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Investment Team Voices

Calamos Investment Team Outlooks, October 2025

John P. Calamos, Sr.
October 2, 2025

“During the third quarter, markets once again surmounted a wall of worry,” says Founder and Global CIO John P. Calamos, Sr. in his introduction to the investment teams’ quarterly outlooks. “Although market leadership is broadening, this is very much a market where individual security selection will matter and one where we believe our teams can excel.” He emphasizes that diversification across geographies, market caps, and asset classes remains essential for navigating potential volatility ahead.

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Steady Course Delivers: Maintaining Conviction with AI Innovation and Infrastructure

John Hillenbrand
October 2, 2025

Calamos Growth and Income Fund's disciplined multi-asset approach delivered strong year-to-date performance by maintaining conviction in AI innovation leaders and infrastructure beneficiaries. The fund’s combination of quality growth equity exposure with convertibles and options overlays provides upside participation while managing downside risk, positioning investors to navigate evolving market conditions and capture long-term value creation opportunities.

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Global Markets: Diverging Paths, Expanding Opportunities

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

Our global investment team is capitalizing on easing monetary policy, fiscal stimulus, and moderating inflation across regions. The team has identified compelling opportunities in Europe’s defense and financials, emerging markets benefiting from central bank easing, Japan’s improving governance and AI infrastructure, and quality US companies positioned for continued expansion through disciplined, multi-cycle investment expertise.

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CMNIX: Steady Performance Through Shifting Terrain

Jason Hill
October 2, 2025

Calamos Market Neutral Income Fund delivered steady returns comparable to bond indexes while maintaining reduced interest-rate sensitivity through flexible tactical positioning. The fund capitalized on exceptional convertible issuance opportunities by expanding arbitrage allocations while enhancing its defensive hedged equity positioning. Once again, CMNIX demonstrated its effectiveness as a bond alternative capable of navigating shifting market conditions.

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A Precariously Concentrated Top 10 Makes the Case for Quality

Jim Madden, Tony Tursich, Beth Williamson
October 2, 2025

Calamos Antetokounmpo Sustainable Equities Fund’s quality-focused approach emphasizes diversification, valuation discipline, and consistent performers positioned to benefit whether AI spending delivers expected returns or disappoints. The team’s emphasis on adaptable, innovative companies should provide downside resilience in a precariously concentrated market where 10 stocks drive over half the S&P 500’s gains.

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Global Convertibles Extend Their Winning Streak Through 3Q

Eli Pars
October 2, 2025

Calamos Global Convertible Fund’s emphasis on total-return convertibles delivered strong performance while maintaining superior risk-reward characteristics through disciplined security selection. The fund’s focus on fundamentally strong issuers with attractive upside participation and downside protection positioned it to capture global convertible market gains while avoiding speculative excess in cryptocurrency and AI datacenter exposures.

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Back to the Future

Michael Grant
October 2, 2025

Portfolio 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.

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Small Surge, Micro Mighty

Brandon Nelson, CFA
October 2, 2025

Calamos Timpani Small Cap and SMID Growth Funds delivered exceptional third-quarter outperformance through fundamental-momentum investing and strategic microcap exposure. The funds' nimble approach and successful identification of niche growth themes positioned them well ahead of benchmarks and peers, demonstrating strong stock selection regardless of asset class trends.

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CIHEX: Delivering on the Opportunity of Asymmetry in Q3

Jason Hill
October 2, 2025

Calamos Hedged Equity Fund delivered approximately 60% upside participation during Q3 market gains while maintaining its asymmetric 65/35 hedge structure. This disciplined risk-managed approach provides meaningful equity exposure with built-in downside protection, positioning investors to navigate potential volatility from AI spending, trade policy, and monetary uncertainties ahead.

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Our Outlook: Significant Opportunities for Convertibles

Jon Vacko, Joe Wysocki
October 2, 2025

Calamos Convertible Fund benefited from third-quarter tailwinds including equity gains, tightening spreads, and the Fed’s first 2025 rate cut, while positioning for opportunities beyond mega-cap tech in a robust convertible issuance environment supported by AI trends and pro-growth policies.

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