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 30/6/15
Inception Date:
01/12/08
Strategy Assets*:
$714.3 M
Benchmark:
MSCI Emerging Markets Index

Resources

* Strategy Assets reflect all assets that are currently being managed (collectively) under the Calamos Emerging Economies Strategy.

Sector Weightings

AS OF 30/6/15
% of Assets MSCI Emerging Markets Index Under/Overweight %
Information Technology 25.4% 17.9%
Financials 23.2 29.7
Consumer Discretionary 16.1 9.0
Consumer Staples 9.7 8.1
Industrials 8.7 7.0
Energy 5.2 8.3
Health Care 4.3 2.5
Telecommunication Services 4.3 7.3
Materials 2.0 6.9
Utilities 1.1 3.3
 

Representative Portfolio Ten Largest Holdings

AS OF 30/6/15
Company Country Sector %
Naspers, Ltd. - Class N South Africa Consumer Discretionary 3.9
Samsung Electronics Co., Ltd. South Korea Information Technology 3.2
Tencent Holdings, Ltd. China Information Technology 3.1
Baidu, Inc. China Information Technology 2.9
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 2.6
Grupo Financiero Banorte, SAB de CV Mexico Financials 2.1
Larsen & Toubro, Ltd. India Industrials 2.1
China Mobile, Ltd. Hong Kong Telecom Services 2.0
Tata Consultancy Services, Ltd. India Information Technology 2.0
AYC Finance, Ltd. Philippines Financials 1.7

Characteristics

AS OF 30/6/15
  Calamos Portfolio MSCI Emerging Markets Index
Assets in Strategy $714.3 million N/A
# of Holdings 96 838
Portfolio Turnover
%(Since Inception)
N/A N/A
Median Market Cap ($bil) $20.8 $5.2
Weighted Average Market Cap ($bil) $58.5 $42.4
ROIC % 20.7% 16.4%
Debt/Capital % 28.7% 27.3%
PEG Ratio (1 year forward) 1.4x 1.3x

Largest Country Weightings

AS OF 30/6/15
Representative Portfolio MSCI Emerging Markets Index
China 16.7% 19.3%
India 12.4% 7.7%
Hong Kong 9.6% 5.5%
South Korea 9.1% 14.3%
Taiwan 8.4% 12.6%
Mexico 7.8% 4.6%
South Africa 5.8% 7.8%
Brazil 5.5% 7.5%
United States 4.3% 0.0%
Philippines 3.3% 1.4%

Global Summary

AS OF 30/6/15
Representative Portfolio MSCI Emerging Markets Index
Developed Markets 23.0% 5.6%
Emerging Markets 77.0% 94.4%

Composite Summary

AS OF 30/6/15
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2013 676 26,543 2.5% 2 338
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 30/6/15
1-Year3-Year5-YearSince Inception (12/08)
Emerging Economies (Gross)-5.56%5.49%6.90%13.36%
Emerging Economies (Net)-6.68%4.24%5.65%12.06%
MSCI Emerging Markets Index-4.77%4.08%4.03%12.81%

Calendar Year Returns

AS OF 30/6/15
                           Qtr ending Jun 15YTD 201520142013201220112010200912/1/2008 to 12/31/2008
Emerging Economies (Gross)0.99%4.42%-4.17%9.66%10.22%-6.95%22.27%58.59%4.57%
Emerging Economies (Net)0.69%3.80%-5.30%8.36%8.88%-8.02%20.96%56.92%4.48%
MSCI Emerging Markets Index0.82%3.12%-1.82%-2.27%18.63%-18.17%19.20%79.02%7.83%



44604B

Risk/Reward Since Inception

AS OF 30/6/15
  Calamos Emerging Economies Composite MSCI Emerging Markets Index
Alpha 3.80% N/A
Beta 0.70 1.00
Standard Deviation 15.44% 20.77%
Upside Semivariance 15.26% 26.12%
Downside Semivariance 5.91% 11.21%
Sharpe Ratio 0.86 0.61
Information Ratio -0.05 N/A

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

AS OF 30/6/15

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.