Growth stocks surged in Q2, led by AI infrastructure beneficiaries. Calamos Growth Fund maintains its quality bias, favoring hyperscalers and suppliers of critical AI components. With valuations elevated and market breadth historically narrow, the team remains disciplined and ready to rotate if leadership shifts.
Read PostAI infrastructure dominance and a hawkish Fed are reshaping the investment landscape. Calamos Phineus Long/Short Fund manager Michael Grant sees broadening but concentrated market leadership, expects inflation to surprise to the downside, and anticipates a topping process through autumn as positioning risk and midterm election uncertainty intensify.
Read PostCo-CIO Nick Niziolek explains why an earnings-driven process is well positioned for today’s market—and why the opportunities are set to rev higher.
Read PostThrough the first half of 2025, equity diversification strategies—spreading investments across sectors and industries—are delivering their intended benefits of reducing portfolio volatility while maintaining growth potential. While we participate in technology growth (including AI), our portfolio also invests in broader innovative idiosyncratic opportunities.
Read Post“In this period of ‘creative destruction,’ not all companies will be able to adapt and innovate. There will be winners and losers,” says Founder and Global CIO John P. Calamos, Sr. “Active management and fundamental security selection will be essential as this chapter unfolds.” He notes that, although there is never a perfect time to invest, the investment teams’ Q2 outlooks reinforce the tenet that there are always opportunities for long-term investors.
Read PostMarkets are navigating Fed policy decisions balanced against political pressures and evolving conditions, yet credit markets demonstrated resilience with spreads near cycle-tight levels. Spread compression has allowed us to migrate credit quality higher with a minimal reduction in income.
Read PostPortfolio Manager Michael Grant examines the remarkable equity recovery from April lows and Trump’s reflationary agenda’s market implications. He identifies tactical opportunities amid high volatility, analyzes the emerging "Peace and Business" policy framework, and outlines positioning strategies for navigating rising performance dispersion in today’s evolving global landscape.
Read PostDespite significant volatility in the first half of 2025, global convertibles have outperformed equities year-to-date, with the FTSE Global Convertible Index rising 11.2% versus 9.8% for the MSCI World Index. We have maintained significant overweights to consumer discretionary companies and Chinese issues, driven by convertible structures and equity valuations—in other words, bottom-up security selection.
Read PostDuring the second quarter, international equities powered ahead, extending a year-to-date lead over US equities. International small caps performed with particular strength. We expect tailwinds for international markets to strengthen, supported by fiscal and monetary policies, country- and region-specific themes, and individual company fundamentals.
Read PostGrowth-led equities completed a V-shaped rebound in Q2 as tariff, recession, and data center spending fears proved overblown. Small caps lagged but strengthened in June. Calamos Timpani funds (CTSIX and CTIGX) outperformed benchmarks and peers through company-specific fundamental strength and accretive market conditions.
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