Investment Team Voices

A Normalizing Economic Backdrop Offers Capital Appreciation Opportunities

John Hillenbrand
January 4, 2024

John Hillenbrand, CPA, believes 2024 will be the beginning of the end of the normalization process as the extraordinary Covid measures unwind. Given expectations of slowing but positive economic growth over the next year, his team is assessing the investment opportunities for Calamos Growth and Income Fund (CGIIX), focusing on real growth and return-improvement areas.

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Finding Opportunities in a More Muted Growth Environment

John Hillenbrand
October 5, 2023

Over the short- and intermediate-term, improved real returns on capital can drive higher equity prices, and we see attractive long-term upside in the US equity market from current market levels, which we believe are at fair value for most US companies.

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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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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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In a Multispeed Economy, Improving ROIC Guides the Way

John Hillenbrand
July 3, 2023

We continue to see a divergence in growth in different parts of the economy and in corporate returns on capital for individual companies. Calamos Growth and Income Fund’s positioning emphasizes real growth tailwinds, companies with improving returns on capital in 2024, and equities and fixed income with valuations at favorable expected risk-adjusted returns.

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Selective Risk Exposure Remains Our Target

John Hillenbrand
April 3, 2023

Calamos Growth and Income Fund reflects selective risk positioning in specific areas that we believe have real growth tailwinds, in companies with improving returns on capital in 2023 and 2024, and in equities and fixed income with valuations at favorable expected risk-adjusted returns.

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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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Calamos Investment Team Outlooks, January 2023

January 3, 2023

The Calamos investment teams are finding cause for cautious optimism as inflationary headwinds weaken. Macro themes and valuations will remain important in 2023, but we anticipate markets to expand their focus on company fundamentals, providing a tailwind for our research-driven approaches.

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Calamos Investment Team Outlooks, October 2022

October 3, 2022

Despite market volatility and many macro-level uncertainties, our teams continue to identify opportunities across asset classes. With an introduction from Founder and Global Chief Investment Officer John P. Calamos, Sr.

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