Communication Services 6.8% 6.3%
Materials 5.8% 7.9%
Energy 2.5% 4.9%
Consumer Staples 2.3% 8.5%
Real Estate 1.2% 2.5%
Utilities 0.0% 3.0%
Other 0.1% 0.0%

Representative Portfolio Ten Largest Holdings

As of 9/30/21
Company Country Sector %
ASML Holding, NV Netherlands Information Technology 4.8
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 3.3
Alcon, Inc. Switzerland Health Care 2.8
Keyence Corp. Japan Information Technology 2.8
Adyen, NV Netherlands Information Technology 2.5
HDFC Bank, Ltd. India Financials 2.5
Sea, Ltd. Singapore Communication Services 2.4
ING Groep, NV Netherlands Financials 2.3
Ubs Group, AG Reg Common Stock Chf.1 Switzerland Financials 2.2
Novo Nordisk, A/S - Class B Denmark Health Care 2.0

Characteristics

As of 9/30/21
Name Calamos Portfolio MSCI ACWI ex US Index
Number of Holdings 88 2,348
Portfolio Turnover (12 months) 101.2% N/A
Median Market Cap $44.0 B $10.1 B
Weighted Avg. Market Cap $120.2 B $94.7 B
ROIC 19.8% 14.4%
Debt/Capital 29.3% 33.5%
PEG Ratio 2.0x 1.7x

Performance

Annualized Total Returns

As of 9/30/21
Name 1-Year 3-Year 5-Year 10-Year Since Inception (4/05)
International Growth (Gross) 28.16% 18.44% 16.28% 11.70% 10.68%
International Growth (Net) 26.93% 17.31% 15.16% 10.64% 9.62%
MSCI ACWI ex US Index 24.45% 8.52% 9.44% 7.97% 6.24%

Calendar Year Returns

As of 9/30/21
Name Qtr ending Sep 21 YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
International Growth (Gross) -0.91% 5.88% 46.19% 31.10% -19.92% 41.08% -4.83% 4.24% -5.10% 15.75% 15.14%
International Growth (Net) -1.17% 5.10% 44.85% 29.85% -20.72% 39.75% -5.76% 3.23% -6.00% 14.74% 14.08%
MSCI ACWI ex US Index -2.88% 6.29% 11.13% 22.13% -13.78% 27.76% 5.00% -5.25% -3.44% 15.78% 17.39%

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 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 Composite MSCI ACWI ex US Index
Alpha 4.41% N/A
Beta 1.00 1.00
Annualized Standard Deviation 18.32% 17.29%
Upside Semivariance 16.29% 13.07%
Downside Semivariance 12.54% 12.13%
Sharpe Ratio 0.52 0.29
Information Ratio 0.73 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
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.