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Investment Team Voices

CMNIX: Steady Performance Through Shifting Terrain

Jason Hill
October 2, 2025

Calamos Market Neutral Income Fund delivered steady returns comparable to bond indexes while maintaining reduced interest-rate sensitivity through flexible tactical positioning. The fund capitalized on exceptional convertible issuance opportunities by expanding arbitrage allocations while enhancing its defensive hedged equity positioning. Once again, CMNIX demonstrated its effectiveness as a bond alternative capable of navigating shifting market conditions.

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Global Markets: Diverging Paths, Expanding Opportunities

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

Our global investment team is capitalizing on easing monetary policy, fiscal stimulus, and moderating inflation across regions. The team has identified compelling opportunities in Europe’s defense and financials, emerging markets benefiting from central bank easing, Japan’s improving governance and AI infrastructure, and quality US companies positioned for continued expansion through disciplined, multi-cycle investment expertise.

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A Precariously Concentrated Top 10 Makes the Case for Quality

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

Calamos Antetokounmpo Sustainable Equities Fund’s quality-focused approach emphasizes diversification, valuation discipline, and consistent performers positioned to benefit whether AI spending delivers expected returns or disappoints. The team’s emphasis on adaptable, innovative companies should provide downside resilience in a precariously concentrated market where 10 stocks drive over half the S&P 500’s gains.

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Global Convertibles Extend Their Winning Streak Through 3Q

Eli Pars
October 2, 2025

Calamos Global Convertible Fund’s emphasis on total-return convertibles delivered strong performance while maintaining superior risk-reward characteristics through disciplined security selection. The fund’s focus on fundamentally strong issuers with attractive upside participation and downside protection positioned it to capture global convertible market gains while avoiding speculative excess in cryptocurrency and AI datacenter exposures.

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Back to the Future

Michael Grant
October 2, 2025

Portfolio Manager Michael Grant examines the equity market’s exceptional recovery and analyzes two dominant forces: AI-driven mega-cap leadership and Trump's reflationary agenda. He assesses AI investment sustainability, identifies cyclical opportunities, and outlines balanced positioning strategies for navigating concentrated market risks into 2026.

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Small Surge, Micro Mighty

Brandon Nelson, CFA
October 2, 2025

Calamos Timpani Small Cap and SMID Growth Funds delivered exceptional third-quarter outperformance through fundamental-momentum investing and strategic microcap exposure. The funds' nimble approach and successful identification of niche growth themes positioned them well ahead of benchmarks and peers, demonstrating strong stock selection regardless of asset class trends.

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CIHEX: Delivering on the Opportunity of Asymmetry in Q3

Jason Hill
October 2, 2025

Calamos Hedged Equity Fund delivered approximately 60% upside participation during Q3 market gains while maintaining its asymmetric 65/35 hedge structure. This disciplined risk-managed approach provides meaningful equity exposure with built-in downside protection, positioning investors to navigate potential volatility from AI spending, trade policy, and monetary uncertainties ahead.

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Our Outlook: Significant Opportunities for Convertibles

Jon Vacko, Joe Wysocki
October 2, 2025

Calamos Convertible Fund benefited from third-quarter tailwinds including equity gains, tightening spreads, and the Fed’s first 2025 rate cut, while positioning for opportunities beyond mega-cap tech in a robust convertible issuance environment supported by AI trends and pro-growth policies.

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Calamos Fixed Income Suite: Positioned for a Steepening Yield Curve

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

Calamos’ fixed income funds are strategically positioned for a steepening yield curve environment through active duration management and defensive credit positioning. The team has opportunistically upgraded credit quality while maintaining attractive income levels, capitalizing on strong technical conditions and solid fundamentals to navigate the Fed’s easing cycle.

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Seizing the Growth Opportunities of AI Transformation

Matt Freund, Michael Kassab
October 2, 2025

Calamos Growth Fund capitalizes on AI transformation through disciplined investing in strong companies across the AI ecosystem. The fund’s risk-managed approach positions investors to benefit from economic expansion, declining rates, and earnings momentum while focusing on quality companies with visible catalysts.

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