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Investment Team Voices

Finding Attractive Convertible Opportunities … and Likely More on the Way

Jon Vacko, Joe Wysocki
April 4, 2024

A broadening out of equity market leadership could be beneficial for small-cap and mid-cap growth companies, which are well represented in the convertible universe, which is expanding with a steady stream of new issuance. Within Calamos Convertible Fund (CICVX), we actively manage security-specific risk/reward tradeoffs.

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Global Convertibles for a Surprising World

Eli Pars
April 4, 2024

We continue to find many opportunities in the new issuance market. We’ve been taking advantage of refinancing trends and have been able to invest in companies we like with higher coupons and lower conversion premiums. We’ve also initiated exposure to higher-octane companies in fast-growing areas, taking on less exposure to downside than equity investors.

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Productivity Improvement Provides Upside Opportunities

John Hillenbrand
April 4, 2024

Calamos Growth and Income Fund (CGIIX) pursues lower-volatility equity participation through a multi-asset-class approach. Given our expectation of positive economic growth over the next year, we focus on real growth and return improvement areas.

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Welcoming in a More Discerning Market

Matt Freund, Michael Kassab
April 4, 2024

Emerging themes from 2023 have multidecade potential, and we seek to uncover new ways to capture this secular growth potential in the Calamos Growth Fund (CGRIX) portfolio.

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The Pendulum Swings Back Our Way

Brandon Nelson, CFA
April 4, 2024

Historically, small-cap bull markets last on average 34 months and generate returns of 131%. With the small and SMID cap asset classes teed-up and markets looking to companies with fundamental momentum, we believe the outlook for Calamos Timpani Small Cap Growth Fund (CTSIX) and Calamos Timpani SMID Growth Fund (CTIGX) is exceptional.

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The Sweet Spot of Disinflationary Growth

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
April 4, 2024

Our team’s investment framework incorporates top-down elements to help guide our bottom-up research. Through a thematic lens, we pay close attention to macroeconomic conditions to understand the global environment and identify potential inflection points. For example, our approach to AI focuses on the entire ecosystem, including industrials and technology companies.

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Risk in the Rally?

Jim Madden, Tony Tursich, Beth Williamson
April 4, 2024

As stewards of investors’ capital, we are concerned with the financial not the political. Alternative data is an essential part of the risk/reward equation. For example, we are highly selective in insurance companies because environmental factors (weather) create challenging capital implications that traditional analysts may overlook.

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Sorting Through a Mixed Bag

Matt Freund, Christian Brobst, Charles E. Carmody
April 4, 2024

Typically, when the markets anticipate more rate cuts than we believe possible, we would position our funds with durations shorter than their benchmarks. However, our expectation for a steeper curve has led us to position Calamos Total Return Bond Fund (CTRIX) and Calamos Short-Term Bond Fund (CSTIX) with neutral to slightly long durations.

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