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Investment Team Voices

Calamos Investment Team Outlooks, January 2025

John P. Calamos, Sr.
January 6, 2025

Can markets rise in 2025 despite strong recent performance? We believe there is considerable upside for active and selective managers. One recent trend is increased attention to company fundamentals, which sets up well for our funds, many of which outperformed peers in 2024. Get our complete 2025 outlook, introduced by Founder, Chairman and Global Chief Investment Officer John P. Calamos, Sr.

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American Supremacy, Or Crescendo?

Michael Grant
January 2, 2025

The excess returns generated by US benchmarks over the last two years have been driven by substantially positive macroeconomic surprises, especially for growth but also for inflation. Despite current optimism, extending the surprises through 2025 will be challenging.

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CMNIX: Gaining Ground as Bonds Tumble

Eli Pars
January 2, 2025

With minimal duration risk exposure, the fund delivered strong outperformance in 2024 through its hedged equity and convertible arbitrage strategies, gaining 7.5% versus the bond market's 1.1% return and demonstrating its value as a fixed-income alternative for investors seeking portfolio stability.

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CIHEX: Steady as We Go

Eli Pars
January 2, 2025

The Fund maintained its core 65/35 option trade strategy through market turbulence in 2024, allowing it to capture meaningful equity upside while limiting downside exposure. We plan to maintain this defensive positioning into 2025 while remaining flexible to make incremental adjustments as needed.

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Calamos Convertible Fund: Entering 2025 in an Upbeat Frame of Mind

Jon Vacko, Joe Wysocki
January 2, 2025

After a strong year of convertible issuance in 2024, we remain optimistic about 2025 as companies seek growth capital in a higher-interest-rate environment. We emphasize securities that balance upside equity participation with downside protection, particularly in the technology and consumer discretionary sectors.

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2025 Outlook: Global Convertible Market

Eli Pars
January 2, 2025

For 2024, Calamos Global Convertible Fund posted a gain of 10.98%, well ahead of its benchmark index. A fourth-quarter surge pushed full-year convertible issuance to $119 billion, making it one of the best years of the past decade. We expect a broadening of the equity market to benefit issuers in 2025.

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Charting Growth Through Changing Tides

Matt Freund, Michael Kassab
January 2, 2025

Following strong market performance in 2024, Calamos Growth Fund expects continued but more selective market growth as we head into 2025. Our investment success will likely require greater emphasis on fundamental analysis and active management.

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Putting Points on the Board Through Fundamental Stock Selection

Brandon Nelson, CFA
January 2, 2025

Despite small caps lagging large caps in 2024, Calamos Timpani Small Cap Growth Fund and SMID Growth Fund outperformed their benchmarks owing to strong stock selection across sectors. We anticipate the potential for small-cap leadership in 2025 driven by earnings acceleration, attractive valuations, and increased merger-and-acquisition activity.

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2025 Outlook: Calamos Global Opportunities Fund

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
January 2, 2025

The fund outperformed its benchmark by 600 basis points in 2024. Entering 2025, global markets face many crossroads, but we look forward to what lies ahead. With new US political leadership likely to challenge the status quo globally and continually evolving secular growth tailwinds, 2025 will likely be another great year to capitalize on disruption.

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