Q&A with Calamos Co-CIO, Head of Alternative Strategies, Co-Head of Convertible Strategies and Senior Co-Portfolio Manager Eli Pars and Executive Vice President and Chief Distribution Officer Robert F. Behan.
In a strong equity market, some convertibles can have a high degree of participation, but can also leave clients exposed to downside risk. Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, explains how active management helps “create a portfolio that has the optimal risk/reward throughout the full market cycles.”
Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, points out that convertibles have historically produced positive total returns during rising rate environments that traditional fixed income has struggled with.
Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, observes that technology companies are typically growth companies, often with healthy valuations. An investor in a tech company’s convertible expects to participate in the upside when anticipated growth materializes, while seeking to avoid much of the downside if it does not.
A convertible issuer’s below-investment grade rating—or no rating at all—is not the negative signal that an uninformed investor might expect, explains Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager.
Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, looks at why convertibles often make sense for smaller, mid-cap companies with an established growth niche and for larger growth companies seeking capital for future growth.
Joe Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, provides an overview of the convertibles market, noting “opportunities to give us the asymmetric risk/reward profile that we think is the sweet spot of convertible investing.”
Calamos Founder, Chairman and Global CIO John Calamos, Sr. and Eli Pars, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Senior Co-Portfolio Manager, discuss how actively managed convertible securities can be deployed strategically and tactically in an asset allocation.
This website uses cookies. By continuing to use this website, you consent to the use of cookies. Learn more about our cookie usage.