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Investment Team Voices

Calamos Fixed Income Suite: Secure in Our Footing on a Steepening Yield Curve

Matt Freund, Christian Brobst, Charles E. Carmody
July 1, 2025

Markets are navigating Fed policy decisions balanced against political pressures and evolving conditions, yet credit markets demonstrated resilience with spreads near cycle-tight levels. Spread compression has allowed us to migrate credit quality higher with a minimal reduction in income.

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US Equities: Room to Run, but Selectivity Matters More

Matt Freund, Michael Kassab
July 1, 2025

The first half of 2025 showcased US market resilience with a V-shaped recovery following tariff deferrals. Investors now await clarity on tax policy, trade, and Fed direction to reduce uncertainty and sustain valuations. Our all-cap growth strategy spans themes from the Mag 7 to cybersecurity and AI, maintaining a positive bias while viewing drawdowns as opportunities.

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Calamos Fixed Income Suite: Charting a Course through Disruption

Matt Freund, Christian Brobst, Charles E. Carmody
April 1, 2025

In periods of extraordinary volatility and uncertainty, a strong management team with a history of navigating cycles and producing results can be the difference between success and failure. We believe maintaining strategic positioning with close-to-benchmark-aligned durations while focusing on fundamental analysis will be crucial for navigating market challenges.

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Navigating Technology Transitions and Policy Uncertainties

Matt Freund, Michael Kassab
April 1, 2025

While the opening months of 2025 have raised many questions, investors often overlook the long history of technological change and innovation in US equities. We pursue companies with sustainable competitive advantages, strong cash flow generation, and appropriate valuations. Our focus remains on businesses capable of thriving across multiple scenarios.

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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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Calamos Fixed Income Suite: Targeting the Sweet Spot for Duration

Matt Freund, Christian Brobst, Charles E. Carmody
January 2, 2025

As the Fed is expected to cut rates to around 3.5% by the end of 2025 while inflation remains above target, Calamos fixed-income funds are positioning for a steeper yield curve and migrating to higher credit quality. We are maintaining selective exposure to high-yield opportunities and adjusting durations based on conditions.

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Barbells and Balance: Our Prudent Pursuit of Growth

Matt Freund, Michael Kassab
October 3, 2024

Growth stocks, on the whole, have less room to run on further multiple expansion going forward. Our strategy advocates for a barbell approach, balancing exposure to secular growth themes with more defensive, high-quality names that can provide stability in periods of volatility.

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Calamos Fixed Income Suite: Why Conditions Call for More Defense

Matt Freund, Christian Brobst, Charles E. Carmody
October 3, 2024

Fundamentals and a more dovish Fed seem to indicate that a soft landing can be achieved, and negative nominal GDP growth is becoming less likely. But credit spreads are priced to perfection, and we are using the market opportunity to position portfolios more defensively.

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Positioned for Market Upside, but with a Measure of Prudence

Matt Freund, Michael Kassab
July 5, 2024

In this complex environment, we are focusing on risk management and identifying high-quality companies capable of generating substantial cash flow and earnings growth while maintaining flexible financial positions. As AI permeates the economy, we anticipate investment prospects beyond the technology sector.

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Calamos Fixed Income Suite: Moving in a More Defensive Direction

Matt Freund, Christian Brobst, Charles E. Carmody
July 5, 2024

The long-awaited economic slowdown has yet to arrive, and the US consumer continues to outshine the rest of the economic world. Even so, we see signs of slower domestic economic conditions emerging. We continue to migrate portfolio credit quality higher across the Calamos fixed-income funds.

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