In the second half of 2024, we are prepared for choppiness with the approach of the presidential election, the outcome of which could have far-reaching implications for the economy. We are confident in our ability to navigate the crosscurrents and are encouraged to see markets attentive to individual company fundamentals. With an introduction from Founder and Global CIO John P. Calamos, Sr.
Read PostEmployment markets recovered. Corporate profit margins are peaking but stable. Earnings can advance 5% or so in a not-so-terrible world of 5% nominal GDP. We are benignly moving beyond the unusual contours of the post-pandemic years, leaving open for debate, “What is normal?”
Read PostThe fund continues to outperform the traditional bond market thanks to an alternative approach that is not vulnerable to the interest rate risks that confront bonds. And we believe the fund’s recent and long-term performance also demonstrates the merits of our approach as an alternative to cash.
Read PostLast year, we had the opportunity to establish an especially attractive option trade to pursue 65% of the market’s upside with just 35% of the downside at its expiration in December 2024. While the 65/35 trade served us well, we look to the future and the many scenarios that may evolve, taking advantage of whatever the market brings.
Read PostWe remain optimistic that overall economic growth, inflation, and monetary policy trends will normalize along their current trajectories, providing a tailwind for risk assets. We are investing in companies exposed to AI, productivity enhancements, and cybersecurity trends. We expect the convertible market will participate in these fast-growing trends for years to come.
Read PostEconomic data is softening, there’s plenty of geopolitical risk, and no one has a crystal ball concerning the Fed. In terms of the presidential election, the biggest surprise would be no surprise. All in all, there’s every reason to favor the lower-volatility approach global convertibles provide.
Read PostWe believe the best positioning for this environment is a focus on companies with improving returns on capital, and on equities and fixed income with valuations at favorable expected risk-adjusted returns. We see compelling prospects for companies with exposure to new products and geographic growth opportunities (for example, health care and AI-related infrastructure and software).
Read PostIn this complex environment, we are focusing on risk management and identifying high-quality companies capable of generating substantial cash flow and earnings growth while maintaining flexible financial positions. As AI permeates the economy, we anticipate investment prospects beyond the technology sector.
Read PostIn a refreshing turn of events, this quarter and YTD have been less about macro factors and more about stock picking driven by company-specific fundamentals. The market is finally embracing our flavor of stocks again—companies with strong fundamental momentum.
Read PostAlthough most investors focus on the US, the opportunity set globally is even greater! For active managers who are willing to express conviction, we believe there are many opportunities to invest in companies that will be rewarded for strong fundamentals and their ability to grow.
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