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Investment Team Voices

Finding Attractive Convertible Opportunities … and Likely More on the Way

Jon Vacko, Joe Wysocki
April 4, 2024

A broadening out of equity market leadership could be beneficial for small-cap and mid-cap growth companies, which are well represented in the convertible universe, which is expanding with a steady stream of new issuance. Within Calamos Convertible Fund (CICVX), we actively manage security-specific risk/reward tradeoffs.

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Global Convertibles for a Surprising World

Eli Pars
April 4, 2024

We continue to find many opportunities in the new issuance market. We’ve been taking advantage of refinancing trends and have been able to invest in companies we like with higher coupons and lower conversion premiums. We’ve also initiated exposure to higher-octane companies in fast-growing areas, taking on less exposure to downside than equity investors.

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Bright Prospects for Convertibles in 2024

Jon Vacko, Joe Wysocki
January 4, 2024

Calamos Convertible Fund (CICVX) investment team members Jon Vacko and Joe Wysocki were excited to see convertible new issuance accelerate in 2023. Investment-grade companies were particularly active and came to the convertible market at a more rapid pace not seen in years. They believe the convertible market will broaden in 2024 as a sizable amount of traditional debt matures.

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A Sunny 2024 Outlook for Global Convertibles

Eli Pars
January 4, 2024

Eli Pars, CFA, believes new issues will be a potential bright spot for the convertible market and Calamos Global Convertible Fund (CXGCX) over the next year or two, with a particularly intriguing opportunity in investment-grade convertibles.

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Ready for Market Upticks and Potential Pullbacks

Eli Pars
October 5, 2023

The combination of oil prices, Fed policy, and political uncertainty all make for a questionable growth outlook in 2024. Nonetheless, we will stick to our fundamental process and work to maintain the best risk/reward profile possible. And we expect a convertible issuance boost in 2024 as companies seek to refinance maturing debt.

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Favorable Tailwinds for Convertible Securities

Jon Vacko, Joe Wysocki
July 3, 2023

Secular trends, cyclical opportunities and broadening issuance are driving opportunities in convertible securities. While we are finding select opportunities to invest in issues with bond-like structures, Calamos Convertible Fund maintains an emphasis on balanced structures.

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