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Strategy Objective
An all-cap growth equity strategy that invests in the common stocks of growth companies and seeks to outperform the S&P 1500 Growth 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 6/30/23| Inception Date: | 1/01/91 |
|---|---|
| Strategy Assets*: | $1.4 B |
| Benchmark: | S&P 1500 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
| Sector | % of Assets | S&P 1500 Growth Index | Under/Overweight % |
|---|---|---|---|
| Information Technology | 39.2% | 35.2% | |
| Consumer Discretionary | 15.4% | 10.5% | |
| Health Care | 11.8% | 16.7% | |
| Communication Services | 10.1% | 6.8% | |
| Industrials | 9.5% | 6.7% | |
| Financials | 7.5% | 7.3% | |
| Consumer Staples | 3.6% | 6.3% | |
| Materials | 2.0% | 2.5% | |
| Energy | 0.9% | 6.4% | |
| Real Estate | 0.0% | 1.0% | |
| Utilities | 0.0% | 0.7% | |
| Other | 0.0% | 0.0% | |
Representative Portfolio Ten Largest Holdings
| Company | Sector | % |
|---|---|---|
| Microsoft Corp. | Information Technology | 9.9 |
| Apple, Inc. | Information Technology | 9.8 |
| Alphabet, Inc. - Class A | Communication Services | 7.3 |
| Amazon.com, Inc. | Consumer Discretionary | 6.5 |
| NVIDIA Corp. | Information Technology | 4.9 |
| Visa, Inc. - Class A | Financials | 2.9 |
| Tesla, Inc. | Consumer Discretionary | 2.3 |
| UnitedHealth Group, Inc. | Health Care | 2.1 |
| Eli Lilly & Company | Health Care | 1.8 |
| Uber Technologies, Inc. | Industrials | 1.7 |
Characteristics
| Name | Calamos Portfolio | S&P 1500 Growth Index |
|---|---|---|
| Number of Holdings | 161 | 824 |
| Portfolio Turnover (12 months) | 55.9% | N/A |
| Median Market Cap | $10.9 B | $5.3 B |
| Weighted Avg. Market Cap | $920.5 B | $880.7 B |
| ROIC | 27.7% | 29.3% |
| Debt/Capital | 43.8% | 45.7% |
| PEG Ratio | 2.1x | 2.3x |
Performance
Annualized Total Returns
| Name | 1-Year | 3-Year | 5-Year | 10-Year | Since Index Inception (7/01/95) | Since Strategy Inception (1/01/91) |
|---|---|---|---|---|---|---|
| US All Cap Growth (Gross) | 24.51% | 11.19% | 11.57% | 12.85% | 14.18% | 14.03% |
| US All Cap Growth (Net) | 23.43% | 10.20% | 10.61% | 11.93% | 13.28% | 13.12% |
| S&P 1500 Growth Index | 18.16% | 11.81% | 12.48% | 14.11% | 10.35% |
Calendar Year Returns
| Name | Qtr ending Jun 23 | YTD 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| US All Cap Growth (Gross) | 13.56% | 28.14% | -32.45% | 24.90% | 34.68% | 32.75% | -4.65% | 28.16% | -1.52% | 3.59% | 9.95% |
| US All Cap Growth (Net) | 13.32% | 27.60% | -33.07% | 23.79% | 33.50% | 31.68% | -5.44% | 27.12% | -2.23% | 2.83% | 9.11% |
| S&P 1500 Growth Index | 10.16% | 20.28% | -28.66% | 31.16% | 32.43% | 30.56% | -0.82% | 26.49% | 7.90% | 5.21% | 13.94% |
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 or Risk/Rewards statistics presented reflect the Calamos All Cap Growth Composite which is an actively managed composite investing in common stocks, preferred stocks, securities convertible into US common stocks, and US dollar-denominated American Depository Receipts, primarily in high growth industries and companies across all market capitalizations. The Composite was created July 1, 2010, calculated with an inception date of January 1, 1991 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 S&P 1500 Growth Index consists of the growth segment of the securities found in the S&P 1500 Index. The S&P 1500 combines the S&P 500, S&P MidCap 400 and the S&P SmallCap 600.
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
| Name | Calamos All Cap Growth Composite | S&P 1500 Growth Index |
|---|---|---|
| Alpha | 4.04% | N/A |
| Beta | 1.03 | 1.00 |
| Annualized Standard Deviation | 21.67% | 16.93% |
| Upside Semivariance | 27.11% | 14.15% |
| Downside Semivariance | 13.61% | 10.55% |
| Sharpe Ratio | 0.55 | 0.48 |
| Information Ratio | 0.30 | N/A |
Since Inception Up/Down Capture Vs. S&P 1500 Growth Index
Vehicles & Minimums
Vehicles and Minimums
| Vehicle | Minimum | Availability |
|---|---|---|
| Separately Managed Accounts | $5 million | Available to new investors |
| Institutional Mutual Fund (CGRIX) | $1 million | These investment offerings are intended for investors inside the United States. |
Literature
US All Cap Growth Fact Sheet
The US All Cap Growth Strategy fact sheet provides a snap shot of the investment team, the investment strategy, performance, composition, ratings and returns.