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CLMS_Keynote_2

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CLMS_Keynote_2

  1. 1. calamos.com CALAMOS DISCOVERY GROWTH FUND 2Q 2013 Emerging Growth Opportunities
  2. 2. AGENDA » Calamos Overview » Investment Opportunity » Investment Solution » Appendix 2Q12
  3. 3. CALAMOS OVERVIEW 3 FIRM OVERVIEW » AUM of $33.4 billion » 20+ Strategies » Global offices in Naperville (IL), New York and London » 342 employees » 51 investment professionals » Clients in over 50 countries Driven By Independent Thinking » A global investment firm committed to excellence in investment management and client service » Serving the needs of institutional and individual investors for over 30 years » Offering a range of global investment solutions to work with a client’s asset allocation framework • Equity • Fixed Income • Convertibles • Alternatives 2Q12 calamos.com calamos.comCALAMOS DISCOVERY GROWTH FUND
  4. 4. calamos.comCALAMOS DISCOVERY GROWTH FUND FIRM & INVESTMENT MANAGEMENT EVOLUTION Corporate Milestones Investment Strategy Launches 4 2Q12 John P. Calamos, Sr. establishes 
 an investment firm Nick Calamos joins firm Began investing overseas Funds available on major 401k platforms Calamos offers first of five closed- end funds Launch of UCITS for non- U.S. investors Calamos adds value equity team Calamos becomes a public company (NASDAQ: CLMS) Calamos opens London office Convertible U.S.Opportunities U.S.Growth GlobalOpportunities HighIncome GlobalConvertible U.S.MidCapGrowth U.S.LargeCapGrowth InternationalGrowth GlobalGrowth EmergingEconomies U.S.SmidCapGrowth First institutional client GlobalHighIncome
  5. 5. CALAMOS PRODUCT OFFERINGS 5 Flexible, Opportunistic and Risk-managed Portfolios for 
 Global Asset Allocation 2Q12 calamos.comCALAMOS DISCOVERY GROWTH FUND ˆInstitutional Separate Account † Mutual Fund º UCITS Fund ‡ Closed-End Fund ASSET CLASS AUM STRATEGIES U.S. Equity $17.26 B All Cap Growthˆ†º Large Cap Growthˆ† Mid Cap Growthˆº SMID Cap Growthº‡ Value† U.S. Opportunities†º Global Equity $5.69 B Global Growthˆ†º International Growthˆº Emerging Economies† Global Opportunitiesº‡ ASSET CLASS AUM STRATEGIES Convertible $5.07 B Convertibleˆ† Global Convertibleº‡ Fixed Income $2.95 B High Incomeˆ†º Fixed Incomeˆº Alternative $2.42 B Market Neutralº‡
  6. 6. INVESTMENT PHILOSOPHY 6 Global Views Inform Fundamental Research: Our Beliefs » Entrepreneurial innovation and the transformative powers of global markets determine trends and provide investment opportunities. » Global trends and economic forces impact discount rates, future growth and overall risk; global macroeconomic analysis is therefore essential. » Capitalism and economic freedoms are correlated to the standard of living within a country. » We conduct capital structure research because events impact at the company level and not only at the security level. » We attempt to manage risks, not performance. 2Q12 calamos.comCALAMOS DISCOVERY GROWTH FUND
  7. 7. calamos.comCALAMOS DISCOVERY GROWTH FUND INVESTMENT PROCESS Evaluating the Source and Sustainability of Growth 7 2Q12 TOP-DOWN CONSIDERATIONS » Global macro analysis » Industry and sector » Thematic » Risk posture BOTTOM-UP CONSIDERATIONS » Credit analysis » Fundamental analysis » Quantitative analysis » Risk/reward INVESTMENT CANDIDATES PORTFOLIO CONSTRUCTION CONSIDERATIONS » Consistency with top- down perspective » Diversification • Themes • Sectors • Countries • Numbers of Holdings • Position size PORTFOLIO ONGOING MANAGEMENT/ RISK MONITORING » Scenario analysis » Risk/reward » Attribution analysis » Liquidity analysis » Portfolio characteristics » Guideline compliance
  8. 8. calamos.comCALAMOS DISCOVERY GROWTH FUND INVESTMENT OPPORTUNITY
  9. 9. calamos.comCALAMOS DISCOVERY GROWTH FUND CALAMOS OUTLOOK: 
 TRENDS DRIVING GROWTH IN 2013 Valuations of Quality, Well-managed Growth Companies are Deeply Discounted » Growth is undervalued relative to value and corporate bonds. Growth companies have better earnings projections and stronger fundamentals. » The value placed on future cash flows has trended lower, and today is among the lowest in the past 30 years. Previous troughs in the value of future growth have often coincided with high 12- month forward returns for stocks. » There is an investor “no growth” mindset embedded in equity valuations. This presents an opportunity for investor that stay the course or buy-in now to participate as growth stocks benefit from economic recovery. » We believe the increase in global trade provides an opportunity for multinational companies to benefit from growing GDP coming from outside the U.S. We invest in global growth, not just in U.S. GDP. » Global reflation, increased consumption for the emerging markets’ growing middle class, and enhanced U.S. productivity will likely benefit sectors like information technology, consumer cyclicals and materials. » We believe that coordinated reflation efforts (i.e. ECB easing and expanding balance sheets, fed swap loans and emerging economies lowering rates and credit standards) will spur global liquidity and economic growth. 9 2Q12
  10. 10. GROWTH IS UNDERVALUED 
 RELATIVE TO HISTORICAL LEVELS 10 2Q12 calamos.comCALAMOS DISCOVERY GROWTH FUND GROWTH COMPANY VALUATIONS, % OF MARKET VALUE BASED ON FUTURE CASH FLOWS Russell 1000 Growth Index, Quarterly From 12/31/80 to 6/30/12 » The chart shows the value of future growth, as represented by future cash flows, for the Russell 1000 universe of growth companies. » The value placed on future cash flows has trended lower for much of the last decade and today is near its low for the past 30 years (green line, right axis) » Previous troughs in the value of future growth have often coincided with high 12-month forward returns for stocks (blue bars, left axis). MEDIAN%OFMARKETVALUEBASEDONFCF 0% 20% 40% 60% 80% 100% S&P50012MONTHFORWARDRETURN -40% -20% 0% 20% 40% 60% 80% 12/31/80 12/31/85 12/31/90 12/31/95 12/31/00 12/31/05 12/31/10 Median % of Mkt. Value based on FCF (right axis) S&P 500 12 Mnth Fwd. Return (left axis) -1 Std. Dev. +1 Std. Dev. Mean of Market Value/FCF Negative correlation A simple mean reversion may provide upside EQUITIES UNDERVALUED
  11. 11. EQUITY VALUATIONS ARE COMPELLING 11 The “No-Growth” Mindset is Embedded in Equity Valuations 2Q12 calamos.comCALAMOS DISCOVERY GROWTH FUND PRICE TO “NO-GROWTH” VALUATION Russrel 1000 Growth Index, Quarterly from 3/31/82 to 6/30/12 » The chart depicts the value of Russell 1000 growth companies relative to their market value if we remove all future growth assumptions. » The end result is an estimate of the fair value of a company with no growth in the business, ever. For example, a price to no- growth ratio of 1.0 means the market is pricing no future growth into the current market value. MEDIANPRICETONOGROWTH
 (PERSHARE) 0.5 1.5 2.5 3.5 4.5 5.5 3/31/82 6/30/85 9/30/88 12/31/91 3/31/95 6/30/98 9/30/01 12/31/04 3/31/08 12/31/10 Price/No Growth (per share) Average -1 Std. Dev. +1 Std. Dev. Unprecedented levels of no-growth valuations during this period 1.57 A simple mean reversion may provide upside EQUITIES UNDERVALUED
  12. 12. calamos.comCALAMOS DISCOVERY GROWTH FUND INVESTMENT SOLUTION
  13. 13. calamos.comCALAMOS DISCOVERY GROWTH FUND CALAMOS DISCOVERY FUND Distinguishing Characteristics 13 2Q12 ROIC Weighted average of holdings in fund or indices 0% 5% 11% 16% 21% 16% 21% Cakamos Discovery Growth Fund Russell 2500 Growth Index DEBT-TO-CAPITAL Weighted average of holdings in fund or indices 0% 9% 17% 26% 34% 33% 15% EPS GROWTH 5-Year 0% 6% 11% 17% 22% 16% 22% Sources: Calamos, Mellon Analytical Services LLC
  14. 14. calamos.comCALAMOS DISCOVERY GROWTH FUND Portfolio Characteristics CALAMOS DISCOVERY FUND 14 2Q12 * Ten largest holdings exclude cash or cash equivalents, any government / sovereign bonds or instruments on broad based indexes the portfolio may hold (calculated as a percentage of net assets). The information regarding holdings is presented to illustrate securities that the Fund holds as of a particular date. It may not be representative of the Fund's current or future investments and should not be construed as a recommendation to purchase or sell a particular security. Portfolio holdings are subject to change daily. Please see additional disclosures. You can obtain a complete listing of holdings by visiting www.calamos.com SECTOR WEIGHTINGS* % of Net Assets Russell
 2500 Growth Index Information Technology 33.6 21.2 Health Care 18.4 17.5 Industrials 11.7 16.1 Consumer Discretionary 9.9 18.0 Materials 7.3 6.7 Energy 6.4 4.7 Financials 4.8 9.7 Consumer Staples 1.9 3.9 Telecommunication Services 0.0 1.6 Utilities 0.0 0.6 TOP 10 HOLDINGS Industry % of Net Assets HealthStream Inc. Health Care 3.2 NetSuite, Inc. Systems Software 2.9 Advisory Board Company Research Services 2.8 LinkedIn Corp. Internet Services 2.7 Ultimate Sosware Group, Inc. Iinfo Technology 2.7 Westport Innovations, Inc. Construction 2.6 Immunogen, Inc. Biotechnology 2.6 Liquidity Services, Inc. Internet Services 2.5 3D Systems Corp. Info Technology 2.5 Cyberonics, Inc. Health Care 2.5
  15. 15. calamos.comCALAMOS DISCOVERY GROWTH FUND CALAMOS DISCOVERY FUND Performance 15 2Q12 ANNUALIZED RETURNS -30% -23% -15% -8% 0% 8% 15% 23% 1-YEAR SINCE INCEPTION 15.3% -3.2% 9.1% -17.2% 6.3% -21.4% 8.2% -17.5% Calamos Discovery Growth Fund: A shares at NAV Calamos Discovery Growth Fund: A shares Load Adjusted Calamos Discovery Growth Fund: I shares Russell 2500 Growth Index Sources: State Street Corporation CALENDAR RETURNS -18% -11% -3% 5% 12% YTD SINCE INCEPTION -1.6% 8.4% 11.2% 5.3% -15.6% 8.0% -11.4% 5.1%
  16. 16. calamos.comCALAMOS DISCOVERY GROWTH FUND Important Risk Information An investment in the Discovery Growth Fund is subject to risks, and you could lose money on your investment in the fund(s). There can be no assurance that the fund(s) will achieve their investment objectives. Your investment in the fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corpora9on (FDIC) or any other government agency. The risks associated with an investment in the fund(s) can increase during times of significant market volatility. The fund(s) also have specific principal risks, which are described below. More detailed information regarding these risks can be found in the fund(s)’ prospectus. The principal risks of investing in the Calamos Discovery Growth Fund include: equity securities risk, small and mid--sized company stock risk, growth stock risk, foreign securities risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund’s advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable. Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Contact 800.582.6959 for a prospectus containing this and other informacon. Read it carefully. NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE Calamos Financial Services LLC, Distributor 2020 Calamos Ct | Naperville, IL 60563 800.582.6959 | calamos.com | caminfo@calamos.com © 2012 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC. 16 2Q12

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