Investment Team Voices

CMNIX: A Steady Hand in Volatile Markets

Jason Hill
April 1, 2026

Calamos Market Neutral Income Fund (CMNIX) delivered positive absolute returns in a volatile first quarter of 2026, outperforming a declining S&P 500. The fund’s four core strategies—edged equity, convertible arbitrage, merger arbitrage, and SPAC arbitrage—all contributed positively amid equity weakness and geopolitical uncertainty.

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Calamos Global Convertible Fund: Positioned for Curveballs

Eli Pars
April 1, 2026

Calamos Global Convertible Fund (CXGCX) finished Q1 2026, essentially flat amid a volatile macro environment in which global convertibles outperformed equities. Record new issuance of $53.3 billion underscored market strength, and the fund maintained its focus on balancing upside participation with downside risk mitigation.

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The Leadership Change Has Arrived

Jim Madden, Tony Tursich, Beth Williamson
April 1, 2026

After years of Magnificent 7 dominance, market leadership is broadening. As mega-cap tech faces rising capital intensity and valuation pressure, Calamos Antetokounmpo Sustainable Equities Fund (SROIX) is well-positioned, emphasizing earnings quality, diversification, and reasonable valuations across sectors to capitalize on the emerging regime shift.

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CIHEX: Turning Volatility into Longer-Term Opportunity

Jason Hill
April 1, 2026

Calamos Hedged Equity Fund (CIHEX) navigated a volatile first quarter—marked by the Middle East conflict and policy uncertainty—with roughly half the drawdown of the S&P 500. The fund extended its hedge structure to June 2027, positioning investors to participate in upside while limiting downside exposure.

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