Timpani Small Cap Growth Strategy

Strategy Objective

A small-cap growth equity strategy that invests in the common stocks of small market capitalization companies and seeks to outperform the Russell 2000 Growth Index over a full market cycle.

Key Differentiators

  • One cohesive and consistent investment team since inception
  • Time-tested process that works in most investing environments
  • Objective, disciplined approach minimizes biases and results in efficient decision-making
  • Value-added sell discipline seeks to provide downside protection

Strategy Details
As of 6/30/19
Inception Date: 4/01/08
Strategy Assets*: $352.8 M
Benchmark: Russell 2000 Growth Index

*Strategy Assets reflect all assets that are currently being managed (collectively) under the strategy, which may contain multiple performance composites.

Resources

Sector Weightings

As of 6/30/19
Sector % of Assets Russell 2000 Growth Index Under/Overweight %
Health Care 29.7% 26.5%
Information Technology 24.4% 18.5%
Consumer Discretionary 23.5% 14.7%
Industrials 8.3% 18.6%
Financials 5.1% 7.1%
Materials 2.8% 3.3%
Consumer Staples 2.7% 2.9%
Energy 2.5% 1.7%
Communication Services 1.2% 3.1%
Real Estate 0.0% 3.2%
Utilities 0.0% 0.5%

Representative Portfolio Ten Largest Holdings

As of 6/30/19
Company Sector %
Chegg, Inc. Consumer Discretionary 3.0
Ingevity Corp. Materials 2.8
Five9, Inc. Information Technology 2.6
Tandem Diabetes Care, Inc. Health Care 2.5
Planet Fitness, Inc. Consumer Discretionary 2.5
Strayer Education, Inc. Consumer Discretionary 2.5
Shotspotter, Inc. Information Technology 2.4
LendingTree, Inc. Financials 2.2
Array BioPharma, Inc. Health Care 2.2
Vericel Corp. Health Care 2.1

Characteristics

As of 6/30/19
Name Calamos Portfolio Russell 2000 Growth Index
Strategy Assets $352.8 M N/A
Number of Holdings 85 1,228

The results portrayed on this page are for the Timpani Small Cap Growth and as such only relate to the representative portfolio shown. Representative holdings and portfolio characteristics are specific only to the portfolio shown at that point in time. Other portfolios will vary in composition, characteristics, and will experienced different investment results. The representative portfolio shown has been selected by the advisor based on account characteristics that the advisor feels accurately represents the investment strategy as a whole.

Returns and Risk/Reward statistics presented reflect the Calamos Timpani Small Cap Growth Composite, which is an actively managed Composite investing in common stocks of small market capitalization companies with sound growth potential. The Composite was created June 1, 2019 calculated with an inception date of April 1, 2008. Results include all fully discretionary accounts, including those no longer with the Firm. Past performance is no guarantee of future results. On May 31, 2019 Calamos acquired Timpani Capital Management LLC which has managed the strategy since its inception in 2008. Results include all fully discretionary accounts, including those no longer with the Firm. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest.

Statistics based on percentage of invested portfolio and are subject to change. Sector weightings exclude any government/sovereign bonds or options on broad market indexes the portfolio may hold.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000® Growth Index is published and maintained by FTSE Russell.

The information provided in this page should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed do not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. [GN says add following per Chris: Largest 10 Holdings exclude any government/sovereign bonds or options on broad market indexes the portfolio may hold.]

It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: BNY Mellon Analytical Services LLC and Calamos Advisors LLC.

Annualized Total Returns

As of 6/30/19
Name 1-Year 3-Year 5-Year 10-Year Since Inception (4/08)
Timpani Small Cap Growth (Gross) 5.46% 23.10% 11.96% 17.44% 12.97%
Timpani Small Cap Growth (Net) 4.95% 22.51% 11.36% 16.81% 12.37%
Russell 2000 Growth Index -0.49% 14.69% 8.63% 14.41% 10.30%

Calendar Year Returns

As of 6/30/19
Name Qtr ending Jun 19 YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 4/1/08 - 12/31/08
Timpani Small Cap Growth (Gross) 6.21% 24.41% 0.86% 38.19% 0.01% -1.39% 0.94% 58.39% 18.90% -3.02% 24.84% 32.94% -24.55%
Timpani Small Cap Growth (Net) 6.06% 24.08% 0.43% 37.63% -0.73% -1.87% 0.17% 57.51% 18.04% -3.41% 24.40% 32.48% -24.92%
Russell 2000 Growth Index 2.75% 20.36% -9.31% 22.17% 11.32% -1.38% 5.60% 43.30% 14.59% -2.91% 29.09% 34.47% -29.50%

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 Timpani Small Cap Growth Composite, which is an actively managed Composite investing in common stocks of small market capitalization companies with sound growth potential. The Composite was created June 1, 2019 calculated with an inception date of April 1, 2008. Results include all fully discretionary accounts, including those no longer with the Firm. Past performance is no guarantee of future results. On May 31, 2019 Calamos acquired Timpani Capital Management LLC which has managed the strategy since its inception in 2008. Results include all fully discretionary accounts, including those no longer with the Firm. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000® Growth Index is published and maintained by FTSE Russell.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: BNY Mellon Analytical Services LLC and 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 Since Inception

As of 6/30/19
Name Calamos Timpani Small Cap Growth Composite Russell 2000 Growth Index
Alpha 2.99% N/A
Beta 0.96 1.00
Annualized Standard Deviation 20.83% 20.45%
Upside Semivariance 20.77% 19.18%
Downside Semivariance 16.58% 16.42%
Sharpe Ratio 0.60 0.48
Information Ratio 0.38 N/A
Sortino Ratio 0.88 0.69

Since Inception Up/Down Capture Vs. Russell 2000 Growth Index

As of 6/30/19

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 Timpani Small Cap Growth Composite, which is an actively managed Composite investing in common stocks of small market capitalization companies with sound growth potential. The Composite was created June 1, 2019 calculated with an inception date of April 1, 2008. Results include all fully discretionary accounts, including those no longer with the Firm. Past performance is no guarantee of future results. On May 31, 2019 Calamos acquired Timpani Capital Management LLC which has managed the strategy since its inception in 2008. Results include all fully discretionary accounts, including those no longer with the Firm. All returns are net of commission and other similar fees charged on securities transactions and include reinvestment of net realized gains and interest.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000® Growth Index is published and maintained by FTSE Russell.

Fees include the investment advisory fee charge by Calamos Advisors LLC. Returns greater than 12 months are annualized. Chart Data Sources: BNY Mellon Analytical Services LLC and Calamos Advisors LLC.

Vehicles and Minimums

Vehicle Minimum Availability
Separately Managed Accounts $5 million Available to new investors
Institutional Mutual Fund (CTSIX) $1 million These investment offerings are intended for investors inside the United States.
calamos-timpani-small-cap-growth-institutional-strategy-fact-sheet.pdf
Timpani Small Cap Growth Fact Sheet

The Timpani Small Cap Growth Strategy fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.

calamos-timpani-small-cap-growth-strategy-performance-review.pdf
Performance Review

A discussion of the Calamos Timpani Small Cap Growth Strategy's performance versus a benchmark, positioning, related market commentary, and outlook.