Institutional Strategies Main

EMERGING MARKET EQUITY

Strategy Objective

A growth-oriented emerging market equity strategy that invests in the common stocks of emerging market-domiciled companies and seeks to outperform the MSCI Emerging Markets 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 12/31/14
Inception Date:
12/01/13
Strategy Assets*:
$17.7 M
Benchmark:
MSCI Emerging Markets Index

Resources

Sector Weightings

AS OF 12/31/14
% of Assets MSCI Emerging Markets Index Under/Overweight %
Financials 32.1% 29.2%
Information Technology 25.1 18.0
Consumer Discretionary 15.1 9.2
Telecommunication Services 6.5 7.5
Industrials 6.2 6.7
Consumer Staples 4.8 8.2
Energy 3.6 8.0
Materials 3.6 7.4
Health Care 2.0 2.3
Utilities 1.0 3.5
 

Representative Portfolio Ten Largest Holdings

AS OF 12/31/14
Company Country Sector %
Naspers, Ltd. - Class N South Africa Consumer Discretionary 4.1
Baidu, Inc. China Information Technology 3.1
Samsung Electronics Company, Ltd. South Korea Information Technology 2.8
Taiwan Semiconductor Manufacturing Company, Ltd. Taiwan Information Technology 2.7
MediaTek, Inc. Taiwan Information Technology 2.7
China Mobile, Ltd. Hong Kong Telecom Services 2.6
Tencent Holdings, Ltd. China Information Technology 2.5
Grupo Financiero Banorte, SAB de CV Mexico Financials 2.1
Axis Bank, Ltd. India Financials 2.1
ICICI Bank, Ltd. India Financials 2.1

Characteristics

AS OF 12/31/14
  Calamos Portfolio MSCI Emerging Markets Index
Assets in Strategy $17.7 million N/A
# of Holdings 89 834
Portfolio Turnover % (5-Year) N/A N/A
Median Market Cap ($bil) $15.3 $5.0
Weighted Average Market Cap ($bil) $42.1 $38.5
ROIC % 22.9% 16.9%
Debt/Capital % 28.2% 27.3%
PEG Ratio (1 year forward) 1.1x 1.2x

Largest Country Weightings

AS OF 12/31/14
Representative Portfolio MSCI Emerging Markets Index
China 18.0% 17.0%
India 9.7% 7.1%
Mexico 9.5% 4.9%
Taiwan 9.4% 12.6%
South Korea 9.2% 14.8%
Brazil 9.0% 8.9%
Hong Kong 8.1% 4.9%
South Africa 7.5% 7.8%
Indonesia 5.4% 2.8%
Philippines 4.4% 1.3%

Regional Exposure

AS OF 12/31/14
Asia/Pacific 67.2%
Latin America 20.0%
Middle East/Africa 8.4%
Europe 4.4%
North America 0.0%

Calendar Year Returns

AS OF 12/31/14
                           Qtr ending Dec 142014Since Inception (12/13)
Emerging Market Equity (Gross)-3.32%-5.47%-3.74%
Emerging Market Equity (Net)-3.59%-6.49%-4.77%
MSCI Emerging Markets Index-4.44%-1.82%-2.98%



Risk/Reward Since Inception

AS OF 12/31/14
  Calamos Emerging Market Equity Composite MSCI Emerging Markets Index
Alpha -1.12% N/A
Beta 0.86 1.00
Standard Deviation 12.53% 12.56%
Upside Semivariance 4.79% 3.94%
Downside Semivariance 8.39% %
Sharpe Ratio -0.30 -0.24
Information Ratio -0.12 N/A

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

AS OF 12/31/14

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Institutional Mutual Fund (CIEIX) Minimum $1 million

34601E

Fact Sheet The Emerging Market Equity Strategy fact sheet provides a snap shot of the investment team, the investment strategy, performance, composition, ratings and returns.
Emerging Market Equity Strategy Performance Review A quarterly discussion of the Calamos Emerging Market Equity Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
Investment Team View the Growth Equity/Fixed Income Team biographies