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Investment Team Voices

2H 2025 Global Outlook: A Great Global Rebalancing

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
July 1, 2025

During the second quarter, international equities powered ahead, extending a year-to-date lead over US equities. International small caps performed with particular strength. We expect tailwinds for international markets to strengthen, supported by fiscal and monetary policies, country- and region-specific themes, and individual company fundamentals.

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April 2025 Outlook: Calamos International Small Cap Growth Fund

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
April 3, 2025

As markets recover and earnings inflect (as we see in Europe), many international small-cap companies could benefit from an economic rebound, given these companies often have more exposure to local economic drivers. International small-cap valuations are also attractive relative to US small caps. Given their lack of coverage by the investment community, we believe our time-tested experience investing in small caps is a differentiator.

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April 2025 Outlook: Calamos Global Opportunities Fund

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
April 3, 2025

Q1 saw significant US market volatility from the administration’s fiscal and trade policies, plus China’s DeepSeek AI model raised questions about major AI players’ capex. In Europe, policymakers are increasing defense and innovation investment. China’s leadership shows growing support for consumers and innovative companies. These developments align with our approach of identifying companies poised to benefit from market shifts.

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April 2025 Outlook: Calamos Evolving World Growth Fund

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
April 3, 2025

As fiscal spending shifts from the US to abroad, we believe investors are excited about potential growth outside the US. In emerging markets, we see growing policy support for consumers in China and leadership backing of innovative companies. We welcome these developments, as our investment process is designed to quickly identify companies that can benefit most from inflections.

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April 2025 Outlook: Calamos Global Equity Fund

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
April 3, 2025

US policies—from DOGE to tariffs—have introduced uncertainty into the US economic outlook and potentially a crack in the US-exceptionalism trade. The fund remains diversified across a range of cyclical and secular themes, and we are excited that the breadth of opportunities has expanded across the global market. This commentary examines how we have positioned the fund to benefit from these changing dynamics.

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April 2025 Outlook: Calamos International Growth Fund

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

After years of investor reliance on US market exposure, tariff and fiscal policy changes may trigger capital migration to ex-US markets. Our investment process is designed to quickly identify companies poised to benefit from this major inflection. In this commentary, we examine how we have diversified the fund across cyclical and secular themes to capitalize on these changing dynamics.

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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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2025 Outlook: Calamos Global Equity Fund

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

The fund outperformed in 2024, and we look ahead to 2025 with optimism. We are focusing on AI’s evolution, international equity opportunities despite "America First" policies, European market potential, and emerging market resilience while maintaining a balance of secular growth, cyclical, and defensive positions.

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2025 Outlook: Calamos International Small Cap Growth Fund

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

Entering 2025, the fund’s overall positioning remains optimistic. We believe secular growth companies offer the most attractive way to compound returns over the long term, while over the shorter-to-medium term, these companies should benefit from falling inflation and reasonable growth.

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