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Investment Team Voices

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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Global Convertibles Extend Their Winning Streak Through 3Q

Eli Pars
October 2, 2025

Calamos Global Convertible Fund’s emphasis on total-return convertibles delivered strong performance while maintaining superior risk-reward characteristics through disciplined security selection. The fund’s focus on fundamentally strong issuers with attractive upside participation and downside protection positioned it to capture global convertible market gains while avoiding speculative excess in cryptocurrency and AI datacenter exposures.

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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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CMNIX: Staying Steady Amid Volatility

Eli Pars
July 1, 2025

During a volatile quarter, Calamos Market Neutral Income Fund delivered positive performance across all sleeves—hedged equity, convertible arbitrage, SPAC arbitrage, and merger arbitrage. Our flexible allocation and volatility management positions the fund to capitalize on multiple outcomes while delivering the market-neutral strategy that has outperformed bonds long term.

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Global Convertibles for a Deck Filled with Wildcards

Eli Pars
April 4, 2025

Co-CIO Eli Pars provides his perspective on market conditions, the positioning of Calamos Global Convertible Fund, and why he believes actively managed global convertibles can rise to the occasion of an uncertain and volatile environment.

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CMNIX: An Opportunity for Ballast in Turbulent Markets

Eli Pars
April 3, 2025

One of our team’s overarching principles is that we can’t predict what will happen in the markets, so we need to position Calamos Market Neutral Income Fund for as many outcomes as possible. This seems like an especially good approach in the current environment.

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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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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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CIHEX: A Seatbelt for the Market’s Wild Ride

Eli Pars
October 3, 2024

Even if we had a crystal ball to see the election outcome, how the market responds is anyone’s guess. We believe that our highly flexible approach and freedom to adjust the fund’s hedge set us apart and serve CIHEX’s shareholders well—no matter what the market brings.

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