Co-CIO Michael Grant reviews the fragile yet decisive truce that has emerged between the United States and Iran, and the implications for equity markets as the countries prioritize a political solution to the conflict. He explains why the relief rally in the wake of the ceasefire is genuine while not altering the broader framework he sees for 2026.
Read PostCalamos Phineus Long/Short Fund manager Michael Grant warns that the US-Iran conflict has accelerated an anticipated market correction, creating stagflationary pressures and narrowing the margin for error. He favors energy infrastructure and defense while urging discipline and caution ahead of autumn midterm elections.
Read PostThe post-COVID investment regime features persistent reflation, fiscal deficits, and AI mania. While we expect the equity bull market to face headwinds in 2026 with peak reflation likely by spring, AI's benefits should broaden to new sectors, and opportunities will emerge through sector rotation and increased volatility.
Read PostPortfolio Manager Michael Grant examines the equity market’s exceptional recovery and analyzes two dominant forces: AI-driven mega-cap leadership and Trump's reflationary agenda. He assesses AI investment sustainability, identifies cyclical opportunities, and outlines balanced positioning strategies for navigating concentrated market risks into 2026.
Read PostPortfolio Manager Michael Grant examines the remarkable equity recovery from April lows and Trump’s reflationary agenda’s market implications. He identifies tactical opportunities amid high volatility, analyzes the emerging "Peace and Business" policy framework, and outlines positioning strategies for navigating rising performance dispersion in today’s evolving global landscape.
Read PostCo-CIO and Senior Co-Portfolio Manager Michael Grant explains why he believes a US bear market is not unfolding—at least not now—and why the economic risk is one of slowdown, not recession. However, he sees a fundamental vulnerability for US dollar-denominated assets in a world of deglobalization. The dispersion of equity performance in terms of individual stocks is elevated everywhere and signals the opportunity for active management.
Read PostThe 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.
Read PostDonald Trump’s re-election reflects an important shift in forces in the West, according to Co-CIO Michael Grant. As this shift continues, investors need to consider a very different kind of financial landscape in the coming years.
Read PostThe perception of the virtual invincibility of US equities has taken hold across large parts of the investment community. However, here’s the conundrum: an “Invincibility Syndrome” signals a crescendo and historically emerges when markets are in the process of establishing a major summit. If investors are crossing over a peak, what insight can prepare them for what lies beyond?
Read PostInvestment narratives have changed rapidly on the heels of the Fed’s rate cut and China’s stimulus. But what are markets getting wrong? Michael Grant explains what to look for and how he’s positioning CPLIX to navigate the crosscurrents.
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