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Investment Team Voices

April 2025 Outlook: Calamos International Growth Fund

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

After years of investor reliance on US market exposure, tariff and fiscal policy changes may trigger capital migration to ex-US markets. Our investment process is designed to quickly identify companies poised to benefit from this major inflection. In this commentary, we examine how we have diversified the fund across cyclical and secular themes to capitalize on these changing dynamics.

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Managing through Market Volatility amid Policy Uncertainty

John Hillenbrand
April 2, 2025

While policy volatility creates near-term disruption, it accelerates competitive differentiation—an environment where our fundamental research and multi-asset flexibility can excel. We remain vigilant to risks while positioning the portfolio to benefit from longer-term structural opportunities that transcend short-term uncertainty.

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Calamos Investment Team Outlooks, April 2025

Introduction: Perspectives on Transition in Impatient Times
April 1, 2025

“I'm always thinking about what market history can teach us,” says Founder and Global CIO John P. Calamos, Sr., who has invested through many corrections, crashes, and periods of economic uncertainty. He notes: “Fifty-plus years as an investor has taught me that the economy is resilient, and the seeds of long-term opportunity are always being sown.” This same long-term constructive focus runs through our investment teams’ quarterly outlooks.

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Finding Convertible Opportunities Amid Volatility

Jon Vacko, Joe Wysocki
April 1, 2025

The convertible market’s hybrid nature—combining equity upside with fixed-income protection—we believe positions it well for diverse policy outcomes. However, active management is crucial as each convertible has unique, evolving risk-reward characteristics. Our selective, long-term approach offers the potential for strong risk-adjusted returns and diversification benefits through 2025.

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Calamos Fixed Income Suite: Charting a Course through Disruption

Matt Freund, Christian Brobst, Charles E. Carmody
April 1, 2025

In periods of extraordinary volatility and uncertainty, a strong management team with a history of navigating cycles and producing results can be the difference between success and failure. We believe maintaining strategic positioning with close-to-benchmark-aligned durations while focusing on fundamental analysis will be crucial for navigating market challenges.

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Are the Times A-Changin’?

Jim Madden, Tony Tursich, Beth Williamson
April 1, 2025

The narrow, momentum-driven rally of the past three years is the type that often ends quickly and dramatically, followed by years of broadening. Are we at this inflection point? Drawing on 30+ years of experience, our team is confident that diversification—today viewed by many as a headwind—will ultimately serve as a risk reducer.

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Stock Selection Lights the Way Through a Murky Macro Environment

Brandon Nelson, CFA
April 1, 2025

We don't foresee an imminent recession but recognize challenges for vulnerable industries and sectors. Accordingly, we've positioned CTSIX and CTIGX with reduced exposure to industrial companies (high tariff risk) and increased exposure to healthcare and consumer services (low tariff risk).

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Navigating Technology Transitions and Policy Uncertainties

Matt Freund, Michael Kassab
April 1, 2025

While the opening months of 2025 have raised many questions, investors often overlook the long history of technological change and innovation in US equities. We pursue companies with sustainable competitive advantages, strong cash flow generation, and appropriate valuations. Our focus remains on businesses capable of thriving across multiple scenarios.

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A Distinctly Discriminating Turmoil

Michael Grant
March 31, 2025

Co-CIO and Senior Co-Portfolio Manager Michael Grant explains why he believes a US bear market is not unfolding—at least not now—and why the economic risk is one of slowdown, not recession. However, he sees a fundamental vulnerability for US dollar-denominated assets in a world of deglobalization. The dispersion of equity performance in terms of individual stocks is elevated everywhere and signals the opportunity for active management.

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European Banks: Hard Work Pays Off

Dave Gallagher, CFA
March 21, 2025

Supported by fundamentals, valuations, as well as the potential for a less burdensome regulatory environment, European bank stocks are positioned for sustained upside, explains Dave Gallagher, CFA, of the Calamos Global Equities team.

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