Institutional Strategies Main

EMERGING ECONOMIES

Strategy Objective

A risk-managed, emerging market equity strategy that seeks to gain exposure to emerging economies and outperform the MSCI Emerging Markets Index over a full market cycle, with lower volatility and downside risk.

Key Differentiators
  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • Risk-managed growth exposure
  • Emerging market revenue mapping
  • Team approach to management

Strategy Details




As of 31/3/14
Inception Date:
01/12/08
Strategy Assets*:
$711.3 M
Benchmark:
MSCI Emerging Markets Index

Resources

* Strategy Assets includes assets under management as well as assets for which the company provides model portfolio design and oversight.

Sector Weightings

AS OF 31/3/14
% of Assets MSCI Emerging Markets Index Under/Overweight %
Information Technology 24.9% 16.7%
Consumer Discretionary 20.8 9.2
Financials 18.2 26.8
Consumer Staples 8.8 8.5
Industrials 7.4 6.6
Energy 6.7 10.7
Materials 5.0 9.4
Health Care 4.9 1.7
Telecommunication Services 3.3 6.9
Utilities 0.0 3.5
 

Representative Portfolio Ten Largest Holdings

AS OF 31/3/14
Company Country Sector %
MediaTek, Inc. Taiwan Information Technology 4.3
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 3.9
Biostime International Holdings, Ltd. China Consumer Staples 2.9
Tencent Holdings, Ltd. China Information Technology 2.7
Naspers, Ltd. South Africa Consumer Discretionary 2.6
Hyundai Motor Company South Korea Consumer Discretionary 2.1
MGM China Holdings, Ltd. Hong Kong Consumer Discretionary 2.1
Apple, Inc. United States Information Technology 2.0
Schlumberger, Ltd. United States Energy 2.0
Alsea, SAB de CV Mexico Consumer Discretionary 1.9

Characteristics

AS OF 31/3/14
  Calamos Portfolio MSCI Emerging Markets Index
Assets in Strategy $711.3 million N/A
# of Holdings 87 822
Portfolio Turnover
%(Since Inception)
N/A N/A
Median Market Cap ($bil) $20.0 $4.8
Weighted Average Market Cap ($bil) $57.8 $37.3
ROIC % 22.3% 17.1%
Debt/Capital % 24.1% 27.5%
PEG Ratio (1 year forward) 0.9x 1.2x

Largest Country Weightings

AS OF 31/3/14
Representative Portfolio MSCI Emerging Markets Index
Taiwan 12.8% 11.9%
China 12.7% 14.5%
Mexico 8.8% 5.1%
Hong Kong 8.7% 4.4%
United States 8.0% 0.1%
South Korea 6.3% 15.8%
South Africa 5.2% 7.8%
Switzerland 4.4% 0.0%
Brazil 4.2% 11.0%
India 4.1% 6.7%

Global Summary

AS OF 31/3/14
Representative Portfolio MSCI Emerging Markets Index
Developed Markets 36.4% 0.0%
Emerging Markets 63.6% 0.0%

Composite Summary

AS OF 31/3/14
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2012 437 30,580 1.4% 2 219
12/31/2011 321 32,777 1.0% 2 160
12/31/2010 136 35,414 0.4% 1 136
12/31/2009 49 32,144 0.2% 1 49
12/31/2008 19 23,522 0.1% 1 19

44604C

Annualized Total Returns

AS OF 31/3/14
1-Year3-Year5-YearSince Inception (12/08)
Emerging Economies (Gross)8.59%2.53%16.95%16.83%
Emerging Economies (Net)7.31%1.30%15.62%15.50%
MSCI Emerging Markets Index-1.07%-2.54%14.83%15.69%

Calendar Year Returns

AS OF 31/3/14
                           Qtr ending Mar 14YTD 20142013201220112010200912/1/2008 to 12/31/2008
Emerging Economies (Gross)0.47%0.47%9.66%10.22%-6.95%22.27%58.59%4.57%
Emerging Economies (Net)0.18%0.18%8.36%8.88%-8.02%20.96%56.92%4.48%
MSCI Emerging Markets Index-0.37%-0.37%-2.27%18.63%-18.17%19.20%79.02%7.83%



44604B

Risk/Reward Since Inception

AS OF 31/3/14
  Calamos Emerging Economies Composite MSCI Emerging Markets Index
Alpha 5.04% N/A
Beta 0.70 1.00
Standard Deviation 16.41% 22.16%
Upside Semivariance 18.11% 30.68%
Downside Semivariance 6.31% 12.26%
Sharpe Ratio 1.02 0.70
Information Ratio -0.01 N/A

Since Inception Up/Down Capture Vs. MSCI Emerging Markets Index

AS OF 31/3/14

44604B

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Commingled Pool $5 million
Available for both qualified and non-qualified plans.
UCITS (Available in A, I, X Share Classes) $1 million

34604E

Fact Sheet The Emerging Economies Strategy fact sheet provides a snap shot of the investment team, the investment strategy, performance, composition, ratings and returns.
Performance Review A discussion of the Calamos Emerging Economies Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
Equity Valuation Process A review of Calamos Investments’ research process for determining a company’s business valuation and how Calamos research uncovers the economic profits of a company and how our research determines the quality of the cash flows, the return on capital, and finally, the equity’s valuation.
Fine-Tuning Exposure to Growth in Emerging Economies The Calamos Investment team discusses our flexible, risk-managed approach to uncovering growth opportunities emanating from emerging markets.