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Investment Team Voices

Calamos Investment Team Outlooks, January 2026

John P. Calamos, Sr.
January 2, 2026

“We believe there are many reasons for investors to be optimistic as 2026 begins,” says Founder and Global CIO John P. Calamos, Sr. in his introduction to the investment teams’ New Year’s outlooks across equity, convertible, fixed income, and alternative strategies. With favorable macro conditions, business-friendly policies, and opportunities spanning global markets, our teams identify compelling reasons to be encouraged while emphasizing diversification and active management to navigate ongoing volatility.

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2026 Begins the Second Half of a Very Different Decade

Michael Grant
January 2, 2026

The post-COVID investment regime features persistent reflation, fiscal deficits, and AI mania. While we expect the equity bull market to face headwinds in 2026 with peak reflation likely by spring, AI's benefits should broaden to new sectors, and opportunities will emerge through sector rotation and increased volatility.

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CMNIX: A Flexible Approach Yields Historically Consistent Results

Jason Hill
January 2, 2026

Calamos Market Neutral Income Fund gained over 7% in 2025 with lower volatility than bonds. The fund had only one negative calendar month out of the past 26, while the bond market represented by the Bloomberg US Govt/Credit Bond Index had 8. Both hedged equity and convertible arbitrage strategies contributed meaningfully. Record convertible issuance of nearly $120 billion created robust opportunities, positioning the fund well for continued consistency in 2026.

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Once Again in 2025, CIHEX Performed as Designed

Jason Hill
January 2, 2026

Calamos Hedged Equity Fund delivered 11.4% in 2025, capturing 64% of the S&P 500’s upside while maintaining downside protection. The fund’s asymmetric hedge structure adapts to market conditions, currently offering 65% participation with 35% downside exposure. Multiple volatility catalysts could make this risk-managed approach increasingly valuable in 2026.

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Convertible Securities Carry Strong Momentum into 2026

Jon Vacko, Joe Wysocki
January 2, 2026

Convertible securities achieved strong 2025 performance, and we believe they are well-positioned for 2026, supported by robust US fundamentals and record issuance. The small- to mid-cap heavy convertible market benefits from broadening equity leadership. Calamos Convertible Fund emphasizes AI infrastructure, cybersecurity, defense, and nuclear modernization while anticipating increased M&A activity.

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Global Convertibles: Strength in 2025, Optimism for 2026

Eli Pars
January 2, 2026

The global convertible market returned 23.3% in 2025, and Calamos Global Convertible Fund (CXGCX), with its balanced risk-reward profile, gained 19.53%. We see reasons for optimism in 2026, supported by lower rates and the continuing AI infrastructure buildout. Global issuance of $166.5 billion in 2025 nearly matched the record level set in 2001.

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Why Growth Equities Can Power Ahead in 2026

Matt Freund, Michael Kassab
January 2, 2026

The 2026 outlook supports continued growth equity exposure, driven by procyclical fiscal policy, resilient earnings, and Fed rate cuts. Selectivity is crucial as the AI theme matures, favoring adopters over enablers. Calamos Growth Fund’s all-cap mandate positions it to capture opportunities as market leadership broadens beyond mega-caps.

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The Cycle Prevails: Why Fundamentals Should Dominate Valuation Concerns

John Hillenbrand
January 2, 2026

We favor equities over credit in 2026, supported by above-consensus US growth, easing Fed policy, and AI's pivot from infrastructure to monetization. Quality fundamentals justify elevated valuations despite concentration risks. Multi-asset positioning balances growth exposure through convertible securities and options overlays, emphasizing diversification in AI adopters, financials, and healthcare.

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Top-Notch Timpani Performance in 2025, Superb Small-Cap Set-Up in 2026

Brandon Nelson, CFA
January 2, 2026

The Calamos Timpani Small Cap and SMID Growth Funds significantly outperformed peers and benchmarks in 2025 despite challenging conditions for active managers. Strong security selection and fundamental momentum investing drove success. With favorable valuations and policy tailwinds, smaller-cap stocks appear well-positioned for outperformance in 2026.

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Tailwinds Ahead: Cyclical Drivers and Secular Innovation in 2026

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
January 2, 2026

In 2025, globally diversified portfolios captured strong returns as international markets outperformed. Heading into 2026, we remain optimistic about cyclical opportunities driven by weak dollar dynamics and fiscal stimulus, as well as secular themes such as AI infrastructure and defense spending. We expect international markets to continue outperforming.

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