Fund Evaluator:
Calamos Evolving World Growth A (CNWGX)
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Best Performing in Diversified Emerging Mkts Over the Last Year
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Fund Details
Calamos Evolving World Growth A Overview
Calamos Evolving World Growth A (CNWGX) is an actively managed International Equity Diversified Emerging Mkts fund. Calamos launched the fund in 2008.
The investment seeks long-term capital growth. The fund invests at least 40% of its assets in securities of foreign issuers. The advisor intends to invest at least 35% of its assets in equity, convertible or debt securities of issuers that are incorporated in emerging market countries. It invests the remaining assets in equity, convertible or debt securities of companies, regardless of where they are incorporated, if the adviser determines that a significant portion (generally, 20% or more) of the assets or revenues of each such company is attributable to emerging market countries and sovereign and agency debt of non-emerging market countries.
About Calamos Evolving World Growth A (CNWGX)
There are 5 members of the management team with an average tenure of 10.01 years: Dennis Cogan (2013), Nick Niziolek (2013), Kyle Ruge (2024), Paul Ryndak (2024), John Calamos (2008). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI EM NR USD index with a weighting of 100%. Calamos Evolving World Growth A has 78 securities in its portfolio. The top 10 holdings constitute 50.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Calamos Evolving World Growth A is part of the Equity global asset class and is within the International Equity fund group. Calamos Evolving World Growth A has 95.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.4%. There is 95.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 1.5% convertible bond). Calamos Evolving World Growth A has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $39 million in total assets, which is below the $992 million average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CNWGX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calamos Evolving World Growth A expense ratio is high compared to funds in the Diversified Emerging Mkts category. Calamos Evolving World Growth A has an expense ratio of 1.30%, which is 13% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calamos Evolving World Growth A has a portfolio turnover rate of 171%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.
Recently, in the month of August 2026, Calamos Evolving World Growth A returned 4.5%, which earned it a grade of B, as the Diversified Emerging Mkts category had an average return of 3.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Calamos Evolving World Growth A has a trailing yield of 0.00%, which is below the 1.65% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calamos Evolving World Growth A Grades
Year to date, the fund has returned 30.7%, 6.9 percentage points better than the category, which translates into a grade of A. The fund has returned 36.3% over the past year (grade of C), 22.4% over the past three years (grade of C) and 5.5% per year over the past five years (grade of D) and 9.7% per year over the past 10 years (grade of B).
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CNWGX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CNWGX Return (NAV) | 4.5% | -10.6% | 36.3% | 22.4% | 5.5% | 9.7% |
| CNWGX Grade | B | F | C | C | D | B |
| +/- Category | 0.6% | -9.4% | -1.3% | 0.7% | -1.3% | 0.8% |
| Diversified Emerging Mkts Avg | 3.9% | -1.2% | 37.5% | 21.7% | 6.8% | 8.9% |
| CNWGX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.1% | 0.1% |
CNWGX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CNWGX Return (NAV) | 30.7% | 19.0% | 14.6% | 6.4% | -24.6% | -7.0% | 53.9% | 20.4% | -18.0% | 36.6% | -4.7% |
| CNWGX Grade | A | F | A | F | D | F | A | C | D | C | F |
| +/- Category | 6.9% | -12.4% | 8.4% | -5.8% | -2.0% | -6.7% | 32.3% | -1.4% | -1.6% | -0.1% | -13.3% |
| Diversified Emerging Mkts Avg | 23.7% | 31.4% | 6.2% | 12.1% | -22.6% | -0.2% | 21.6% | 21.9% | -16.4% | 36.7% | 8.6% |
| Risk Measures | |
| Standard Deviation: | 23.2% |
| Total Risk Index: | 1.91 - High |
| Category Risk Index: | 1.43 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 1.35 |
| R-Squared: | 60% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $436 Mil |
| Fund Total Assets: | $ 39 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 171% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 18.1 years | |||
| Average Tenure: 10.0 years | |||
| Managers (Year): Calamos John (2008), Cogan Dennis (2013), Niziolek Nick (2013), Ruge Kyle (2024), Ryndak Paul (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 78 |
| % in Top 10 Holdings: | 50.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 95.2% |
Portfolio Allocation |
|
| Domestic Stock: | 2.4% |
| Foreign Stock: | 95.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 1.5% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | Calamos |
| Phone Number: | 800-582-6959 |
| Website: | www.calamos.com |
| Status: | Open |
| Inception Date: | August 15, 2008 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 4.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.30% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | Calamos Evolving World Growth I |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
