Calamos Investment Team Outlooks, July 2022

At Calamos, we believe there is opportunity in every market—including the most volatile ones. Senior members of our investment organization discuss how they are managing risk and positioning the Calamos funds. With an introduction from Founder and Global Chief Investment Officer John P. Calamos, Sr.

During the first quarter, surging volatility and vicious rotations battered the markets. These next months will test the resolve of investors, but our teams continue to see long-term opportunities for active, risk-aware approaches. With an introduction from John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer.

Calamos Investment Team Outlooks, January 2022

Stickier inflation, a new wave of Covid cases, and Fed tightening on the horizon give investors much to contemplate as 2022 begins. Senior members of our investment organization share their outlooks and discuss where they are finding opportunity. With an introduction from John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer.

Calamos Investment Team Outlooks, October 2021

Inflation may be more persistent, and the pace of growth may be slowing, but our teams continue to identify many opportunities across asset classes. Senior members of our investment organization share their outlooks and discuss how they are positioning portfolios. With an introduction from John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer.

Calamos Investment Team Outlooks, July 2021

Economic recovery, pent-up consumer demand, and corporate profitability provide a favorable backdrop for investors. However, uncertainty surrounding inflation, interest rate hikes, Covid variants and fiscal policy will contribute to choppy markets in the second half of 2021. With an introduction from John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer.

Calamos Investment Team Outlooks, April 2021

The first quarter of 2021 delivered new challenges for investors, including rotational markets, rising interest rates and mounting inflation pressures. Senior members of our investment organization share their outlooks and discuss how they are positioning the Calamos funds to navigate the crosscurrents. With an introduction from John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer.

2021 Outlooks from the Calamos Investment Team

Senior members of our investment organization discuss their outlooks, the opportunities and risks they see, and how they are positioning the Calamos funds. With an introduction from John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer.

Members of our investment team share their perspectives on what they are seeing in the markets.

Finding Opportunity in Uncertain Times

Our senior investment team members discuss their views of the opportunities they see in the markets and how the Calamos funds are positioned to capitalize on them. With an introduction by John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer.

John P. Calamos, Sr., Founder and Global CIO, puts recent economic data into context. He discusses his cautious optimism for global economic recovery and the reflationary tailwinds that can support additional upside in the markets. In a period of accelerated disruption, not all companies will survive, but many are adapting quickly and provide attractive opportunities for selective and risk-aware investors.

Economic Outlook, May 2020

The Calamos Investment Committee sees signs of recovery in the global economy and markets. The current downturn is likely to be severe but short, and oversold markets and dislocations have created many pockets of opportunity. However, unprecedented uncertainties make this is a critical period for active management.

Economic Outlook, January 2020

Although anxiety about the Fed and trade policy have abated, investors should be prepared for elevated volatility, rotation and sideways markets. Still, there are opportunities for active managers in equities, convertibles and fixed income, supported by accommodative monetary policy, stimulative fiscal policy and a resilient U.S. consumer.

Economic Outlook, October 2019

The global economy is positioned for continued expansion, buoyed by accommodative monetary policy, low inflation and resilient U.S. consumption. However, a global industrial recession and trade disputes will temper the pace of growth and make market conditions feel fragile. Elevated volatility supports the case for selective, risk-managed approaches to investing.

Economic Outlook, July 2019

Looking to the remainder of the year, we believe U.S. GDP growth will remain healthy and stable. Global growth is more concerning, but benign inflation, accommodative monetary policy and a weaker dollar support the case for subdued expansion. Markets can grind higher, but volatility will remain elevated. This creates a favorable backdrop for defensive equity market participation, growth company outperformance, economically sensitive high-yield debt, and liquid alternatives.

Economic Outlook, April 2019

Although we see tailwinds for economic growth and opportunities across asset classes—including in growth equities, convertibles and high yield bonds—conditions require a highly selective approach. Volatility and sideways moving markets will characterize this phase of the economic cycle, due to a wide range of entrenched global uncertainties. Given the crosscurrents in the economy and markets, risk-managed alternative strategies can provide timely enhancements for both the equity and fixed income sides of an asset allocation.

Economic Outlook, January 2019

The Calamos Investment Committee shares its perspective on the global economy and markets. Although there will be softening in U.S. economic data, the U.S. is positioned for continued slow expansion. The global economy will grow tepidly, with increased potential for acceleration in the second half of the year. Volatility will remain elevated, due to softening global economic data, and elevated political, geopolitical and monetary policy uncertainties.

Economic Outlook, October 2018

Economic fundamentals are encouraging but market volatility is likely to intensify. The U.S. economy looks set to continue on its growth trajectory for the next year, if not longer, and we expect growth outside the U.S. to accelerate. Even so, rising interest rates in the U.S., midterms and geopolitical pressures will contribute to elevated levels of market turbulence. The Calamos Investment Committee discusses how our teams are navigating the crosscurrents.

Economic Outlook, July 2018

Fears of an imminent U.S. recession are premature; tax policy and a more business-friendly regulatory environment provide long-term catalysts for the economy. Although conditions outside the U.S. are less encouraging, positive global growth should continue, albeit with growing divergence among countries. The need for active risk management has increased at this point of the economic cycle, and we believe the Calamos portfolios are well positioned.

Economic Outlook, April 2018

Volatility has returned to the markets in dramatic fashion. The shifting terrain may be jarring for some, but the conditions we are seeing today are more normal than recent years, when investors grew accustomed to record low interest rates, a near-absence of inflation and the subdued volatility. As a more typical environment emerges, our teams are identifying opportunities across asset classes.


Convertible Securities: Market Review and Outlook, July 2022

July 29, 2022

Over recent months economic and market conditions have created an unusual backdrop for all risk assets, convertibles included. To help address investors’ questions about why the convertible market has behaved the way it has this year, we share our midyear assessment.

ESG Perspectives, April 2022

April 12, 2022

In “Mining Industry Opportunities Emerge as Demand Grows for Essential Minerals for Decarbonization,” Beth Williamson discusses how the Calamos Sustainable Equities Team is investing in companies that are benefiting from the mining industry’s efforts to position itself for a more sustainable future.

Global Convertible Market Update: Portfolio Manager Q&A

April 04, 2022

Senior co-portfolio managers Eli Pars and Joe Wysocki discuss the diverse opportunities in the global convertible market. They explain how convertible securities can provide tailwinds to help investors counter the headwinds of rising rates and equity market volatility.

Emerging Markets Update

February 10, 2022

Emerging markets struggled in 2021, but the Calamos Global Equity Team believes the headwinds of last year will become the tailwinds of 2022. The team expects a broader recovery will lead to evolving leadership and widen the global opportunity set to favor a mix of cyclical growth, secular demand compounders, and reopening-tied areas in emerging markets.

The Investment Case for Corporate Diversity

December 08, 2021

Studies have shown that companies with more diverse management teams and boards are more likely to outperform their less diverse counterparts, explains Beth Williamson, Head of Sustainable Equity Team Research. For more than 20 years, the Calamos Sustainable Equity Team has recognized that diverse companies can produce higher financial returns and have lower risk.

The Case for Strategic Convertible Allocations

November 23, 2021

John P. Calamos, Sr. and Eli Pars discuss the role of convertible securities within portfolios, the value of active management, and encouraging global trends within the convertible market.

Convertible Securities Offer Many Benefits, Including as a Hedge Against Higher Interest Rates and Inflation

November 23, 2021

For more than 50 years, John P. Calamos, Sr. has helped investors manage the risks that difficult markets and challenging economic environments present. In this paper, he discusses how actively managed convertible securities can provide an array of benefits for the long-term investor. In addition to providing lower-volatility stock market participation, convertibles can be used as a hedge against rising inflation and long-term interest rates.

Addressing the Search for Income and Growth: The Opportunity of Calamos Closed-End Funds

November 23, 2021

In a high volatility, low yield world, Calamos closed-end funds offer multi-asset class approaches designed to provide investors with powerful tools for addressing the search for income, including during inflationary periods. John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer, provides an overview of the funds and the opportunities he sees in the markets.

ESG Investing in China: The Calamos Sustainable Equity Team Approach

October 25, 2021

China’s ESG initiatives include many that are in line with those of the West and others that are unique to China. Chinese companies that understand the importance of ESG risks and opportunities can take advantage of “first-mover” competitive advantages, explains Co-Portfolio Manager Tony Tursich.

Navigating Shifting Crosscurrents

October 15, 2021

The Calamos Global Team explores how global economic growth trends, monetary policy, supply-chain issues, inflation, and energy prices are shaping investment opportunities in developed and emerging markets.

Environmental Investing: Risk and Opportunity

September 29, 2021

Drawing on nearly 25 years of ESG investing experience, Anthony Tursich discusses the philosophy of the Calamos Sustainable Equities Team and explains why environmental considerations are so important for understanding investment risk and opportunities.

Holding Pattern: Synchronized Global Recovery Delayed, Not Dismissed

July 13, 2021

Looking to 2H 2021, the Calamos Global Equity Team shares its perspective on the direction of Fed policy, inflation, and the trajectory of Covid, and explains why the case for global and international strategies, including emerging markets, remains strong.

Investor Insights

June 10, 2021

Over recent months, investors have been hearing more about inflation—and wondering what it means for their asset allocations. Drawing on more than 50 years of experience, John Calamos, Sr., Founder, Chairman and Global CIO, discusses inflation, economic recovery, and how investors can position their portfolios for opportunity.

Synchronized Global Recovery on the Horizon

April 15, 2021

The Calamos Global Equity Team shares its perspective on market rotation, global interest rates and economic recovery, and explains why the U.S. dollar is likely to resume a longer-term downward trend. Against this backdrop, the case for non-U.S. equities, including emerging markets, remains strong. Cyclicals are well positioned as global recovery accelerates, but secular growth companies continue to provide opportunity.

As Long-Term Interest Rates Rise, Here’s What Investors Should Be Thinking About

March 19, 2021

After years of artificially low interest rates and inflation, it’s understandable that some investors are disoriented by the current headlines—and worried about what to do next. Drawing on more than 50 years of investment experience, John P. Calamos, Sr. shares his perspective on inflation, rising 10-year U.S. Treasury yields, market volatility and rotation—and the implications for asset allocation.

Global Tailwinds Strengthen

January 12, 2021

The Calamos Global Equity Team maintains a favorable outlook on global equity markets based on a backdrop of tremendous monetary and fiscal support, U.S. dollar weakness, and an expectation that the health crisis is nearing an end. Given these conditions, portfolio positioning reflects a balanced approach with increased cyclical and international exposure.

Investor Insights

December 14, 2020

For 30 years, Calamos Market Neutral Income Fund has provided investors with an innovative approach that seeks to provide steady performance over market cycles, while serving as an alternative to traditional fixed income allocations. For perspective on this milestone, we sat down with John P. Calamos, Sr., who launched the fund in 1990, and Eli Pars, CFA, who leads the fund’s investment management team today.

Sustained Tailwinds for Global Risk Assets

October 13, 2020

Despite the uncertainty of U.S. elections and Covid-19, accommodative global monetary policy, fiscal stimulus and economic rebounds support the case synchronized global recovery, explains the Calamos Global Equity Team. They share their outlooks for the U.S., Europe, emerging markets and Japan, and discuss how those views are reflected in portfolio positioning.

Investor Insights

June 17, 2020

In these challenging times, it’s important to maintain long-term focus. For investors who are afraid to be in the market but also recognize the value of staying invested, a fund utilizing convertible securities may provide attractive potential benefits. Drawing on 50 years of investment industry experience, John P. Calamos, Sr. provides an overview of the opportunity of actively managed convertible securities.

Calamos Global Insights

April 01, 2020

The coronavirus pandemic has put the global economy and financial markets into uncharted and uncertain waters. This compendium from this Calamos Global Equity Team includes thought leadership on investing through the coronavirus uncertainty, and secular themes that the team believes are gaining traction during these extraordinary times: bioprocessing, Artificial Intelligence and Big Data, and global payments.

Attractive Assets? It’s All Relative!

January 27, 2020

We believe the U.S. small cap equity asset class provides an attractive opportunity for institutional asset owners. Our Calamos Timpani Small Cap Growth Team has managed small cap growth equities through multiple market cycles. In this paper, we discuss how the team is well positioned to capitalize on this current opportunity.

Investor Insights

December 20, 2019

The New Year brings continued investment opportunities but also the prospect of market volatility, explains John P. Calamos, Sr. In an environment where risk management matters, the time-tested approach of Calamos Growth and Income Fund may be especially compelling for the core of an asset allocation.

Asset Allocation Perspectives

August 14, 2019

In “Strategies for Market Volatility and Rising Uncertainty,” John P. Calamos, Sr. discusses the opportunities and risks in the current environment and their implications for asset allocation.

Investor Insights

June 19, 2019

Small company stocks have the potential for outsized growth, but fundamental research is key to identifying opportunities. Senior Portfolio Manager Brandon Nelson shares his perspective on small caps and what differentiates the Calamos approach.

Investor Insights

December 21, 2018

In this edition of our investor newsletter, John P. Calamos, Sr. discusses asset allocation strategies for the New Year. He explains why investors may wish to enhance their exposure to defensive equity strategies and the different approaches Calamos offers, including alternative and convertible funds.

Navigating Volatility: Calamos Hedged Equity Fund

February 22, 2018

As volatility has picked up, investors have gained a renewed appreciation for funds that have been able to steer clear of the worst of the downside while still participating in upside. In this Q&A, John P. Calamos, Sr. and Eli Pars discuss how Calamos Hedged Equity Fund has risen to the challenge of volatile markets.

Positioning for the Late Stages of the Bull Market: 2017-2018

September 27, 2016

Michael Grant, Sr. Co-Portfolio Manager of Calamos Phineus Long/Short Fund, shares his team’s views on why they see more optimistic storylines on the horizon and how macro considerations are influencing the fund’s positioning.