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 31/12/14
Inception Date:
01/12/08
Strategy Assets*:
$678.5 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 31/12/14
% of Assets MSCI Emerging Markets Index Under/Overweight %
Information Technology 26.8% 18.0%
Financials 25.1 29.2
Consumer Discretionary 19.7 9.2
Industrials 6.4 6.7
Consumer Staples 6.0 8.2
Telecommunication Services 5.8 7.5
Materials 4.2 7.4
Energy 3.1 8.0
Health Care 2.4 2.3
Utilities 0.5 3.5
 

Representative Portfolio Ten Largest Holdings

AS OF 31/12/14
Company Country Sector %
Naspers, Ltd. - Class N South Africa Consumer Discretionary 3.5
MediaTek, Inc. Taiwan Information Technology 3.0
Samsung Electronics Company, Ltd. South Korea Information Technology 2.8
Tencent Holdings, Ltd. China Information Technology 2.7
Cemex, SAB de CV Mexico Materials 2.6
Epistar Corp. Taiwan Information Technology 2.5
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 2.5
Baidu, Inc. China Information Technology 2.4
Tata Consultancy Services, Ltd. India Information Technology 2.2
China Mobile, Ltd. Hong Kong Telecom Services 2.2

Characteristics

AS OF 31/12/14
  Calamos Portfolio MSCI Emerging Markets Index
Assets in Strategy $678.5 million N/A
# of Holdings 90 834
Portfolio Turnover
%(Since Inception)
N/A N/A
Median Market Cap ($bil) $22.7 $5.0
Weighted Average Market Cap ($bil) $56.3 $38.5
ROIC % 21.4% 16.9%
Debt/Capital % 26.1% 27.3%
PEG Ratio (1 year forward) 1.2x 1.2x

Largest Country Weightings

AS OF 31/12/14
Representative Portfolio MSCI Emerging Markets Index
Taiwan 12.0% 12.6%
China 11.5% 17.0%
India 11.0% 7.1%
Mexico 9.3% 4.9%
Hong Kong 9.0% 4.9%
South Korea 8.5% 14.8%
Brazil 6.4% 8.9%
South Africa 6.0% 7.8%
Japan 3.5% 0.0%
Indonesia 3.1% 2.8%

Global Summary

AS OF 31/12/14
Representative Portfolio MSCI Emerging Markets Index
Developed Markets 21.8% 0.0%
Emerging Markets 78.2% 0.0%

Composite Summary

AS OF 31/12/14
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 31/12/14
1-Year3-Year5-YearSince Inception (12/08)
Emerging Economies (Gross)-4.17%5.02%5.68%13.71%
Emerging Economies (Net)-5.30%3.77%4.45%12.41%
MSCI Emerging Markets Index-1.82%4.41%2.11%13.35%

Calendar Year Returns

AS OF 31/12/14
                           Qtr ending Dec 1420142013201220112010200912/1/2008 to 12/31/2008
Emerging Economies (Gross)-3.11%-4.17%9.66%10.22%-6.95%22.27%58.59%4.57%
Emerging Economies (Net)-3.40%-5.30%8.36%8.88%-8.02%20.96%56.92%4.48%
MSCI Emerging Markets Index-4.44%-1.82%-2.27%18.63%-18.17%19.20%79.02%7.83%



44604B

Risk/Reward Since Inception

AS OF 31/12/14
  Calamos Emerging Economies Composite MSCI Emerging Markets Index
Alpha 3.73% N/A
Beta 0.70 1.00
Standard Deviation 15.86% 21.24%
Upside Semivariance 16.08% 27.31%
Downside Semivariance 6.29% 11.80%
Sharpe Ratio 0.86 0.62
Information Ratio -0.08 N/A

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

AS OF 31/12/14

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.