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GLOBAL/INTERNATIONAL
Evolving World Growth Fund
7 out of 7 Times, Emerging Market Equities Roared Back
CALAMOS EVOLVING WORLD
GROWTH FUND
Amid the doubts, skepticism and even pessimism surrounding emerging markets, there is this: Since the 1988 inception of the MSCI
The fund invests in growth
companies globally, emphasizing
companies with revenue streams
derived within or from emerging
markets. The fund is designed to
actively manage the risk profile
over full market cycles.
Emerging Markets Index, there have been seven major (25% or more) drawdowns in emerging markets. In each instance—seven out of
seven times—the major drawdown was followed by a significant rally.
Notably, the average returns for the 12- and 18-month periods following a major EM drawdown illustrate the potential for gains. July 21
marked the six-month anniversary of the January 21 low in emerging market equities. As Figure 1 shows, this recent rally is fairly similar to
the average of the past market rebounds.
FIGURE 1. EMERGING MARKET EQUITIES, MAJOR DRAWDOWNS & SUBSEQUENT PERFORMANCE
Next 3 Months
EM Index Drawdown %
150%
Next 6 Months
Next 12 Months
Next 18 Months
125.3
120%
111.9
97.0
90%
74.8
83.9
77.3
60.6
60%
41.0 42.4
21.5 21.1 24.1 25.1
30%
27.4
62.5
54.1
We are here
43.7
36.0
24.8
16.8 18.5
23.6
9.3
8.0
19.9
25.4
37.9
24.6 28.7
22.0
0%
-30%
-31.9
-28.3
-32.6
-60%
-90%
9/16/943/9/95
-44.3
-52.0
-57.8
8/1/901/16/91
-34.1
-63.4
7/4/979/10/98
2/11/009/21/01
10/26/0711/21/08
Past performance is no guarantee of future results. Source: Bloomberg. Current performance may be lower or higher than the performance quoted.
5/2/119/26/11
4/28/151/21/16
Average
GLOBAL/INTERNATIONAL
Evolving World Growth Fund
AVERAGE ANNUAL RETURNS
★★★★
FUND TICKER SYMBOLS
A Shares C Shares
CNWGX CNWDX
MORNINGSTAR OVERALL RATING™†
among 590 Diversified Emerging Markets Funds
(Class I Shares)
The fund’s Class I shares had 4 stars overall, 4 stars for
3 years, and 4 stars for 5 years out of 590, 590 and 416
Diversified Emerging Markets funds, respectively, for the
period ended 6/30/16.
I Shares
CNWIX
GROSS EXPENSE RATIO
A Shares C Shares I Shares
1.66%
2.41%
1.41%
AS OF 6/30/16
1-YEAR
3-YEAR
5-YEAR
Calamos Evolving World Growth Fund
I shares – at NAV (Inception–8/15/08)
-3.56%
-0.93%
-1.38%
3.43%
A shares – at NAV (Inception–8/15/08)
-3.79
-1.19
-1.63
3.17
A shares – Load adjusted
-8.36
-2.78
-2.58
2.54
-0.38
0.07
-2.41
1.43
0.13
7.19
8.52
5.98
MSCI Emerging Markets Index
MSCI World Index
Over 90% of the time, the fund outperformed when emerging
markets declined
SINCE
INCEPTION
Past performance is no guarantee of future results, and there is no assurance that the fund will achieve its investment objectives.
Current performance may be lower or higher than the performance quoted. The principal value and return of an investment will
fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV
does not include the Fund’s maximum front-end sales load of 4.75% had it been included, the Fund’s return would have been
lower. You can obtain performance data current to the most recent month end by visiting www.calamos.com.
As of the prospectus dated 2/29/16, the gross expense ratio for Class A shares is 1.66%.
Class I shares are offered primarily for direct investment by investors through certain tax-exempt retirement plans (including 401(k)
plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non
qualified deferred compensation plans) and by institutional clients, provided such plans or clients have assets of at least $1 million.
Class I shares may also be offered to certain other entities or programs, including, but not limited to, investment companies, under
certain circumstances.
The Evolving World Growth Fund (Class A Shares at NAV) has outperformed the
MSCI Emerging Markets Index in 10 of 11 down quarters for the index since the
fund’s inception.
16%
12%
9.59
8%
5.38
4.09
4%
1.88
1.19
2.64
3.18
3.51
0.89
0.44
0%
-4%
-3.66
-8%
4Q 2008
2Q 2010
2Q 2011
3Q 2011
2Q 2012
1Q 2013
2Q 2013
1Q 2014
3Q 2014
4Q 2014
3Q 2015
Data as of 6/30/16.
Calamos
EM Snapshot
Important Risk Information: An investment in the Fund(s)
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 its investment objective. Your investment
in the Fund(s) is not a deposit in a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation
(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 has
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 fund include: equity securities risk consisting of market
prices declining in general, growth stock risk consisting of
potential increased volatility due to securities trading at
higher multiples, foreign securities risk, emerging markets
risk, convertible securities risk consisting of the potential for a
decline in value during periods of rising interest rates and the
risk of the borrower to miss payments, 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.
Morningstar Diversified Emerging Markets Category is comprised
of funds with at least 50% of stocks invested in emerging
markets. The MSCI Emerging Markets Index represents large and
mid cap companies in emerging markets countries.
Unmanaged index returns assume reinvestment of any and
all distributions and, unlike fund returns, do not reflect fees,
expenses or sales charges. Investors cannot invest directly in
an index. S&P 500 Index is generally considered representative
of the U.S. stock market. Maximum Drawdown is an indicator
of downside risk over a specified time period. The MSCI World
Index is a market capitalization weighted index composed of
companies representative of the market structure of developed
market countries in North America, Europe, and Asia/Pacific
region.
Before investing carefully consider the fund’s
investment objectives, risks, charges and
expenses. Please see the prospectus and
summary prospectus containing this and other
information or call 1-800-582-6959. Read it
carefully before investing.
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Calamos Financial Services LLC, Distributor
2020 Calamos Court | Naperville, IL 60563-2787
800.582.6959 | www.calamos.com | [email protected]
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and Calamos Investments® are registered trademarks of Calamos
Investments LLC.
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