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Investment Team Voices

Calamos Investment Team Outlooks, July 2026

John P. Calamos, Sr.
July 1, 2026

“Markets never move in a straight line, even when they are trending upward over time,” notes Founder and Global CIO John P. Calamos, Sr. in his July introduction to the Investment Team Outlooks. Amid record convertible issuance and broadening equity leadership, he emphasizes vigilance around Fed policy, geopolitical risk, and portfolio rebalancing.

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Running at a Steady Pace as Bonds Limp Along

Jason Hill
July 1, 2026

CMNIX outperformed bonds in Q2 and year to date, driven by gains across convertible arbitrage, hedged equity, merger arbitrage, and SPAC arbitrage. Record convertible issuance, including Alphabet's landmark deal, and a favorable merger environment support the fund’s multi-strategy, market-agnostic approach to steady performance.

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Global Markets: Fundamentals Have the Floor

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
July 1, 2026

Global equities rallied in Q2 2026, led by emerging markets and earnings-driven growth stocks. The Calamos global team sees fundamentals, not momentum, powering markets, and diversifies across secular, cyclical, and defensive growth themes, including AI infrastructure, healthcare, and emerging-market consumption. Inflation and geopolitical risks remain key watch points.

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In a Tightrope Market, Discipline Is the Balancing Pole

Jim Madden, Tony Tursich, Beth Williamson
July 1, 2026

Markets in 2026 hover between resilient earnings and narrow, momentum-driven gains, with valuations near dot-com-era extremes. SROIX favors diversified, quality companies with strong balance sheets and reasonable valuations across sectors and geographies, positioning for resilience when momentum inevitably reverses and market participation broadens.

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Staying Agile Pays Off

Jason Hill
July 1, 2026

Elevated rates and narrow, whipsawing market breadth continue to align well with Calamos Hedged Equity Fund’s dynamic approach. The team rolled its base hedge to December 2027, targeting 60%–65% upside and 35%–40% downside participation, while actively trading around the edges to enhance returns.

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Ask for a Pony, Get a Ferrari: Good Times for Global Convertibles

Eli Pars
July 1, 2026

Calamos Global Convertible Fund (CXGCX) gained 14.5% in Q2, outperforming both the FTSE Global Convertible Index and MSCI World Index. Record convertible issuance, led by Alphabet's $19.3 billion deal, created opportunities to rebalance. The team remains optimistic but cautious given geopolitical uncertainty and late-cycle risks ahead.

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Broadening Earnings Growth, Broadening Opportunities

John Hillenbrand
July 1, 2026

The mid-cycle expansion continues as the energy shock fades, with inflation moderating gradually. AI infrastructure drove earnings, but leadership is broadening into financials, industrials, and health care. Calamos Growth and Income Fund outperformed the S&P 500, rebalancing toward a more diversified, risk-aware positioning.

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Goooaal! Fundamental Momentum and Small Caps Win in 2Q

Brandon Nelson, CFA
July 1, 2026

Small caps delivered standout Q2 returns, with the Russell 2000 outpacing large caps by 635 basis points. Calamos Timpani funds significantly outperformed peers by targeting companies with sustainably fast, underestimated earnings growth—a fundamental momentum approach that the team expects to reward investors going forward.

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Ceasefire on Paper, Tension Below: Fixed Income in an Uncertain Summer

Matt Freund, Christian Brobst, Charles E. Carmody
July 1, 2026

Geopolitical tensions and a Fed pivot toward deliberate opacity are driving rate volatility, while credit fundamentals remain resilient. The Calamos fixed income team is maintaining a quality bias, monitoring record issuance volumes for spread pressure, and holding to a thesis of long-term yield-curve steepening.

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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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