The Crisis Has Accelerated the Opportunities for Strong, Growth Disruptors
In a turbulent period for the markets, Calamos has been hosting a Calamos CIO Conference Call series for investment professionals.
Below are notes from a call Wednesday, April 22, with Nick Niziolek, CFA, Co-CIO, Senior Co-Portfolio Manager. As Head of International and Global Strategies, he leads the team that manages Calamos International Growth Fund (CIGIX) and Calamos Evolving World Growth Fund (CNWIX). To listen to the call in its entirety, go to https://www.calamos.com/CIOglobal-4-22
For highlights on last month's calls, see this post.
Over the last several weeks, the Calamos Global/International team has demonstrated the impact that active management can have in fast-moving markets. Taking steps early to reduce risk ahead of others and then confident to re-risk as others remained concerned has resulted in a significant performance advantage for Calamos Evolving World Growth Fund (CNWIX), in particular.
Top-down insights, bottom-up research, valuation analysis and opportunity identification helped achieve the fund’s goal of producing more of the upside and less of the down—and adding alpha—during an extremely volatile period, Niziolek said.
CNWIX captured more than 100% of the 26% emerging market rally from October of 2018 through January 17, but just 80% of the 33% from January through the March 23rd lows. Since then and through April 20, the fund captured 19.76% versus the MSCI Emerging Markets Index’s 18.83% return.
The experience for the client, then, is that the fund was up more than 8% through April 21, while the index was down 3%. “That means we have more capital ready to reinvest and take advantage of the next opportunities going forward,” said Niziolek.