Timpani SMID Growth Strategy

Strategy Objective

We use an active, fundamental, bottom-up security selection process when researching stocks for our small and mid-cap growth portfolio. Utilizing Timpani's research-intensive approach, the investment team expects to add value primarily through security selection (approximately 90%) with the remainder coming from sector allocation.

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: 3/01/15
Strategy Assets*: $1.1 M
Benchmark: Russell 2500 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 2500 Growth Index Under/Overweight %
Information Technology 31.4% 25.8%
Health Care 23.7% 22.1%
Consumer Discretionary 21.0% 14.6%
Industrials 9.4% 17.0%
Financials 5.4% 7.0%
Energy 3.3% 1.0%
Consumer Staples 2.6% 1.9%
Materials 2.4% 4.3%
Communication Services 0.7% 3.2%
Real Estate 0.0% 2.8%
Utilities 0.0% 0.3%

Representative Portfolio Ten Largest Holdings

As of 6/30/19
Company Sector %
Heico Corp. Industrials 3.1
Exact Sciences Corp. Health Care 3.0
Chegg, Inc. Consumer Discretionary 2.9
Euronet Worldwide, Inc. Information Technology 2.9
Five9, Inc. Information Technology 2.6
Ingevity Corp. Materials 2.4
Planet Fitness, Inc. Consumer Discretionary 2.2
Zebra Technologies Corp.- Class A Information Technology 2.1
LendingTree, Inc. Financials 2.1
Ringcentral, Inc. - Class A Information Technology 2.1

Characteristics

As of 6/30/19
Name Calamos Portfolio Russell 2500 Growth Index
Strategy Assets $1.1 M N/A
Number of Holdings 86 1,477

The results portrayed on this page are for the Timpani SMID 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 SMID Growth Composite, which is an actively managed Composite investing in common stocks of small and mid- market capitalization companies with sound growth potential. The Composite was created March 1, 2015, and calculated with an inception date of March 1, 2015. Results include all fully discretionary accounts, including those no longer with the Firm. On May 31, 2019, Calamos acquired Timpani Capital Management LLC, which has managed the strategy since its inception in 2015. 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 2500® Growth Index measures the performance of the small to midcap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential. The Russell 2500 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 Since Inception (3/15)
Timpani SMID Growth (Gross) 8.39% 20.92% 11.58%
Timpani SMID Growth (Net) 7.31% 19.74% 10.48%
Russell 2500 Growth Index 6.13% 16.13% 9.43%

Calendar Year Returns

As of 6/30/19
Name Qtr ending Jun 19 YTD 2019 2018 2017 2016 3/1/15 - 12/31/15
Timpani SMID Growth (Gross) 6.90% 25.90% -2.74% 37.45% 1.93% -6.23%
Timpani SMID Growth (Net) 6.63% 25.29% -3.71% 36.12% 0.91% -7.01%
Russell 2500 Growth Index 4.14% 23.92% -7.47% 24.45% 9.73% -5.57%

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 SMID Growth Composite, which is an actively managed Composite investing in common stocks of small and mid- market capitalization companies with sound growth potential. The Composite was created March 1, 2015, and calculated with an inception date of March 1, 2015. Results include all fully discretionary accounts, including those no longer with the Firm. On May 31, 2019, Calamos acquired Timpani Capital Management LLC, which has managed the strategy since its inception in 2015. 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 2500® Growth Index measures the performance of the small to midcap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential. The Russell 2500 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.

Since Inception Up/Down Capture Vs. Russell 2500 Growth Index

As of 6/30/19

Risk/Reward Since Inception

As of 6/30/19
Name Calamos Timpani SMID Growth Composite Russell 2500 Growth Index
Alpha 2.08% N/A
Beta 1.01 1.00
Annualized Standard Deviation 17.61% 16.31%
Upside Semivariance 14.77% 12.09%
Downside Semivariance 11.66% 10.40%
Sharpe Ratio 0.60 0.52
Information Ratio 0.35 N/A
Sortino Ratio 0.89 0.75

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 SMID Growth Composite, which is an actively managed Composite investing in common stocks of small and mid- market capitalization companies with sound growth potential. The Composite was created March 1, 2015, and calculated with an inception date of March 1, 2015. Results include all fully discretionary accounts, including those no longer with the Firm. On May 31, 2019, Calamos acquired Timpani Capital Management LLC, which has managed the strategy since its inception in 2015. 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 2500® Growth Index measures the performance of the small to midcap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential. The Russell 2500 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 (CTIGX) $1 million These investment offerings are intended for investors inside the United States.