Investment Team Voices

Convertible Securities Carry Strong Momentum into 2026

Jon Vacko, Joe Wysocki
January 2, 2026

Convertible securities achieved strong 2025 performance, and we believe they are well-positioned for 2026, supported by robust US fundamentals and record issuance. The small- to mid-cap heavy convertible market benefits from broadening equity leadership. Calamos Convertible Fund emphasizes AI infrastructure, cybersecurity, defense, and nuclear modernization while anticipating increased M&A activity.

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Global Convertibles: Strength in 2025, Optimism for 2026

Eli Pars
January 2, 2026

The global convertible market returned 23.3% in 2025, and Calamos Global Convertible Fund (CXGCX), with its balanced risk-reward profile, gained 19.53%. We see reasons for optimism in 2026, supported by lower rates and the continuing AI infrastructure buildout. Global issuance of $166.5 billion in 2025 nearly matched the record level set in 2001.

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Why Growth Equities Can Power Ahead in 2026

Matt Freund, Michael Kassab
January 2, 2026

The 2026 outlook supports continued growth equity exposure, driven by procyclical fiscal policy, resilient earnings, and Fed rate cuts. Selectivity is crucial as the AI theme matures, favoring adopters over enablers. Calamos Growth Fund’s all-cap mandate positions it to capture opportunities as market leadership broadens beyond mega-caps.

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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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