In 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.
Read PostSmall caps are relatively inexpensive, have tended to do well after bear market bottoms and are entering what historically has been a seasonally strong period from October through April. Moreover, we believe we are in the early stages of a new upcycle for our particular investment style.
Read PostIn 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.
Read PostAlthough 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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