Investment Team Voices

The Fed’s Pivot: Clear but Not an “All-Clear”

Matt Freund, Christian Brobst, Charles E. Carmody
January 4, 2024

We believe that the economy avoids recession altogether in 2024 and maintains a shallow growth trajectory with inflation falling below 3%, supporting our expectation that the fed funds rate will end the year roughly 100 basis points lower. Mindful of the risks in a decelerating economy, we continue to migrate the credit qualities of the Calamos fixed income funds higher.

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Quality Growth Holds Its Appeal as Economic Pressures Mount

Matt Freund, Michael Kassab
October 5, 2023

In an environment where growth may prove increasingly scarce, we believe asset-light companies with the flexibility and financial strength to continue funding their growth initiatives—regardless of the economic backdrop—should be able to outperform. As a result, we continue to favor quality growth companies with stellar balance sheets and attractive free cash flows.

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Braking (and Not Breaking) the Economy

Matt Freund, Christian Brobst, Charles E. Carmody
October 5, 2023

Progress on inflation and surprisingly resilient economic growth allowed the Federal Reserve to pause its rate hiking campaign at its September 20 meeting. We have been gradually increasing portfolio durations across strategies in expectation of peak-Fed policy rates and a greater likelihood that the next rate move is a cut.

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Growth Stocks: Attractive Prospects in 2H 2023 but Selectivity is Key

Matt Freund, Michael Kassab
July 3, 2023

Although the rally may slow, we expect leadership will broaden beyond the “Magnificent Seven” of mega-cap stocks, rewarding a broader group of companies with consistent cash flow generation and strong balance sheets. Calamos Growth Fund has significant positions in technology companies that are now viewed as key AI players.

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An Improved Backdrop for Growth Stocks

Matt Freund, Michael Kassab
April 3, 2023

The investment team of Calamos Growth Fund sees the current rate environment, moderating inflation and reasonable global growth providing a solid backdrop for secular growth companies.

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The Panic Seems to Be Running Out of Steam

Matt Freund
March 17, 2023

A lot has happened since the SVB collapse. Co-CIO Matt Freund shares why investors should be focusing on several key areas, including how dramatically the Fed will alter its previously stated plans and the impact this situation will have on the economy.

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What the SVB Collapse Means for Investors

Matt Freund, CFA
March 13, 2023

Last week, questions about a California bank quickly developed into the country’s first electronic bank run. Co-Chief Investment Officer Matt Freund explores what caused the crisis and how the markets are responding to this fluid situation.

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