Market Insights

Global Co-CIOs John P. Calamos, Sr. and Gary D. Black, offer their take on opportunities in the global marketplace.

Commentary

Economic Review and Outlook, January 2015

In “Navigating the Oil Slick,” Global Co-CIOs John P. Calamos, Sr. and Gary Black consider the impacts of falling commodity prices and likely Fed actions. They explain why the Calamos investment team believes that economic growth can continue in 2015, with further advances in the equity markets.

The Case for Strategic Convertible Allocations

In this analysis of global convertible market opportunities, John P. Calamos, Sr. discusses the role of convertible securities within portfolios and encouraging global trends within the convertible market. He also explains why a growing economy provides a favorable environment for a widening pool of convertibles.

Economic Review and Outlook, October 2014

In "Despite Volatility, This Bull is Likely to Charge Higher," Global Co-CIOs John P. Calamos, Sr. and Gary Black analyze recent volatility, the positive factors supporting the economy and market and why they believe stocks can reach new highs.

Road is Open for Convertible Debt

Co-Portfolio Manager Eli Pars is quoted in a Wall Street Journal piece on the upswing in the convertible market.

FTSE Drops Argentina, Demotes Morocco: Mind Your ETF Index

A Barron's article discussing changes from index provider FTSE includes quoted insights from Calamos.

A Rough Guide to Convertible Bonds

Co-Portfolio Manager Eli Pars is quoted in an Engaged Investor article explaining potential opportunities in convertible bonds.

Calamos Turns to Pimco Playbook for ETF Launch

Ignites quotes Global Co-CIO Gary Black in an article about the launch of Calamos’ first ETF, focusing on the fact that the ETF and corresponding mutual fund should very closely track each other.

Calamos Makes a Splash in Active Equity ETF Arena

Global Co-CIO Gary Black is quoted in an article published by ETF Trends that highlights Calamos as an early leader in the active equity ETF space.

Economic Review and Outlook, July 2014

In "Navigating Complacency in a Growth Regime," Global Co-CIOs John P. Calamos, Sr. and Gary Black discuss the economic landscape, the upside they see in equities, and how the Calamos team is seeking to guard against short-term volatility that may still occur in a "not-too-hot, not-too-cold" environment.

Spotlight on Convertible Bonds

In a piece for Investment Week, John P. Calamos, Sr. comments on the resurgence of convertible bonds and the importance of actively managing convertible allocations.

Economic Review and Outlook, April 2014

In "Seeking Equilibrium," Global Co-CIOs John P. Calamos, Sr. and Gary Black discuss the factors driving market rotation, our global outlook, and the opportunities they see for growth equities.

As the Taper Begins, What’s Next for Asset Allocation?

John P. Calamos, Sr. assesses the opportunities in the global markets and the implications of macro factors on asset allocation. He discusses the Calamos framework for asset allocation built around the use of core strategies.

The Emerging Markets Growth Story: Evolving But Intact

Co-Portfolio Manager Nick Niziolek discusses some of the misperceptions that may be influencing investor sentiment about the EMs, where the Calamos team is identifying long-term opportunities, and why he believes active management will be especially important in this environment.

Global Economic Review & Outlook, January 2014

Global Co-CIOs John P. Calamos, Sr. and Gary Black explain why they believe fundamental research will be especially important in 2014. They also discuss their cautiously optimistic global economic outlook.

Calamos High Yield Investment Process

Credit research has been an integral part of the Calamos investment process since the 1970s. Co-Portfolio Managers Jeremy Hughes and Chris Langs provide an overview of the Calamos high yield investment process—a comprehensive, disciplined process driven by fundamental research.

Convertibles in Rising Rates Convertible securities have fixed-income qualities and can be affected by rising interest rates, but they also can take on equity qualities because of the option to convert them into a predetermined number of issuer shares. When the 10-year Treasury yield rose more than 100 basis points, Convertible returns tended to more closely reflect equity returns than bond returns.
Global Economic Review & Outlook, October 2013

In "Tick Tock, Tick Tock," Global Co-CIOs John P. Calamos, Sr. and Gary Black discuss their cautiously optimistic global outlook, the resilience of the global financial markets, and why they believe the U.S. equity market has more room to expand. They also share their perspective on a looming debt-ceiling deadline in the midst of a government shutdown.

Global Economic Review & Outlook, July 2013

In "Recovery Trumps Taper Talk" Global Co-CIOs John P. Calamos, Sr. and Gary Black explain why they believe less QE and moderate long-term rates could ultimately be a positive for the U.S. economy and equity markets. They also discuss their perspectives on the euro zone, Japan, and China.

Global Economic Review & Outlook, April 2013

Global Co-CIOs John P. Calamos, Sr. and Gary Black explain why the Calamos Investment Committee maintains its cautiously optimistic global outlook. They also discuss their constructive views on the equity and convertible markets.

Featured Videos

Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

Fixed income securities are subject to interest rate risk. If rates increase, the value of fixed income investments generally declines.

The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value.

Some of the risks associated with investing in alternatives may include hedging risk – hedging activities can reduce investment performance through added costs; derivative risk- derivatives may experience greater price volatility than the underlying securities; short sale risk - investments may incur a loss without limit as a result of a short sale if the market value of the security increases; interest rate risk – loss of value for income securities as interest rates rise; credit risk – risk of the borrower to miss payments; liquidity risk – low trading volume may lead to increased volatility in certain securities; non-US government obligation risk – non-US government obligations may be subject to increased credit risk; portfolio selection risk – investment managers may select securities that fare worse than the overall market. Alternative investments may not be suitable for all investors.

Price-to-earnings ratio (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. The S&P 500 Index is considered generally representative of the U.S. equity market. Earnings yield is earnings divided by stock price.

Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

© 2015 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

" rel="lightbox[flash 640 360]" href="http://www.calamos.com/Media/TVAppearances/F/8/F/{F8F48BBC-53B3-466C-8ADF-1B00B033FB7A}2015_02_25_Market_Outlook_Asset_Allocation_1.mp4" data-flv="http://www.calamos.com/Media/TVAppearances/4/F/2/{4F224167-E8D2-412E-8AA1-C4E1A46842C5}2015_02_25_Market_Outlook_Asset_Allocation_1.flv">

Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

Fixed income securities are subject to interest rate risk. If rates increase, the value of fixed income investments generally declines.

The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value.

Some of the risks associated with investing in alternatives may include hedging risk – hedging activities can reduce investment performance through added costs; derivative risk- derivatives may experience greater price volatility than the underlying securities; short sale risk - investments may incur a loss without limit as a result of a short sale if the market value of the security increases; interest rate risk – loss of value for income securities as interest rates rise; credit risk – risk of the borrower to miss payments; liquidity risk – low trading volume may lead to increased volatility in certain securities; non-US government obligation risk – non-US government obligations may be subject to increased credit risk; portfolio selection risk – investment managers may select securities that fare worse than the overall market. Alternative investments may not be suitable for all investors.

Price-to-earnings ratio (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. The S&P 500 Index is considered generally representative of the U.S. equity market. Earnings yield is earnings divided by stock price.

Beta is an historic measure of a fund’s relative volatility, which is one of the measures of risk; a beta of 0.5 reflects 1/2 the market’s volatility as represented by the fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.

© 2015 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

" rel="lightbox[flash 640 360]" href="http://www.calamos.com/Media/TVAppearances/F/8/F/{F8F48BBC-53B3-466C-8ADF-1B00B033FB7A}2015_02_25_Market_Outlook_Asset_Allocation_1.mp4" data-flv="http://www.calamos.com/Media/TVAppearances/4/F/2/{4F224167-E8D2-412E-8AA1-C4E1A46842C5}2015_02_25_Market_Outlook_Asset_Allocation_1.flv">Market Outlook and Asset Allocation

February, 2015 Global Co-CIO Gary Black provides the firm’s market outlook and commentary on asset allocation.

Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

Fixed income securities are subject to interest rate risk. If rates increase, the value of fixed income investments generally declines.

Investments in emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries. Risks may include fluctuations in currency exchange rates, increased price volatility and difficult in obtaining information.

Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

Quantitative easing (QE) refers to central bank bond buying activities.

© 2014 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

" rel="lightbox[flash 640 360]" href="http://www.calamos.com/Media/TVAppearances/C/A/C/{CACC58A5-F752-4998-9791-3A7F751C3CD3}2015_02_25_US_and_Global_Economic_Outlook_1.mp4" data-flv="http://www.calamos.com/Media/TVAppearances/1/D/A/{1DADE1F7-EDC2-4140-9A05-6886C6E60807}2015_02_25_US_and_Global_Economic_Outlook_1.flv">

Growth securities typically trade at higher multiples of current earnings than other securities and, therefore, may be more sensitive to changes in current or expected earnings than other equity securities and may be more volatile.

Fixed income securities are subject to interest rate risk. If rates increase, the value of fixed income investments generally declines.

Investments in emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries. Risks may include fluctuations in currency exchange rates, increased price volatility and difficult in obtaining information.

Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to assess price changes associated with the cost of living.

Quantitative easing (QE) refers to central bank bond buying activities.

© 2014 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

" rel="lightbox[flash 640 360]" href="http://www.calamos.com/Media/TVAppearances/C/A/C/{CACC58A5-F752-4998-9791-3A7F751C3CD3}2015_02_25_US_and_Global_Economic_Outlook_1.mp4" data-flv="http://www.calamos.com/Media/TVAppearances/1/D/A/{1DADE1F7-EDC2-4140-9A05-6886C6E60807}2015_02_25_US_and_Global_Economic_Outlook_1.flv">U.S. and Global Economic Outlook

February, 2015 Global Co-CIO Gary Black shares the firm’s commentary on the U.S. and global markets.
Market Commentary
October, 2014 Global Co-CIO Gary Black shares the firm’s commentary on the U.S. and global markets.