Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Competitive Comparison of Calamos Asset Management's Sloan Ratio %
For the Asset Management subindustry, Calamos Asset Management's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Calamos Asset Management's Sloan Ratio % Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Calamos Asset Management's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Calamos Asset Management's Sloan Ratio % falls into.
Calamos Asset Management Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Calamos Asset Management's Sloan Ratio for the fiscal year that ended in Dec. 2015 is calculated as
Calamos Asset Management's Net Income for the trailing twelve months (TTM) ended in Sep. 2016 was 0.83 (Dec. 2015 ) + -1.322 (Mar. 2016 ) + 0.224 (Jun. 2016 ) + 1.167 (Sep. 2016 ) = $0.9 Mil.
Calamos Asset Management's Cash Flow from Operations for the trailing twelve months (TTM) ended in Sep. 2016 was 20.265 (Dec. 2015 ) + -13.209 (Mar. 2016 ) + 14.465 (Jun. 2016 ) + 15.274 (Sep. 2016 ) = $36.8 Mil.
Calamos Asset Management's Cash Flow from Investing for the trailing twelve months (TTM) ended in Sep. 2016 was 7.109 (Dec. 2015 ) + -0.15 (Mar. 2016 ) + 30.37 (Jun. 2016 ) + 14.309 (Sep. 2016 ) = $51.6 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Calamos Asset Management (NAS:CLMS) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Sep. 2016, Calamos Asset Management has a Sloan Ratio of -10.64%, indicating there is a warning stage of accrual build up.
Calamos Asset Management Sloan Ratio % Related Terms
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Calamos Asset Management (Calamos Asset Management) Business Description
Calamos Asset Management Inc is a Delaware corporation, incorporated on July 23, 2004. It is an asset management firm that offers strategies to fulfill a range of asset allocation goals through a multi-team platform. The Company together with its subsidiaries provides investment advisory services to individuals and institutional investors through open-end funds, closed-end funds, separate accounts, offshore funds and partnerships. The company applies an investment philosophy and proprietary process centered on risk management across a range of investment strategies, including equity, balanced, convertible, high yield, alternative, fixed income and money market investments. The Company currently offers four types of investment products that fall into the categories of mutual funds and separate accounts. Funds include its open-end and closed-end funds as well as its Offshore Funds. The Company includes the Offshore Funds in open-end funds for reporting purposes. Separate accounts are individual portfolios of securities managed to meet clients specific needs and include institutional accounts and managed accounts. The Company competes in all aspects of its business with a large number of investment management firms, commercial banks, broker-dealers and insurance companies. In the United States and other countries in which it does business, it is subject to regulations and laws at both a federal and state level, including U.S. federal, state and local tax laws as well as similar foreign jurisdiction tax laws.
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