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 31/12/15
Inception Date:
01/12/2008
Strategy Assets*:
$543.0 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 31/12/15
% of Assets MSCI Emerging Markets Index Under/Overweight %
Information Technology 23.6% 22.6%
Consumer Discretionary 22.3 10.2
Financials 22.0 27.2
Consumer Staples 10.7 8.1
Industrials 9.0 6.8
Health Care 4.7 2.8
Telecommunication Services 3.6 6.6
Energy 2.3 6.8
Utilities 1.8 3.1
Materials 0.0 5.8
 

Representative Portfolio Ten Largest Holdings

AS OF 31/12/15
Company Country Sector %
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 3.6
Naspers, Ltd. - Class N South Africa Consumer Discretionary 3.5
Ctrip.com International, Ltd. China Consumer Discretionary 3.2
Baidu, Inc. China Information Technology 3.1
China Mobile, Ltd. Hong Kong Telecom Services 3.1
Samsung Electronics Company, Ltd. South Korea Information Technology 3.1
Tencent Holdings, Ltd. China Information Technology 2.7
AIA Group, Ltd. Hong Kong Financials 2.4
AYC Finance, Ltd. Philippines Financials 2.3
Diageo, PLC United Kingdom Consumer Staples 1.9

Characteristics

AS OF 31/12/15
  Calamos Portfolio MSCI Emerging Markets Index
Assets in Strategy $543.0 million N/A
# of Holdings 80 838
Portfolio Turnover
%(Since Inception)
N/A N/A
Median Market Cap ($bil) $16.0 $4.5
Weighted Average Market Cap ($bil) $59.5 $42.1
ROIC % 20.2% 17.7%
Debt/Capital % 28.0% 26.5%
PEG Ratio (1 year forward) 1.5x 1.3x

Largest Country Weightings

AS OF 31/12/15
Representative Portfolio MSCI Emerging Markets Index
China 18.4% 23.4%
India 10.6% 8.5%
Hong Kong 10.2% 5.2%
Taiwan 8.4% 11.7%
Mexico 7.5% 4.3%
South Korea 7.3% 15.0%
Philippines 4.5% 1.4%
United Kingdom 3.8% 0.0%
South Africa 3.5% 6.1%
Brazil 3.2% 5.3%

Global Summary

AS OF 31/12/15
Representative Portfolio MSCI Emerging Markets Index
Developed Markets 27.2% 5.7%
Emerging Markets 72.8% 94.3%

Composite Summary

AS OF 31/12/15
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 31/12/15
1-Year3-Year5-YearSince Inception (12/08)
Emerging Economies (Gross)-7.25%-0.85%-0.01%10.49%
Emerging Economies (Net)-8.36%-2.03%-1.19%9.22%
MSCI Emerging Markets Index-14.60%-6.42%-4.47%8.91%

Calendar Year Returns

AS OF 31/12/15
                           Qtr ending Dec 15201520142013201220112010200912/1/2008 to 12/31/2008
Emerging Economies (Gross)3.18%-7.25%-4.17%9.66%10.22%-6.95%22.27%58.59%4.57%
Emerging Economies (Net)2.87%-8.36%-5.30%8.36%8.88%-8.02%20.96%56.92%4.48%
MSCI Emerging Markets Index0.73%-14.60%-1.82%-2.27%18.63%-18.17%19.20%79.02%7.83%



44604B

Risk/Reward Since Inception

AS OF 31/12/15
  Calamos Emerging Economies Composite MSCI Emerging Markets Index
Alpha 3.64% N/A
Beta 0.71 1.00
Standard Deviation 15.62% 20.88%
Upside Semivariance 14.64% 24.88%
Downside Semivariance 6.56% 12.26%
Sharpe Ratio 0.67 0.42
Information Ratio 0.06 N/A

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

AS OF 31/12/15

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.