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 30/6/14
Inception Date:
01/12/08
Strategy Assets*:
$785.2 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 30/6/14
% of Assets MSCI Emerging Markets Index Under/Overweight %
Information Technology 24.9% 17.3%
Consumer Discretionary 20.3 9.1
Financials 19.5 26.8
Industrials 9.6 6.6
Energy 9.1 10.7
Materials 5.5 8.8
Consumer Staples 5.5 8.3
Telecommunication Services 3.1 7.0
Health Care 2.5 1.8
Utilities 0.0 3.6
 

Representative Portfolio Ten Largest Holdings

AS OF 30/6/14
Company Country Sector %
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 3.8
MediaTek, Inc. Taiwan Information Technology 3.1
Naspers, Ltd. - N Shares South Africa Consumer Discretionary 2.6
Tencent Holdings, Ltd. China Information Technology 2.6
Grupo Financiero Banorte, SAB de CV Mexico Financials 2.5
Hyundai Motor Company South Korea Consumer Discretionary 2.4
Metropolitan Bank & Trust Co. Philippines Financials 2.3
Alsea, SAB de CV Mexico Consumer Discretionary 2.1
Cemex, SAB de CV Mexico Materials 2.1
Epistar Corp. Taiwan Information Technology 2.0

Characteristics

AS OF 30/6/14
  Calamos Portfolio MSCI Emerging Markets Index
Assets in Strategy $785.2 million N/A
# of Holdings 89 833
Portfolio Turnover
%(Since Inception)
N/A N/A
Median Market Cap ($bil) $15.0 $5.3
Weighted Average Market Cap ($bil) $52.7 $39.3
ROIC % 21.6% 16.5%
Debt/Capital % 25.6% 27.9%
PEG Ratio (1 year forward) 1.0x 1.2x

Largest Country Weightings

AS OF 30/6/14
Representative Portfolio MSCI Emerging Markets Index
Taiwan 13.0% 12.2%
China 11.0% 14.1%
Mexico 9.2% 5.1%
Hong Kong 8.2% 4.2%
United States 7.2% 0.1%
India 6.4% 6.8%
Brazil 6.2% 10.9%
Philippines 6.0% 1.0%
South Africa 5.3% 7.5%
South Korea 4.8% 15.6%

Global Summary

AS OF 30/6/14
Representative Portfolio MSCI Emerging Markets Index
Developed Markets 29.5% 0.0%
Emerging Markets 70.5% 0.0%

Composite Summary

AS OF 30/6/14
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 30/6/14
1-Year3-Year5-YearSince Inception (12/08)
Emerging Economies (Gross)19.85%4.16%13.12%17.13%
Emerging Economies (Net)18.45%2.91%11.82%15.79%
MSCI Emerging Markets Index14.68%-0.06%9.58%16.28%

Calendar Year Returns

AS OF 30/6/14
                           Qtr ending Jun 14YTD 20142013201220112010200912/1/2008 to 12/31/2008
Emerging Economies (Gross)5.46%5.96%9.66%10.22%-6.95%22.27%58.59%4.57%
Emerging Economies (Net)5.15%5.34%8.36%8.88%-8.02%20.96%56.92%4.48%
MSCI Emerging Markets Index6.71%6.32%-2.27%18.63%-18.17%19.20%79.02%7.83%



44604B

Risk/Reward Since Inception

AS OF 30/6/14
  Calamos Emerging Economies Composite MSCI Emerging Markets Index
Alpha 4.95% N/A
Beta 0.70 1.00
Standard Deviation 16.06% 21.69%
Upside Semivariance 17.50% 29.60%
Downside Semivariance 6.03% 11.71%
Sharpe Ratio 1.06 0.75
Information Ratio -0.04 N/A

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

AS OF 30/6/14

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.
Investment Team View the Growth Equity/Fixed Income Team biographies
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.