Investment Team Voices

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.

Read Post

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.

Read Post

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.

Read Post

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.

Read Post

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.

Read Post

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.

Read Post

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.

Read Post

US Equities: Room to Run, but Selectivity Matters More

Matt Freund, Michael Kassab
July 1, 2025

The first half of 2025 showcased US market resilience with a V-shaped recovery following tariff deferrals. Investors now await clarity on tax policy, trade, and Fed direction to reduce uncertainty and sustain valuations. Our all-cap growth strategy spans themes from the Mag 7 to cybersecurity and AI, maintaining a positive bias while viewing drawdowns as opportunities.

Read Post