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Investment Team Voices

The Cycle Prevails: Why Fundamentals Should Dominate Valuation Concerns

John Hillenbrand
January 2, 2026

We favor equities over credit in 2026, supported by above-consensus US growth, easing Fed policy, and AI's pivot from infrastructure to monetization. Quality fundamentals justify elevated valuations despite concentration risks. Multi-asset positioning balances growth exposure through convertible securities and options overlays, emphasizing diversification in AI adopters, financials, and healthcare.

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Top-Notch Timpani Performance in 2025, Superb Small-Cap Set-Up in 2026

Brandon Nelson, CFA
January 2, 2026

The Calamos Timpani Small Cap and SMID Growth Funds significantly outperformed peers and benchmarks in 2025 despite challenging conditions for active managers. Strong security selection and fundamental momentum investing drove success. With favorable valuations and policy tailwinds, smaller-cap stocks appear well-positioned for outperformance in 2026.

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Tailwinds Ahead: Cyclical Drivers and Secular Innovation in 2026

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
January 2, 2026

In 2025, globally diversified portfolios captured strong returns as international markets outperformed. Heading into 2026, we remain optimistic about cyclical opportunities driven by weak dollar dynamics and fiscal stimulus, as well as secular themes such as AI infrastructure and defense spending. We expect international markets to continue outperforming.

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Solid Ground, Shifting Winds: Navigating a Nuanced Credit Market

Matt Freund, Christian Brobst, Charles E. Carmody
January 2, 2026

The Calamos fixed income team expects solid corporate credit fundamentals and supportive technical conditions to continue into 2026, driven by fiscal tailwinds from tax legislation. However, ongoing Fed easing, large deficits, and inflation uncertainty warrant defensive positioning. As such we are migrating toward higher credit quality while preserving income.

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Diversified, Quality-Focused Portfolios Well-Positioned for 2026

Jim Madden, Tony Tursich, Beth Williamson
January 2, 2026

Quality-focused, diversified portfolios are well-positioned for 2026 as AI winners emerge and economic growth potentially broadens. Quality stocks, trading below their historical valuations after underperforming during the 2025 risk-on rally, appear poised for a rebound. High-quality companies with justified valuations and strong fundamentals should outperform unprofitable momentum plays.

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Plenty of Fuel Left in the Tank: Our Outlook for Convertible Market Upside

Q&A with Joe Wysocki, CFA
November 6, 2025

Convertible securities have posted strong returns year-to-date, and Calamos Convertible Fund has outperformed market benchmarks and peers. In this Q&A, Senior Co-Portfolio Manager Joe Wysocki, CFA, discusses what’s driving his optimism and how the fund is capitalizing on exciting AI opportunities with a risk-managed approach.

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Calamos Investment Team Outlooks, October 2025

John P. Calamos, Sr.
October 2, 2025

“During the third quarter, markets once again surmounted a wall of worry,” says Founder and Global CIO John P. Calamos, Sr. in his introduction to the investment teams’ quarterly outlooks. “Although market leadership is broadening, this is very much a market where individual security selection will matter and one where we believe our teams can excel.” He emphasizes that diversification across geographies, market caps, and asset classes remains essential for navigating potential volatility ahead.

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Steady Course Delivers: Maintaining Conviction with AI Innovation and Infrastructure

John Hillenbrand
October 2, 2025

Calamos Growth and Income Fund's disciplined multi-asset approach delivered strong year-to-date performance by maintaining conviction in AI innovation leaders and infrastructure beneficiaries. The fund’s combination of quality growth equity exposure with convertibles and options overlays provides upside participation while managing downside risk, positioning investors to navigate evolving market conditions and capture long-term value creation opportunities.

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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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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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