> >Emerging markets are driving global growth. The growth of a middle class is an exciting world-changing trend, as this group provides an increasingly prosperous customer base for global companies.> >Growth equities are undervalued, globally. Our valuation model shows that growth is at a discount around the world. Major global markets have median valuations based on free cash flow that are one standard deviation below their long-term averages, which indicates to us better-than-average return prospects. However, the backdrop of likely higher rates and debt deleveraging may hold off the valuation premium in the foreseeable future. > >Diversified global businesses will lead. Going forward, global businesses with global access to capital, global distribution networks, global marketing and production should command premium business valuations. Information technology companies are among those that are particularly well positioned as business productivity will be an even more important competitive advantage globally. About Calamos Calamos Investments is a globally diversified investment firm serving the needs of institutional and individual investors for over 30 years. The company's clients include public and private pensions, foundations, endowments, corporations, financial advisors, family offices and individuals from around the world who have entrusted the firm with $36.1 billion in assets under management as of 29 February 2012. Calamos offers a range of global investment solutions - equity, fixed-income, convertible and alternatives - to work with clients' multi-asset allocation frameworks and achieve the goals of their investment programs. Calamos serves professional/sophisticated investors around the world through Calamos Global Funds PLC (UCITS), distributed by Calamos International LLP, London, United Kingdom. For more information, please visit www.calamos.com. This material is distributed for informational purposes only. The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.