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Investment Team Voices

Calamos Investment Team Outlooks, July 2025

Opportunities and Lessons from a Remarkable Quarter
July 1, 2025

“In this period of ‘creative destruction,’ not all companies will be able to adapt and innovate. There will be winners and losers,” says Founder and Global CIO John P. Calamos, Sr. “Active management and fundamental security selection will be essential as this chapter unfolds.” He notes that, although there is never a perfect time to invest, the investment teams’ Q2 outlooks reinforce the tenet that there are always opportunities for long-term investors.

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Calamos Fixed Income Suite: Secure in Our Footing on a Steepening Yield Curve

Matt Freund, Christian Brobst, Charles E. Carmody
July 1, 2025

Markets are navigating Fed policy decisions balanced against political pressures and evolving conditions, yet credit markets demonstrated resilience with spreads near cycle-tight levels. Spread compression has allowed us to migrate credit quality higher with a minimal reduction in income.

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The More Things Change …

Michael Grant
July 1, 2025

Portfolio Manager Michael Grant examines the remarkable equity recovery from April lows and Trump’s reflationary agenda’s market implications. He identifies tactical opportunities amid high volatility, analyzes the emerging "Peace and Business" policy framework, and outlines positioning strategies for navigating rising performance dispersion in today’s evolving global landscape.

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Up to the Task of a Twisting and Turning Market

Eli Pars
July 1, 2025

Despite significant volatility in the first half of 2025, global convertibles have outperformed equities year-to-date, with the FTSE Global Convertible Index rising 11.2% versus 9.8% for the MSCI World Index. We have maintained significant overweights to consumer discretionary companies and Chinese issues, driven by convertible structures and equity valuations—in other words, bottom-up security selection.

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2H 2025 Global Outlook: A Great Global Rebalancing

Nick Niziolek, Dennis Cogan, Paul Ryndak, Kyle Ruge
July 1, 2025

During the second quarter, international equities powered ahead, extending a year-to-date lead over US equities. International small caps performed with particular strength. We expect tailwinds for international markets to strengthen, supported by fiscal and monetary policies, country- and region-specific themes, and individual company fundamentals.

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Company-Specific Sizzle Drives Returns in 2025

Brandon Nelson, CFA
July 1, 2025

Growth-led equities completed a V-shaped rebound in Q2 as tariff, recession, and data center spending fears proved overblown. Small caps lagged but strengthened in June. Calamos Timpani funds (CTSIX and CTIGX) outperformed benchmarks and peers through company-specific fundamental strength and accretive market conditions.

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CMNIX: Staying Steady Amid Volatility

Eli Pars
July 1, 2025

During a volatile quarter, Calamos Market Neutral Income Fund delivered positive performance across all sleeves—hedged equity, convertible arbitrage, SPAC arbitrage, and merger arbitrage. Our flexible allocation and volatility management positions the fund to capitalize on multiple outcomes while delivering the market-neutral strategy that has outperformed bonds long term.

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Upbeat on Convertible Securities Heading into 2H 2025

Jon Vacko, Joe Wysocki
July 1, 2025

The second quarter demonstrated convertible market resilience amid policy stabilization, with robust issuance driven by companies seeking refinancing and growth capital. Our strategy focuses on identifying convertibles with asymmetric payoff profiles across themes like AI and cybersecurity, leveraging equity-like growth potential with bond-like downside protection.

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CIHEX: Capturing Upside in a Rising Market

Jason Hill
July 1, 2025

Calamos Hedged Equity Fund delivered strong second-quarter 2025 performance by capturing over 60% of the S&P 500's 10.94% gain while maintaining defensive characteristics. Our approach enabled us to enhance the hedge structure at quarter-end by rolling positions forward and adjusting strike levels to deliver meaningful equity market participation with reduced downside risk in 2025.

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Policy Clarity Creates Near-Term Value; AI Drives Long-Term Growth

John Hillenbrand
July 1, 2025

The investment landscape has transitioned from policy uncertainty to operational clarity, creating an environment where markets reward quality growth companies positioned for policy benefits and transformative themes like AI adoption. We believe our multi-asset structure—combining equities with convertible securities and options strategies—provides flexibility to capture opportunities and manage risk.

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