Low interest rates and central bank distortions have been the hallmark of the post-2008 era. The past quarter was notable for the sense that this landscape is giving way to something quite different, with real interest rates attaining their highest levels in two decades. In his latest commentary, Michael Grant sorts out the implications of this “new normal.”
Read PostOur Founder, John P. Calamos, Sr., reflects on our 45+ years of convertible experience. Read his feature to learn why Calamos has remained steadfast in our commitment to convertible investing, becoming the largest convertible securities manager in the US.
Read PostAs rising oil prices, soaring yields and seesawing markets test investors, our teams remain confident that there are many long-term opportunities across asset classes. With an introduction from Founder and Global CIO John P. Calamos, Sr.
Read PostIn his Q3 Investment Team Outlook, Michael Grant discusses the “harder” challenges confronting investors in the latter part of 2023, which underscore the portfolio’s emphasis on a mix of select quality GARP opportunities and cyclicals that appear too cheap in the absence of a near-term recession.
Read PostAs rising interest rates delivered a blow to traditional bonds during the quarter, CMNIX once again demonstrated the benefits of not being at the mercy of interest rate moves.
Read PostThe lack of diversification benefits between stocks and bonds seems to be a recurring theme in our post-zero-percent interest-rate world. Given this backdrop, we believe the case for Calamos Hedged Equity Fund remains as strong as ever.
Read PostLooking forward, we are cautiously optimistic but see multiple positives and negatives pushing and pulling the market. Our overall focus remains on bottom-up company selection and actively managing risk/reward tradeoffs. We also favor innovative companies positioned to benefit from enduring secular themes.
Read PostThe combination of oil prices, Fed policy, and political uncertainty all make for a questionable growth outlook in 2024. Nonetheless, we will stick to our fundamental process and work to maintain the best risk/reward profile possible. And we expect a convertible issuance boost in 2024 as companies seek to refinance maturing debt.
Read PostOver the short- and intermediate-term, improved real returns on capital can drive higher equity prices, and we see attractive long-term upside in the US equity market from current market levels, which we believe are at fair value for most US companies.
Read PostIn an environment where growth may prove increasingly scarce, we believe asset-light companies with the flexibility and financial strength to continue funding their growth initiatives—regardless of the economic backdrop—should be able to outperform. As a result, we continue to favor quality growth companies with stellar balance sheets and attractive free cash flows.
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