Institutional Strategies Main

GLOBAL OPPORTUNITIES

Strategy Objective

A lower-volatility global equity strategy that leverages Calamos’ capital structure research by investing in equities and equity-sensitive securities of global growth companies, in order to generate consistent alpha and manage downside volatility versus the MSCI All Country World Index over a full market cycle.

Key Differentiators
  • In-depth capital structure analysis
  • Rigorous top-down and fundamental research
  • Broader opportunity set to generate alpha and manage risk
  • Team approach to management

Strategy Details




As of 06/30/15
Inception Date:
10/01/96
Strategy Assets*:
$1.1 B
Benchmark:
MSCI ACWI Index

Resources

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

Sector Weightings

AS OF 06/30/15
% of Assets MSCI ACWI Index Under/Overweight %
Information Technology 27.2% 13.8%
Consumer Discretionary 16.1 12.7
Financials 14.9 21.9
Health Care 14.5 12.3
Industrials 10.1 10.3
Consumer Staples 6.6 9.5
Energy 5.6 7.4
Materials 1.9 5.3
Telecommunication Services 1.6 3.7
Utilities 1.5 3.1
 

Representative Portfolio Ten Largest Holdings

AS OF 06/30/15
Company Country Sector %
Google, Inc. - Class A United States Information Technology 4.1
Priceline Group, Inc. United States Consumer Discretionary 3.0
Naspers, Ltd. - Class N South Africa Consumer Discretionary 2.8
Azimut Holding, S.p.A. Italy Financials 2.8
LinkedIn Corp. United States Information Technology 2.6
Pandora, A/S Denmark Consumer Discretionary 2.2
Illumina, Inc. United States Health Care 2.2
Apple, Inc. United States Information Technology 2.0
Carillion Finance Jersey, Ltd. United Kingdom Industrials 1.9
Johnson & Johnson United States Health Care 1.8

Characteristics

AS OF 06/30/15
  Calamos Portfolio MSCI ACWI Index
Assets in Strategy $1.1 billion N/A
# of Holdings 107 2,483
Portfolio Turnover % (5-Year) 65.7% N/A
Median Market Cap ($bil) $79.6 $8.9
Weighted Average Market Cap ($bil) $153.5 $92.0
ROIC % 18.3% 14.6%
Debt/Capital % 30.3% 39.0%
PEG Ratio (1 year forward) 1.8x 1.9x

Credit Quality of Bonds

AS OF 06/30/15
AAA 0.0%
AA 0.0%
A 3.6%
BBB 27.0%
BB 45.7%
B 22.0%
CCC and below 1.7%
Unrated Securities 0.0%

Largest Country Weightings

AS OF 06/30/15
Representative Portfolio MSCI ACWI Index
United States 53.1% 50.4%
Japan 9.4% 8.0%
United Kingdom 5.3% 6.7%
Italy 3.9% 0.8%
Hong Kong 3.4% 1.7%
China 3.1% 2.1%
South Africa 2.8% 0.9%
Denmark 2.5% 0.6%
Switzerland 2.2% 3.6%
Taiwan 2.1% 1.3%

Global Summary

AS OF 06/30/15
Representative Portfolio MSCI ACWI Index
Developed Markets 88.3% 90.1%
Emerging Markets 11.7% 9.9%

Composite Summary

AS OF 06/30/15
Period Ending Composite Assets (in Millions) Total Assets (in Millions) % Of Total Assets Managed # Of Clients Average Acct. Size (in Millions)
12/31/2013 1,287 26,543 4.8% 16 80
12/31/2012 3,126 30,580 10.2% 32 98
12/31/2011 2,923 32,777 8.9% 32 91
12/31/2010 2,572 35,414 7.3% 27 95
12/31/2009 1,609 32,144 5.0% 25 64
12/31/2008 1,073 23,522 4.6% 25 43
12/31/2007 1,558 46,208 3.4% 10 156
12/31/2006 1,011 44,725 2.3% 5 202
12/31/2005 573 43,805 1.3% 2 287
12/31/2004 308 37,975 0.8% 1 308
12/31/2003 116 23,840 0.5% 1 116
12/31/2002 36 12,892 0.3% 1 36

44606B

Annualized Total Returns

AS OF 06/30/15
1-Year3-Year5-Year10-Year15-YearSince Inception (10/96)
Global Opportunities (Gross)1.31%9.03%9.15%7.90%6.61%9.87%
Global Opportunities (Net)0.56%8.20%8.28%6.96%5.64%8.85%
MSCI ACWI Index1.23%13.61%12.52%6.97%4.15%6.61%

Calendar Year Returns

AS OF 06/30/15
                           Qtr ending Jun 15YTD 201520142013201220112010200920082007200620052004200320022001200019991998199710/1/1996 to 12/31/1996
Global Opportunities (Gross)0.20%3.57%3.88%13.57%7.93%-1.05%16.39%34.34%-34.45%15.64%17.32%20.74%10.38%24.69%-3.72%-5.35%-4.13%50.10%16.37%20.70%5.10%
Global Opportunities (Net)0.02%3.20%3.07%12.73%7.06%-1.92%15.39%33.15%-35.08%14.56%16.14%19.56%9.29%23.47%-4.68%-6.29%-5.09%48.66%15.23%19.53%4.84%
MSCI ACWI Index0.52%2.97%4.71%23.44%16.80%-6.86%13.21%35.41%-41.85%12.18%21.53%11.37%15.75%34.63%-18.98%-15.91%-13.94%26.82%21.97%15.00%4.24%



44606B

Risk/Reward Since Inception

AS OF 06/30/15
  Calamos Global Opportunities Composite MSCI ACWI Index (USD)
Alpha 4.11% N/A
Beta 0.71 1.00
Standard Deviation 12.78% 16.00%
Upside Semivariance 8.89% 11.21%
Downside Semivariance 5.44% 10.52%
Sharpe Ratio 0.59 0.26
Information Ratio 0.34 N/A

44606B

Strategy Vehicles

Separately Managed Accounts Minimum: $25 million
Commingled Pool $5 million
Available for both qualified and non-qualified plans.
Institutional Mutual Fund (CGCIX) Minimum $1 million

34606E

Fact Sheet The Global Opportunities 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 Global Opportunities Strategy’s performance versus a benchmark, positioning, related market commentary, and outlook.
Managing Risk Using a Low-Volatility Equity Strategy A discussion of the Calamos Global Opportunities Strategy which has historically provided strong excess returns versus the MSCI ACWI Index with less volatility; downside risk protection in most periods; and alpha generation throughout market cycles.