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Gaining the All-Cap Edge

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Among the best long-term performers in the all-cap growth category, the $13.8 billion Calamos Growth Fund (CGRIX) invests in companies of any size that have growth rates higher than their industry’s average. Though the portfolio has a good number of holdings (177 as of year-end 2004), a whopping 61.7% of its assets are invested in either the information technology or consumer discretionary sectors.

The fund’s managers, Nick P. Calamos and John Calamos, have big bets in some prominent Internet stocks, including (AMZN), eBay (EBAY), and Yahoo! (YHOO), all of which rank among the fund’s top 10 positions.

However, Calamos Growth is truly all cap; 57% of its assets are parked in the small-cap range (companies with $1 billion to $12 billion in market capitalization), 22% in mid- to large-cap ($12 billion to $25 billion in market cap) and 22% in mega-cap (more than $25 billion). The portfolio also boasts a relatively modest 53.7% annual turnover ratio (versus 110% for the peer group), and lower volatility than its peers.

An all-cap growth fund of an entirely different nature is the $351 million Bridgeway Aggressive Investors/1 Fund (BRAGX), managed by John Montgomery. Closed to new investors since November 2001, this is a concentrated portfolio that trades frequently. The top 10 holdings– including stocks like Apple Computer (AAPL), Eastman Chemical (EMN), and Research In Motion (RIMM)–represent a whopping 45.8% of the fund’s total assets. However, the portfolio is highly diversified by sector. The top four allocations–technology, basic materials, consumer cyclicals, and communications–account for 14% to 21% of total assets.

Bridgeway Aggressive Investors/2 Fund (BRAIX), which was launched in December 2001 and is open to new investors, is roughly equivalent to BRAGX in terms of investment styles and objectives, and is also managed by Montgomery.–Palash R. Ghosh


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