Investment Team Voices

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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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.

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