We have shown through the years that the Calamos Timpani funds don’t just live and die with the overall performance of small caps. We carefully pick stocks with notable characteristics—sustainably fast and underestimated growth. The company-specific merits of each stock carry weight in determining stock price performance.
Read PostWe maintain significant exposure to beneficiaries of growth themes in artificial intelligence and data center capital spending, healthcare innovations like GLP-1s, and regional stories like India. We utilize convertible securities’ flexibility to access growth with lower volatility, including several convertibles in Chinese technology and internet services.
Read PostFor the first time in many quarters, we think there’s a higher probability of a transition toward either weakening or strengthening economic activity, although it’s difficult to tell which direction. Similar to forecasting autumn in Chicago—when you can use sunscreen, an umbrella, and a heavy sweater in the same week—we’ve prepared the portfolio for conditions that may change quickly.
Read PostArtificial intelligence, data center spending, healthcare innovations like GLP-1s, and regional growth stories like India’s are represented in the portfolio, and our small-cap focus enables us to capitalize on niche trends in local economies (e.g., consumers in Emerging Asia). We have also increased exposure to growth opportunities with defensive characteristics to mitigate downside risk.
Read PostWe continue to favor secular growth opportunities for two reasons. First, we believe they offer the best way to compound returns over the long term. Second, we believe that over the shorter-to-medium term, an environment of lower and falling inflation and reasonable growth is likely.
Read PostIn the span of three months, markets vacillated between confidence that central bank policy easing would support economic growth and fears that central banks were dragging their feet and opening the door to recession. Despite the challenges of this rotational environment, the fund delivered strong returns for the year-to-date and one-year periods, outperforming its benchmark.
Read PostMany stocks are valued as if the best-case scenario is the default. This scenario works until it doesn’t. At some point, valuations and expectations will return to historical norms. As quality-oriented, valuation-aware investors, we believe we are in a good position to benefit from this shift.
Read PostFundamentals and a more dovish Fed seem to indicate that a soft landing can be achieved, and negative nominal GDP growth is becoming less likely. But credit spreads are priced to perfection, and we are using the market opportunity to position portfolios more defensively.
Read PostMerger arbitrage is bottom-up driven, and Calamos Merger Arbitrage Fund’s portfolio reflects the idiosyncratic nature of the opportunity set. Our team examines one area where we’ve lately found interesting opportunities: all-stock mergers in the energy sector.
Read PostThe convertible market offers exciting opportunities across market caps, geographies, and credit qualities. Senior members of our team share their perspectives on the opportunity of convertibles, the new issuance market, and the importance of active management.
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