Investment Team Voices

Picking Our Spots in a Record Convertible Market

Jon Vacko, Joe Wysocki
July 1, 2026

Record convertible issuance and AI infrastructure tailwinds are creating compelling opportunities. Calamos Convertible Fund leverages active management and bottom-up selection to pursue growth companies with favorable risk-reward asymmetry, while convertible structures that offer downside mitigation provide resilience amid persistent geopolitical and macroeconomic uncertainty.

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Fundamentals First: How We’re Staying Sure Footed

Matt Freund, Michael Kassab, Jake Hyatt
July 1, 2026

Growth stocks surged in Q2, led by AI infrastructure beneficiaries. Calamos Growth Fund maintains its quality bias, favoring hyperscalers and suppliers of critical AI components. With valuations elevated and market breadth historically narrow, the team remains disciplined and ready to rotate if leadership shifts.

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Everything Shaken, Little Really Stirred

Michael Grant
July 1, 2026

AI infrastructure dominance and a hawkish Fed are reshaping the investment landscape. Calamos Phineus Long/Short Fund manager Michael Grant sees broadening but concentrated market leadership, expects inflation to surprise to the downside, and anticipates a topping process through autumn as positioning risk and midterm election uncertainty intensify.

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Diversification is Coming Back … and We Believe A Return to Quality is Not Far Behind

Jim Madden, Tony Tursich, Beth Williamson
July 3, 2025

Through the first half of 2025, equity diversification strategies—spreading investments across sectors and industries—are delivering their intended benefits of reducing portfolio volatility while maintaining growth potential. While we participate in technology growth (including AI), our portfolio also invests in broader innovative idiosyncratic opportunities.

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Calamos Investment Team Outlooks, July 2025

Opportunities and Lessons from a Remarkable Quarter
July 1, 2025

“In this period of ‘creative destruction,’ not all companies will be able to adapt and innovate. There will be winners and losers,” says Founder and Global CIO John P. Calamos, Sr. “Active management and fundamental security selection will be essential as this chapter unfolds.” He notes that, although there is never a perfect time to invest, the investment teams’ Q2 outlooks reinforce the tenet that there are always opportunities for long-term investors.

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Calamos Fixed Income Suite: Secure in Our Footing on a Steepening Yield Curve

Matt Freund, Christian Brobst, Charles E. Carmody
July 1, 2025

Markets are navigating Fed policy decisions balanced against political pressures and evolving conditions, yet credit markets demonstrated resilience with spreads near cycle-tight levels. Spread compression has allowed us to migrate credit quality higher with a minimal reduction in income.

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The More Things Change …

Michael Grant
July 1, 2025

Portfolio Manager Michael Grant examines the remarkable equity recovery from April lows and Trump’s reflationary agenda’s market implications. He identifies tactical opportunities amid high volatility, analyzes the emerging "Peace and Business" policy framework, and outlines positioning strategies for navigating rising performance dispersion in today’s evolving global landscape.

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Up to the Task of a Twisting and Turning Market

Eli Pars
July 1, 2025

Despite significant volatility in the first half of 2025, global convertibles have outperformed equities year-to-date, with the FTSE Global Convertible Index rising 11.2% versus 9.8% for the MSCI World Index. We have maintained significant overweights to consumer discretionary companies and Chinese issues, driven by convertible structures and equity valuations—in other words, bottom-up security selection.

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2H 2025 Global Outlook: A Great Global Rebalancing

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
July 1, 2025

During the second quarter, international equities powered ahead, extending a year-to-date lead over US equities. International small caps performed with particular strength. We expect tailwinds for international markets to strengthen, supported by fiscal and monetary policies, country- and region-specific themes, and individual company fundamentals.

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