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Investment Team Voices

Growth Dispersion Highlights the Benefits of Selectivity

John Hillenbrand
July 5, 2024

We believe the best positioning for this environment is a focus on companies with improving returns on capital, and on equities and fixed income with valuations at favorable expected risk-adjusted returns. We see compelling prospects for companies with exposure to new products and geographic growth opportunities (for example, health care and AI-related infrastructure and software).

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Positioned for Market Upside, but with a Measure of Prudence

Matt Freund, Michael Kassab
July 5, 2024

In this complex environment, we are focusing on risk management and identifying high-quality companies capable of generating substantial cash flow and earnings growth while maintaining flexible financial positions. As AI permeates the economy, we anticipate investment prospects beyond the technology sector.

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Productivity Improvement Provides Upside Opportunities

John Hillenbrand
April 4, 2024

Calamos Growth and Income Fund (CGIIX) pursues lower-volatility equity participation through a multi-asset-class approach. Given our expectation of positive economic growth over the next year, we focus on real growth and return improvement areas.

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Welcoming in a More Discerning Market

Matt Freund, Michael Kassab
April 4, 2024

Emerging themes from 2023 have multidecade potential, and we seek to uncover new ways to capture this secular growth potential in the Calamos Growth Fund (CGRIX) portfolio.

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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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