https://www.calamos.com/blogs/voices/Market Commentary, Market Outlook, Market Insights and How Calamos Applies our Unique Investment Process to our Mutual Fund Portfolios Offer Unique Insight to Investment Professionals including Financial Advisors, Institutional Clients and Individual Investors.en-usThu, 16 Apr 2026 17:07:15 Zhttps://www.calamos.com/blogs/voices/both-hands-on-the-wheel-addendum/https://www.calamos.com/blogs/voices/both-hands-on-the-wheel-addendum/Co-CIO Michael Grant reviews the fragile yet decisive truce that has emerged between the United States and Iran, and the implications for equity markets as the countries prioritize a political solution to the conflict. He explains why the relief rally in the wake of the ceasefire is genuine while not altering the broader framework he sees for 2026.Tue, 14 Apr 2026 18:19:28 Zhttps://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-april-2026/https://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-april-2026/“There are always opportunities for long-term investors,” says Founder and Global CIO John P. Calamos, Sr. Drawing on lessons from the volatile 1970s, John shares five takeaways for navigating today’s geopolitical uncertainty and market volatility—emphasizing risk management, diversification, and staying invested. He goes on to share how our investment teams are navigating crosscurrents and uncovering opportunities across equities, convertibles, fixed income, and alternatives.Wed, 01 Apr 2026 21:21:00 Zhttps://www.calamos.com/blogs/voices/both-hands-on-the-wheel/https://www.calamos.com/blogs/voices/both-hands-on-the-wheel/Calamos Phineus Long/Short Fund manager Michael Grant warns that the US-Iran conflict has accelerated an anticipated market correction, creating stagflationary pressures and narrowing the margin for error. He favors energy infrastructure and defense while urging discipline and caution ahead of autumn midterm elections.Wed, 01 Apr 2026 21:20:00 Zhttps://www.calamos.com/blogs/voices/riding-the-winds-of-change/https://www.calamos.com/blogs/voices/riding-the-winds-of-change/Despite a volatile Q1 marked by rising geopolitical tensions, the Calamos Timpani funds—focused on secular growers insulated from cyclical pressures—outperformed their benchmarks and category averages. Small caps broadly bucked historical trends, buoyed by low valuations, M&A activity, and accelerating earnings growth.Wed, 01 Apr 2026 21:19:00 Zhttps://www.calamos.com/blogs/voices/adjusting-the-sails-second-quarter-2026-outlook/https://www.calamos.com/blogs/voices/adjusting-the-sails-second-quarter-2026-outlook/Despite elevated geopolitical risks resulting from the Iran conflict, the Calamos global equity team maintains conviction in international opportunities while selectively adjusting toward defensive positioning. They highlight optical networking, robotics, and space as secular growth themes with especially strong near-term investment tailwinds.Wed, 01 Apr 2026 21:18:00 Zhttps://www.calamos.com/blogs/voices/the-cycle-persists-through-geopolitical-disruption/https://www.calamos.com/blogs/voices/the-cycle-persists-through-geopolitical-disruption/Calamos Growth and Income Fund manager John Hillenbrand views the Iran war as a mid-cycle disruption rather than a contraction catalyst. He maintains equity exposure while concentrating in AI infrastructure, energy, and biotech, with conflict resolution and the inflation trajectory as the key watchpoints.Wed, 01 Apr 2026 21:17:00 Zhttps://www.calamos.com/blogs/voices/fault-lines-and-flashpoints-navigating-credit-markets-through-a-geopolitical-shock/https://www.calamos.com/blogs/voices/fault-lines-and-flashpoints-navigating-credit-markets-through-a-geopolitical-shock/Calamos fixed income managers assess the market impact of the US-Israeli conflict with Iran, which disrupted global energy supply and widened credit spreads. Their base case anticipates conflict stabilization by mid-year, Fed rate cuts resuming in late 2026, and a continued quality bias across fixed income portfolios.Wed, 01 Apr 2026 21:16:00 Zhttps://www.calamos.com/blogs/voices/equity-markets-in-the-eye-of-the-storm/https://www.calamos.com/blogs/voices/equity-markets-in-the-eye-of-the-storm/Calamos Growth Fund and Select Fund managers acknowledge significant geopolitical and macro headwinds in the first quarter of 2026 but maintain that the US economic foundation remains intact. Their base case calls for conflict resolution within months, and they are selectively adding to quality positions on weakness.Wed, 01 Apr 2026 21:15:00 Zhttps://www.calamos.com/blogs/voices/the-case-for-convertibles-when-many-things-could-happen/https://www.calamos.com/blogs/voices/the-case-for-convertibles-when-many-things-could-happen/Calamos Convertible Fund (CICVX) navigated a volatile first quarter by emphasizing the asymmetric risk/reward profile of convertibles amid geopolitical uncertainty and equity market weakness. The managers maintain a high conviction in AI infrastructure as a durable growth theme and expect convertible issuance to reaccelerate as conditions stabilize.Wed, 01 Apr 2026 21:14:00 Zhttps://www.calamos.com/blogs/voices/cmnix-a-steady-hand-in-volatile-markets/https://www.calamos.com/blogs/voices/cmnix-a-steady-hand-in-volatile-markets/Calamos Market Neutral Income Fund (CMNIX) delivered positive absolute returns in a volatile first quarter of 2026, outperforming a declining S&P 500. The fund’s four core strategies—edged equity, convertible arbitrage, merger arbitrage, and SPAC arbitrage—all contributed positively amid equity weakness and geopolitical uncertainty.Wed, 01 Apr 2026 21:14:00 Zhttps://www.calamos.com/blogs/voices/calamos-global-convertible-fund-positioned-for-curveballs/https://www.calamos.com/blogs/voices/calamos-global-convertible-fund-positioned-for-curveballs/Calamos Global Convertible Fund (CXGCX) finished Q1 2026, essentially flat amid a volatile macro environment in which global convertibles outperformed equities. Record new issuance of $53.3 billion underscored market strength, and the fund maintained its focus on balancing upside participation with downside risk mitigation.Wed, 01 Apr 2026 21:13:00 Zhttps://www.calamos.com/blogs/voices/the-leadership-change-has-arrived/https://www.calamos.com/blogs/voices/the-leadership-change-has-arrived/After years of Magnificent 7 dominance, market leadership is broadening. As mega-cap tech faces rising capital intensity and valuation pressure, Calamos Antetokounmpo Sustainable Equities Fund (SROIX) is well-positioned, emphasizing earnings quality, diversification, and reasonable valuations across sectors to capitalize on the emerging regime shift.Wed, 01 Apr 2026 21:13:00 Zhttps://www.calamos.com/blogs/voices/cihex-turning-volatility-into-longer-term-opportunity/https://www.calamos.com/blogs/voices/cihex-turning-volatility-into-longer-term-opportunity/Calamos Hedged Equity Fund (CIHEX) navigated a volatile first quarter—marked by the Middle East conflict and policy uncertainty—with roughly half the drawdown of the S&P 500. The fund extended its hedge structure to June 2027, positioning investors to participate in upside while limiting downside exposure.Wed, 01 Apr 2026 21:12:00 Zhttps://www.calamos.com/blogs/voices/spotlight-on-alternatives-timely-opportunities-for-merger-arbitrage-strategies/https://www.calamos.com/blogs/voices/spotlight-on-alternatives-timely-opportunities-for-merger-arbitrage-strategies/For investors seeking enhanced diversification and compelling risk/reward profiles, merger arbitrage and event-driven situations may be just the ticket, explains Senior Co-Portfolio Manager Jason Hill in “Unlocking the Opportunities of an Improved M&A Environment.”Tue, 17 Mar 2026 21:00:00 Zhttps://www.calamos.com/blogs/voices/the-ai-inflection-investing-beyond-sectors-in-a-thematic-world/https://www.calamos.com/blogs/voices/the-ai-inflection-investing-beyond-sectors-in-a-thematic-world/Calamos Global Equity Team explains why they believe traditional approaches to equity investing are increasingly inadequate as AI reshapes capital flows, business models, and the frameworks used to categorize investment opportunities. They also explore why a thematic, actively managed approach is better suited to capture the AI-driven opportunity set and is also essential for managing the risks that accompany this transformation.Fri, 20 Feb 2026 22:30:00 Zhttps://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-january-2026/https://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-january-2026/“We believe there are many reasons for investors to be optimistic as 2026 begins,” says Founder and Global CIO John P. Calamos, Sr. in his introduction to the investment teams’ New Year’s outlooks across equity, convertible, fixed income, and alternative strategies. With favorable macro conditions, business-friendly policies, and opportunities spanning global markets, our teams identify compelling reasons to be encouraged while emphasizing diversification and active management to navigate ongoing volatility.Fri, 02 Jan 2026 16:11:00 Zhttps://www.calamos.com/blogs/voices/2026-begins-the-second-half-of-a-very-different-decade/https://www.calamos.com/blogs/voices/2026-begins-the-second-half-of-a-very-different-decade/The post-COVID investment regime features persistent reflation, fiscal deficits, and AI mania. While we expect the equity bull market to face headwinds in 2026 with peak reflation likely by spring, AI's benefits should broaden to new sectors, and opportunities will emerge through sector rotation and increased volatility.Fri, 02 Jan 2026 16:10:00 Zhttps://www.calamos.com/blogs/voices/cmnix-a-flexible-approach-yields-historically-consistent-results/https://www.calamos.com/blogs/voices/cmnix-a-flexible-approach-yields-historically-consistent-results/Calamos Market Neutral Income Fund gained over 7% in 2025 with lower volatility than bonds. The fund had only one negative calendar month out of the past 26, while the bond market represented by the Bloomberg US Govt/Credit Bond Index had 8. Both hedged equity and convertible arbitrage strategies contributed meaningfully. Record convertible issuance of nearly $120 billion created robust opportunities, positioning the fund well for continued consistency in 2026.Fri, 02 Jan 2026 16:09:00 Zhttps://www.calamos.com/blogs/voices/once-again-in-2025-cihex-performs-as-designed/https://www.calamos.com/blogs/voices/once-again-in-2025-cihex-performs-as-designed/Calamos Hedged Equity Fund delivered 11.4% in 2025, capturing 64% of the S&P 500’s upside while maintaining downside protection. The fund’s asymmetric hedge structure adapts to market conditions, currently offering 65% participation with 35% downside exposure. Multiple volatility catalysts could make this risk-managed approach increasingly valuable in 2026.Fri, 02 Jan 2026 16:08:00 Zhttps://www.calamos.com/blogs/voices/convertible-securities-carry-strong-momentum-into-2026/https://www.calamos.com/blogs/voices/convertible-securities-carry-strong-momentum-into-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.Fri, 02 Jan 2026 16:07:00 Zhttps://www.calamos.com/blogs/voices/global-convertibles-strength-in-2025-optimism-for-2026/https://www.calamos.com/blogs/voices/global-convertibles-strength-in-2025-optimism-for-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.Fri, 02 Jan 2026 16:06:00 Zhttps://www.calamos.com/blogs/voices/why-growth-equities-can-power-ahead-in-2026/https://www.calamos.com/blogs/voices/why-growth-equities-can-power-ahead-in-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.Fri, 02 Jan 2026 16:05:00 Zhttps://www.calamos.com/blogs/voices/the-cycle-prevails-why-fundamentals-should-dominate-valuation-concerns/https://www.calamos.com/blogs/voices/the-cycle-prevails-why-fundamentals-should-dominate-valuation-concerns/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.Fri, 02 Jan 2026 16:04:00 Zhttps://www.calamos.com/blogs/voices/top-notch-timpani-performance-in-2025-superb-small-cap-set-up-in-2026/https://www.calamos.com/blogs/voices/top-notch-timpani-performance-in-2025-superb-small-cap-set-up-in-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.Fri, 02 Jan 2026 16:03:00 Zhttps://www.calamos.com/blogs/voices/tailwinds-ahead-cyclical-drivers-and-secular-innovation-in-2026/https://www.calamos.com/blogs/voices/tailwinds-ahead-cyclical-drivers-and-secular-innovation-in-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.Fri, 02 Jan 2026 16:02:00 Zhttps://www.calamos.com/blogs/voices/solid-ground-shifting-winds-navigating-a-nuanced-credit-market/https://www.calamos.com/blogs/voices/solid-ground-shifting-winds-navigating-a-nuanced-credit-market/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.Fri, 02 Jan 2026 16:01:00 Zhttps://www.calamos.com/blogs/voices/diversified-quality-focused-portfolios-well-positioned-for-2026/https://www.calamos.com/blogs/voices/diversified-quality-focused-portfolios-well-positioned-for-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.Fri, 02 Jan 2026 16:00:00 Zhttps://www.calamos.com/blogs/voices/plenty-of-fuel-left-in-the-tank-our-outlook-for-convertible-market-upside/https://www.calamos.com/blogs/voices/plenty-of-fuel-left-in-the-tank-our-outlook-for-convertible-market-upside/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.Thu, 06 Nov 2025 22:00:00 Zhttps://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-october-2025/https://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-october-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.Thu, 02 Oct 2025 20:30:00 Zhttps://www.calamos.com/blogs/voices/steady-course-delivers-maintaining-conviction-with-ai-innovation-and-infrastructure/https://www.calamos.com/blogs/voices/steady-course-delivers-maintaining-conviction-with-ai-innovation-and-infrastructure/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.Thu, 02 Oct 2025 20:24:00 Zhttps://www.calamos.com/blogs/voices/cmnix-steady-performance-through-shifting-terrain/https://www.calamos.com/blogs/voices/cmnix-steady-performance-through-shifting-terrain/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.Thu, 02 Oct 2025 20:23:00 Zhttps://www.calamos.com/blogs/voices/global-markets-diverging-paths-expanding-opportunities/https://www.calamos.com/blogs/voices/global-markets-diverging-paths-expanding-opportunities/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.Thu, 02 Oct 2025 20:23:00 Zhttps://www.calamos.com/blogs/voices/a-precariously-concentrated-top-10-makes-the-case-for-quality/https://www.calamos.com/blogs/voices/a-precariously-concentrated-top-10-makes-the-case-for-quality/Calamos Antetokounmpo Sustainable Equities Fund’s quality-focused approach emphasizes diversification, valuation discipline, and consistent performers positioned to benefit whether AI spending delivers expected returns or disappoints. The team’s emphasis on adaptable, innovative companies should provide downside resilience in a precariously concentrated market where 10 stocks drive over half the S&P 500’s gains.Thu, 02 Oct 2025 20:22:00 Zhttps://www.calamos.com/blogs/voices/global-convertibles-extend-their-winning-streak-through-3q/https://www.calamos.com/blogs/voices/global-convertibles-extend-their-winning-streak-through-3q/Calamos Global Convertible Fund’s emphasis on total-return convertibles delivered strong performance while maintaining superior risk-reward characteristics through disciplined security selection. The fund’s focus on fundamentally strong issuers with attractive upside participation and downside protection positioned it to capture global convertible market gains while avoiding speculative excess in cryptocurrency and AI datacenter exposures.Thu, 02 Oct 2025 20:21:00 Zhttps://www.calamos.com/blogs/voices/back-to-the-future/https://www.calamos.com/blogs/voices/back-to-the-future/Portfolio Manager Michael Grant examines the equity market’s exceptional recovery and analyzes two dominant forces: AI-driven mega-cap leadership and Trump's reflationary agenda. He assesses AI investment sustainability, identifies cyclical opportunities, and outlines balanced positioning strategies for navigating concentrated market risks into 2026.Thu, 02 Oct 2025 20:20:00 Zhttps://www.calamos.com/blogs/voices/small-surge-micro-mighty/https://www.calamos.com/blogs/voices/small-surge-micro-mighty/Calamos Timpani Small Cap and SMID Growth Funds delivered exceptional third-quarter outperformance through fundamental-momentum investing and strategic microcap exposure. The funds' nimble approach and successful identification of niche growth themes positioned them well ahead of benchmarks and peers, demonstrating strong stock selection regardless of asset class trends.Thu, 02 Oct 2025 20:19:00 Zhttps://www.calamos.com/blogs/voices/cihex-delivering-on-the-opportunity-of-asymmetry-in-q3/https://www.calamos.com/blogs/voices/cihex-delivering-on-the-opportunity-of-asymmetry-in-q3/Calamos Hedged Equity Fund delivered approximately 60% upside participation during Q3 market gains while maintaining its asymmetric 65/35 hedge structure. This disciplined risk-managed approach provides meaningful equity exposure with built-in downside protection, positioning investors to navigate potential volatility from AI spending, trade policy, and monetary uncertainties ahead.Thu, 02 Oct 2025 20:18:00 Zhttps://www.calamos.com/blogs/voices/our-outlook-significant-opportunities-for-convertibles/https://www.calamos.com/blogs/voices/our-outlook-significant-opportunities-for-convertibles/Calamos Convertible Fund benefited from third-quarter tailwinds including equity gains, tightening spreads, and the Fed’s first 2025 rate cut, while positioning for opportunities beyond mega-cap tech in a robust convertible issuance environment supported by AI trends and pro-growth policies.Thu, 02 Oct 2025 20:17:00 Zhttps://www.calamos.com/blogs/voices/calamos-fixed-income-suite-positioned-for-a-steepening-yield-curve/https://www.calamos.com/blogs/voices/calamos-fixed-income-suite-positioned-for-a-steepening-yield-curve/Calamos’ fixed income funds are strategically positioned for a steepening yield curve environment through active duration management and defensive credit positioning. The team has opportunistically upgraded credit quality while maintaining attractive income levels, capitalizing on strong technical conditions and solid fundamentals to navigate the Fed’s easing cycle.Thu, 02 Oct 2025 20:16:00 Zhttps://www.calamos.com/blogs/voices/seizing-the-growth-opportunities-of-ai-transformation/https://www.calamos.com/blogs/voices/seizing-the-growth-opportunities-of-ai-transformation/Calamos Growth Fund capitalizes on AI transformation through disciplined investing in strong companies across the AI ecosystem. The fund’s risk-managed approach positions investors to benefit from economic expansion, declining rates, and earnings momentum while focusing on quality companies with visible catalysts.Thu, 02 Oct 2025 20:15:00 Zhttps://www.calamos.com/blogs/voices/winning-with-ctsix-three-potentially-powerful-drivers/https://www.calamos.com/blogs/voices/winning-with-ctsix-three-potentially-powerful-drivers/In this Q&A, Senior Portfolio Manager Brandon Nelson shares his optimistic outlook for Calamos Timpani Small Cap Growth Fund. He discusses the fund’s fundamental momentum investment process, its security selection, and the prospect for a rebound in the small-cap asset class.Fri, 05 Sep 2025 17:36:11 Zhttps://www.calamos.com/blogs/voices/diversification-is-coming-back-and-we-believe-a-return-to-quality-is-not-far-behind/https://www.calamos.com/blogs/voices/diversification-is-coming-back-and-we-believe-a-return-to-quality-is-not-far-behind/Through the first half of 2025, equity diversification strategies—spreading investments across sectors and industries—are delivering their intended benefits of reducing portfolio volatility while maintaining growth potential. While we participate in technology growth (including AI), our portfolio also invests in broader innovative idiosyncratic opportunities.Thu, 03 Jul 2025 21:30:00 Zhttps://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-july-2025/https://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-july-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.Tue, 01 Jul 2025 20:00:00 Zhttps://www.calamos.com/blogs/voices/calamos-fixed-income-suite-secure-in-our-footing-on-a-steepening-yield-curve/https://www.calamos.com/blogs/voices/calamos-fixed-income-suite-secure-in-our-footing-on-a-steepening-yield-curve/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.Tue, 01 Jul 2025 19:40:00 Zhttps://www.calamos.com/blogs/voices/the-more-things-change/https://www.calamos.com/blogs/voices/the-more-things-change/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.Tue, 01 Jul 2025 19:35:00 Zhttps://www.calamos.com/blogs/voices/up-to-the-task-of-a-twisting-and-turning-market/https://www.calamos.com/blogs/voices/up-to-the-task-of-a-twisting-and-turning-market/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.Tue, 01 Jul 2025 19:30:00 Zhttps://www.calamos.com/blogs/voices/2h-2025-global-outlook-a-great-global-rebalancing/https://www.calamos.com/blogs/voices/2h-2025-global-outlook-a-great-global-rebalancing/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.Tue, 01 Jul 2025 19:20:00 Zhttps://www.calamos.com/blogs/voices/company-specific-sizzle-drives-returns-in-2025/https://www.calamos.com/blogs/voices/company-specific-sizzle-drives-returns-in-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.Tue, 01 Jul 2025 19:15:00 Zhttps://www.calamos.com/blogs/voices/cmnix-staying-steady-amid-volatility/https://www.calamos.com/blogs/voices/cmnix-staying-steady-amid-volatility/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.Tue, 01 Jul 2025 19:10:00 Zhttps://www.calamos.com/blogs/voices/upbeat-on-convertible-securities-heading-into-2h-2025/https://www.calamos.com/blogs/voices/upbeat-on-convertible-securities-heading-into-2h-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.Tue, 01 Jul 2025 19:03:00 Z