Investment Team Voices

Ready for Market Upticks and Potential Pullbacks

Eli Pars
October 5, 2023

The 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.

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Finding Opportunities in a More Muted Growth Environment

John Hillenbrand
October 5, 2023

Over 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.

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Quality Growth Holds Its Appeal as Economic Pressures Mount

Matt Freund, Michael Kassab
October 5, 2023

In 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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Global Investment Themes Spotlight, 3Q 2023

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
October 5, 2023

In this adaptation from our recent commentary, “3Q 2023 Global Investment Theme Spotlight,” we highlight important investment ideas based on India’s pro-growth policies, promising obesity treatments, China’s electric vehicle industry, and energy trends.

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Higher-Quality Companies for a “Higher-for-Longer” Rate Environment

Jim Madden, Tony Tursich, Beth Williamson
October 5, 2023

Although the Fed paused interest rate hikes in September, its language was cautious regarding the timing of future rate cuts. In an environment of higher interest rates, we maintain a focus on identifying and investing in high-quality companies with lower levels of debt than their peers.

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Braking (and Not Breaking) the Economy

Matt Freund, Christian Brobst, Charles E. Carmody
October 5, 2023

Progress on inflation and surprisingly resilient economic growth allowed the Federal Reserve to pause its rate hiking campaign at its September 20 meeting. We have been gradually increasing portfolio durations across strategies in expectation of peak-Fed policy rates and a greater likelihood that the next rate move is a cut.

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CAPIX: A Pure Play, Institutional Private Credit Portfolio

September 27, 2023

Find out how Tim Nest, CFA, Co-Portfolio Manager of Calamos Aksia Alternative Credit and Income Fund (CAPIX), views the private credit market and how the team is seeking to capitalize on the yield and return potential of this global asset class.

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Perspectives on Innovation: Why “Net Zero” Wins over “Carbon Neutral”

Beth Williamson, Valia Tsoukopoulou
August 24, 2023

The Calamos Sustainable Equities Team breaks down why and how a company’s carbon strategy can have far-reaching impacts on everything from reputation to cost savings to new market access. Moreover, they explain why their investment criteria favor companies that pursue a net-zero strategy.

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