Investment Team Voices Home Page
Calamos Investment Team Outlooks, July 2026
July 1, 2026
Introduction by John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer
There’s a lot for investors to feel good about right now, including solid corporate earnings, resilient US consumer activity, and positive economic surprises. Exciting growth themes are reshaping the global economy, and companies of all sizes, across industries and geographies, are driving innovation. Supported by an especially strong second quarter, equity and convertible benchmarks posted robust year-to-date returns.
Global asset class performance
Past performance is no guarantee of future results. Source: Morningstar. Unmanaged index returns, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.
One barometer I’ve always looked to is convertible issuance. The convertible market has long been the choice of growth companies seeking to raise capital to fund expansion and innovation. So far this year, we’ve seen issuance that is nothing short of remarkable. With more than $137 billion of new global convertible securities coming to market during the first half of the year, issuance is already higher than in all but a handful of the past 25+ years.
Equity leadership is no longer a story of the “Magnificent 7,” and it's good to see markets recognize a broader group of opportunities. Investors are paying attention to earnings growth and fundamentals, which benefit the active and selective investment approaches that define Calamos Investments. Our teams believe that many of the strong tailwinds that have driven markets this year are poised to continue. However, we remain highly attentive to potential risks. Markets never move in a straight line, even when they are trending upward over time. While much of the recent economic data has been encouraging, it has ebbed and flowed. Consumer data is one area that we are watching with care.
Some of the greatest sources of potential volatility on the horizon include the path of interest rates under a less transparent Federal Reserve and the unpredictable geopolitical landscape in the Middle East, both of which have significant implications for inflation. Also, sound fiscal policies—from the national to local levels—are tremendously important. Policies that incentivize entrepreneurship and investment set the stage for job creation, household prosperity, economic stability, and market performance. Through this lens, midterm elections will matter a great deal.
Asset Allocation Considerations
As Mag 7 dominance gives way to new leadership, many investors may find that their portfolios need rebalancing. Global and international strategies, small caps, and convertibles offer compelling ways to access powerful growth themes. Additionally, our Beyond Bonds resources highlight ways investors can fill the gaps in a traditional bond allocation—including through autocallable and structured protection ETFs, private-market interval funds, and alternative mutual funds.
Everything Shaken, Little Really Stirred
Calamos Phineus Long/Short Fund (CPLIX)
Michael Grant
Running at a Steady Pace as Bonds Limp Along
Calamos Market Neutral Income Fund (CMNIX)
Jason Hill
Staying Agile Pays Off
Calamos Hedged Equity Fund (CIHEX)
Jason Hill
Picking Our Spots in a Record Convertible Market
Calamos Convertible Fund (CICVX)
Jon Vacko, CFA and Joe Wysocki, CFA
Ask for a Pony, Get a Ferrari: Good Times for Global Convertibles
Calamos Global Convertible Fund (CXGCX)
Eli Pars, CFA
Broadening Earnings Growth, Broadening Opportunities
Calamos Growth and Income Fund (CGIIX)
John Hillenbrand, CPA
Fundamentals First: How We’re Staying Sure Footed
Calamos Growth Fund (CGRIX)
Matt Freund, CFA and Michael Kassab, CFA
Goooaal! Fundamental Momentum and Small Caps Win in 2Q
Calamos Timpani Small Cap Growth Fund (CTSIX), Calamos Timpani SMID Growth Fund (CTIGX)
Brandon Nelson, CFA
Global Markets: Fundamentals Have the Floor
Calamos Global and International Suite
Nick Niziolek, CFA, Dennis Cogan, CFA, Paul Ryndak, CFA and Kyle Ruge, CFA
Ceasefire on Paper, Tension Below: Fixed Income in an Uncertain Summer
Fixed Income Suite (CIHYX, CTRIX, CSTIX)
Matt Freund, CFA, Christian Brobst and Chuck Carmody, CFA
In a Tightrope Market, Discipline is the Balancing Pole
Calamos Antetokounmpo Sustainable Equities Fund (SROIX)
Jim Madden, CFA, Tony Tursich, CFA and Beth Williamson
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.
Source for convertible issuance data: BofA Global Research.
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. Indexes are unmanaged, are not available for direct investment, and do not include fees and expenses.
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.
Indexes are unmanaged, do not include fees or expenses and are not available for direct investment. The S&P 500 Index is considered generally representative of the US equity market and is market cap weighted. The MSCI All Country World ex USA Index represents the performance of global equities, excluding the US. The MSCI Emerging Markets Index is a measure of the performance of emerging market equities. The ICE BofA US High Yield Index is an unmanaged index of US high yield debt securities. The ICE BofA All US Convertible Index (VXA0) is a measure of the US convertible market. The FTSE Global Convertible Bond Index measures the performance of the global convertible market. The Bloomberg US Aggregate Index is a broad-based benchmark of the US investment grade and global investment grade bond market. It includes Treasury, government related, corporate and securitized fixed-rate bonds. The Russell 2000 Index is a measure of US small cap performance. The Russell 3000 Index measures the performance of 3,000 publicly held US companies based on total market capitalization, which represents approximately 98% of the investable US equity market.
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