Institutional Strategies Main

INTERNATIONAL GROWTH

Strategy Objective

A non-U.S. all-cap growth equity strategy that invests in the common stocks of growth companies based outside the United States and seeks to outperform the MSCI ACWI ex-U.S. 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 09/30/16
Inception Date:
04/01/05
Strategy Assets*:
$410.4 M
Benchmark:
MSCI ACWI ex-US Growth

Resources

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

Sector Weightings

AS OF 09/30/16
% of Assets MSCI ACWI ex-US Growth Under/Overweight %
Information Technology 23.1% 14.0%
Consumer Staples 14.5 19.7
Health Care 14.0 12.2
Industrials 13.9 13.5
Consumer Discretionary 13.8 13.1
Financials 8.1 9.2
Materials 4.4 6.9
Energy 3.7 2.6
Real Estate 3.1 2.7
Telecom Services 1.4 4.6
 

Representative Portfolio Ten Largest Holdings

AS OF 09/30/16
Company Country Sector %
Taiwan Semiconductor Mfg Co. Taiwan Information Technology 3.2
Tencent Holdings, Ltd. China Information Technology 2.8
SAP SE Germany Information Technology 2.5
Naspers, Ltd. - Class N South Africa Consumer Discretionary 2.5
FANUC Corp. Japan Industrials 2.1
Alibaba Group Holding, Ltd. China Information Technology 2.1
Pandora, A/S Denmark Consumer Discretionary 2.0
Diageo, PLC United Kingdom Consumer Staples 1.9
Unilever, NV United Kingdom Consumer Staples 1.9
British American Tobacco, PLC United Kingdom Consumer Staples 1.8

Characteristics

AS OF 09/30/16
  Calamos Portfolio MSCI ACWI ex-US Growth
Assets in Strategy $410.4 million N/A
# of Holdings 89 1,055
Portfolio Turnover % (12-Month) 71.9% N/A
Median Market Cap ($bil) $19.3 $7.0
Weighted Average Market Cap ($bil) $62.4 $58.5
ROIC % 18.0% 14.9%
Debt/Capital % 27.3% 31.4%
PEG Ratio (1 year forward) 1.7x 2.0x

Composite Summary

AS OF 09/30/16
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2015 688 23,506 2.9% 1 688
12/31/2014 585 21,908 2.7% 1 585
12/31/2013 1,395 26,543 5.3% 2 698
12/31/2012 1,660 30,580 5.4% 6 277
12/31/2011 794 32,777 2.4% 2 397
12/31/2010 332 35,414 0.9% 1 332
12/31/2009 241 32,144 0.7% 1 241
12/31/2008 180 23,522 0.8% 1 180
12/31/2007 540 46,208 1.2% 1 540
12/31/2006 332 44,725 0.7% 1 332
12/31/2005 158 43,805 0.4% 1 158

44604C

Annualized Total Returns

AS OF 09/30/16
1-Year3-Year5-Year10-YearSince Inception (4/05)
International Growth (Gross)8.24%2.87%7.31%6.50%8.34%
International Growth (Net)7.19%1.88%6.31%5.48%7.30%
MSCI ACWI ex-US Growth11.91%2.59%7.82%3.50%5.51%

Calendar Year Returns

AS OF 09/30/16
                           Qtr Ending Sep 16YTD 2016201520142013201220112010200920082007200604/01/2005 to 12/31/2005
International Growth (Gross)6.76%2.66%4.24%-5.10%15.75%15.14%-3.97%22.56%59.22%-47.48%24.06%23.31%23.42%
International Growth (Net)6.50%1.91%3.23%-6.00%14.74%14.08%-4.97%21.37%57.69%-48.00%22.85%22.10%22.51%
MSCI ACWI ex-US Growth6.11%6.54%-0.91%-2.29%15.86%17.07%-13.93%14.78%39.21%-45.41%21.40%23.96%17.31%



44604B

Risk/Reward Since Inception

AS OF 09/30/16
  Calamos International Growth Composite MSCI ACWI ex-US Growth (USD)
Alpha 2.78% N/A
Beta 1.02 1.00
Standard Deviation 19.08% 17.95%
Upside Semivariance 16.37% 13.30%
Downside Semivariance 14.43% 13.71%
Sharpe Ratio 0.3726 0.2381
Information Ratio 0.5254 N/A

Since Inception Up/Down Capture Vs. MSCI ACWI ex-US Growth

AS OF 09/30/16

44604B

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Commingled Pool $1 million
Available for both qualified and non-qualified plans.
Institutional Mutual Fund (CIGIX) Minimum $1 million

34604E

Calamos International Growth Institutional Strategy Fact Sheet
Fact Sheet The International Growth 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 International Growth Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
Finding Growth Opportunities in Non-U.S. Equity Markets A discussion of the Calamos International Growth strategy which has historically provided a focus on high-quality growth companies; diversification across sectors and non-U.S. markets; and strong excess returns versus the MSCI ACWI ex-US Growth Index.