Investment Team Voices

Putting Points on the Board Through Fundamental Stock Selection

Brandon Nelson, CFA
January 2, 2025

Despite small caps lagging large caps in 2024, Calamos Timpani Small Cap Growth Fund and SMID Growth Fund outperformed their benchmarks owing to strong stock selection across sectors. We anticipate the potential for small-cap leadership in 2025 driven by earnings acceleration, attractive valuations, and increased merger-and-acquisition activity.

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2025 Outlook: Calamos Global Opportunities Fund

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

The fund outperformed its benchmark by 600 basis points in 2024. Entering 2025, global markets face many crossroads, but we look forward to what lies ahead. With new US political leadership likely to challenge the status quo globally and continually evolving secular growth tailwinds, 2025 will likely be another great year to capitalize on disruption.

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2025 Outlook: Calamos Global Equity Fund

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

The fund outperformed in 2024, and we look ahead to 2025 with optimism. We are focusing on AI’s evolution, international equity opportunities despite "America First" policies, European market potential, and emerging market resilience while maintaining a balance of secular growth, cyclical, and defensive positions.

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2025 Outlook: Calamos International Small Cap Growth Fund

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

Entering 2025, the fund’s overall positioning remains optimistic. We believe secular growth companies offer the most attractive way to compound returns over the long term, while over the shorter-to-medium term, these companies should benefit from falling inflation and reasonable growth.

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2025 Outlook: Calamos Evolving World Growth Fund

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

The fund outperformed its benchmark in 2024 by 700 basis points, and we look ahead to 2025 with optimism, focusing on AI evolution, international equity opportunities amid new US policies, and emerging market resilience while maintaining a balance between secular growth companies and complementary cyclical and defensive names.

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2025 Outlook: Calamos International Growth Fund

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

After outperforming in 2024, Calamos International Growth Fund enters 2025 on an optimistic note despite Trump's election, anticipating opportunities in an evolving AI ecosystem and international markets where negative sentiment may have overshot, particularly as the impact of "America First" policies may not necessarily translate to overseas equity losses.

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Ghosts of Markets Past, Present, and Future

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

Taking inspiration from Charles Dickens' "A Christmas Carol," three market ghosts reveal crucial insights about US market exceptionalism, current valuations, and future investment strategies in sustainable investing.

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Calamos Fixed Income Suite: Targeting the Sweet Spot for Duration

Matt Freund, Christian Brobst, Charles E. Carmody
January 2, 2025

As the Fed is expected to cut rates to around 3.5% by the end of 2025 while inflation remains above target, Calamos fixed-income funds are positioning for a steeper yield curve and migrating to higher credit quality. We are maintaining selective exposure to high-yield opportunities and adjusting durations based on conditions.

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Why Sustainable Innovation and Investing Will Still Matter in the Trump 2.0 Era

Jim Madden, Tony Tursich, Beth Williamson
November 22, 2024

Drawing on experience over multiple market and economic cycles and the terms of many presidents, the Calamos Sustainable Equities team explains that including sustainable factors within a quality-focused investment process isn’t about politics—it’s about managing risk and enhancing returns.

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The Ice Begins to Break

Michael Grant
November 22, 2024

Donald Trump’s re-election reflects an important shift in forces in the West, according to Co-CIO Michael Grant. As this shift continues, investors need to consider a very different kind of financial landscape in the coming years.

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