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 12/31/23
Inception Date: 4/01/08
Strategy Assets*: $415.5 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.

Portfolio

Sector Weightings

As of 12/31/23
Sector % of Assets Russell 2000 Growth Index Under/Overweight %
Information Technology 29.5% 21.7%
Industrials 25.3% 20.1%
Health Care 24.0% 22.4%
Consumer Discretionary 10.2% 11.1%
Consumer Staples 3.4% 4.4%
Financials 3.2% 6.4%
Energy 1.6% 4.5%
Communication Services 1.3% 2.2%
Materials 0.8% 4.2%
Real Estate 0.7% 1.7%
Utilities 0.0% 1.5%
Other 0.0% 0.0%

Representative Portfolio Ten Largest Holdings

As of 12/31/23
Company Sector %
FTAI Aviation, Ltd. Industrials 3.2
RxSight, Inc. Health Care 2.9
Sterling Infrastructure, Inc. Industrials 2.8
Modine Manufacturing Company Consumer Discretionary 2.5
Tecnoglass, Inc. Industrials 2.5
Super Micro Computer, Inc. Information Technology 2.5
CECO Environmental Corp. Industrials 2.4
Vertiv Holdings Company Industrials 2.3
Onto Innovation, Inc. Information Technology 2.1
Axon Enterprise, Inc. Industrials 2.1

Characteristics

As of 12/31/23
Name Calamos Portfolio Russell 2000 Growth Index
Number of Holdings 96 1,072
Portfolio Turnover (12 months) 221.8% N/A
Median Market Cap $3.2 B $1.3 B
Weighted Avg. Market Cap $4.7 B $3.8 B

Performance

Annualized Total Returns

As of 12/31/23
Name 1-Year 3-Year 5-Year 10-Year Since Inception (4/01/08)
Timpani Small Cap Growth (Gross) 8.37% -8.76% 8.77% 7.77% 10.51%
Timpani Small Cap Growth (Net) 7.61% -9.41% 8.07% 7.12% 9.88%
Russell 2000 Growth Index 18.66% -3.50% 9.22% 7.16% 9.01%

Calendar Year Returns

As of 12/31/23
Name Qtr ending Dec 23 2023 2022 2021 2020 2019 2018 2017 2016 2015
Timpani Small Cap Growth (Gross) 7.07% 8.37% -36.63% 10.62% 64.90% 21.54% 0.86% 38.19% 0.01% -1.39%
Timpani Small Cap Growth (Net) 6.88% 7.61% -37.11% 9.83% 64.04% 20.90% 0.43% 37.63% -0.73% -1.87%
Russell 2000 Growth Index 12.75% 18.66% -26.36% 2.83% 34.63% 28.48% -9.31% 22.17% 11.32% -1.38%

Past performance does not guarantee or indicate future results. Current performance may be lower or higher than the performance quoted. 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, 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 US 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: 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 12/31/23
Name Calamos Timpani Small Cap Growth Composite Russell 2000 Growth Index
Alpha 1.97% N/A
Beta 0.96 1.00
Annualized Standard Deviation 22.23% 21.63%
Upside Semivariance 22.96% 21.85%
Downside Semivariance 19.08% 17.79%
Sharpe Ratio 0.43 0.38
Information Ratio 0.19 N/A
Sortino Ratio 0.63 0.55

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

As of 12/31/23

Vehicles & Minimums

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.

Literature

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.

Performance Review

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

Calamos Financial Services LLC, Distributor

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Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

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