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Calamos Investment Team Outlooks, April 2025
Introduction: Perspectives on Transition in Impatient Times
April 1, 2025
John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer
Markets hate uncertainty, so it’s not surprising that the first quarter was a turbulent one. Since President Trump’s election in November, investors have been impatient for certainty about how policies will influence individual companies, sectors, and the economy. In particular, confusion about the administration’s tariff policy and its economic impacts have been a focal point of investor apprehension.
As we have noted throughout the years, fiscal policy is the foundation of a country’s economic success. The pillars of the administration’s platform—downsizing the government, decreasing regulation, substantially reducing the federal debt, implementing tariffs to bolster government revenue and US economic activity, and immigration policy—are expansive and would usher in a new chapter for the US economy.
Implementing change at this scale cannot happen overnight, and we encourage investors to remember that the transition will take time. Long-term gain rarely comes without short-term pain.
In the meantime, I encourage investors to take a step back and think long term. I’m always thinking about what the history of the markets can teach us, but that’s been especially true lately. Over the past year, I’ve been engaged in a special, once-in-a-lifetime project: my soon-to-be-published biography, The Sky’s the Limit: Lessons in Service, Entrepreneurship and Achieving the American Dream. This process has led me to reflect even more deeply on the lessons of the market and on my own experiences as an investor. There have been many corrections and crashes, and periods of profound economic and social uncertainty.
For investors who are feeling uncertain about what may or may not be on the horizon, I would offer this: The economy and markets are always changing—and often, the changes are monumental and unprecedented when they are happening. Once the change is in the rear-view mirror, investors often forget how acute the uncertainty was, so in the face of the next round of change, it’s easy to forget how the economy has adapted, how companies have adjusted to disruptions, and how new investment opportunities emerged.
Fifty-plus years as an investor has taught me that the economy is resilient, and the seeds of long-term opportunity are always being sown. As you will read in the commentaries that follow, our investment teams agree.
A Distinctly Discriminating Turmoil
Calamos Phineus Long/Short Fund (CPLIX)
Michael Grant
CMNIX: An Opportunity for Ballast in Turbulent Markets
Calamos Market Neutral Income Fund (CMNIX)
Eli Pars, CFA
CIHEX: The Power of Asymmetry
Calamos Hedged Equity Fund (CIHEX)
Jason Hill
Finding Convertible Opportunities Amid Volatility
Calamos Convertible Fund (CICVX)
Jon Vacko, CFA and Joe Wysocki, CFA
Global Convertibles for a Deck Filled with Wildcards
Calamos Global Convertible Fund (CXGCX)
Eli Pars, CFA
Managing through Market Volatility amid Policy Uncertainty
Calamos Growth and Income Fund (CGIIX)
John Hillenbrand, CPA
Navigating Technology Transitions and Policy Uncertainties
Calamos Growth Fund (CGRIX)
Matt Freund, CFA and Michael Kassab, CFA
Stock Selection Lights the Way Through a Murky Macro Environment
Calamos Timpani Small Cap Growth Fund (CTSIX), Calamos Timpani SMID Growth Fund (CTIGX)
Brandon Nelson, CFA
April 2025 Outlook: Calamos Global Opportunities Fund
Calamos Global Opportunities Fund (CGCIX)
Nick Niziolek, CFA, Dennis Cogan, CFA, Paul Ryndak, CFA and Kyle Ruge, CFA
April 2025 Outlook: Calamos Global Equity Fund
Calamos Global Equity Fund (CIGEX)
Nick Niziolek, CFA, Dennis Cogan, CFA, Paul Ryndak, CFA and Kyle Ruge, CFA
April 2025 Outlook: Calamos International Small Cap Growth Fund
Calamos International Small Cap Growth Fund (CSGIX)
Nick Niziolek, CFA, Dennis Cogan, CFA, Paul Ryndak, CFA and Kyle Ruge, CFA
April 2025 Outlook: Calamos Evolving World Growth Fund
Calamos Evolving World Growth Fund (CNWIX)
Nick Niziolek, CFA, Dennis Cogan, CFA, Paul Ryndak, CFA and Kyle Ruge, CFA
April 2025 Outlook: Calamos International Growth Fund
Calamos International Growth Fund (CIGIX)
Nick Niziolek, CFA, Dennis Cogan, CFA, Paul Ryndak, CFA and Kyle Ruge, CFA
Are the Times A-Changin’?
Calamos Antetokounmpo Sustainable Equities Fund (SROIX)
Jim Madden, CFA, Tony Tursich, CFA and Beth Williamson
Charting a Course through Disruption
Fixed Income Suite (CIHYX, CTRIX, CSTIX)
Matt Freund, CFA, Christian Brobst and Chuck Carmody, CFA
Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
Diversification and asset allocation do not guarantee a profit or protect against a loss. Alternative strategies entail added risks and may not be appropriate for all investors.
Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. The views and strategies described may not be appropriate for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations.
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