Global Convertible Market Update: Portfolio Manager Q&A
Diverse opportunities in Global Convertibles, as well as structural features, provide tailwinds to counter rising rates and equity volatility. In rising rate environments, convertibles have historically done quite well relative to longer-duration traditional fixed income investments.
1Q 2022 Outlooks from the Calamos Investment Team
Given the many forces shaping the economy and markets, 2022 will be a stock picker’s—and a bond picker’s—market. Prices are indeed stretched in pockets of the market, but many areas offer attractive potential supported by compelling fundamentals and exposure to growth themes.
Navigating Shifting Crosscurrents: 4Q 2021 Outlook
The receding pandemic should continue to provide a tailwind. However, as economies begin to normalize, expectations for the future path of monetary and fiscal policies are shifting. And as markets adapt to a post-Covid economy, we expect increased volatility, more rotational markets, and leadership changes. The risk of a policy error has also increased at the margin, with future Federal Reserve leadership and policy more uncertain today than a month ago.
3Q 2021 OUTLOOK
During the second quarter, global equity markets extended their strong performance.
Emerging Markets in 2021: The Case for Increasing Exposure Now
The weak dollar, low-interest rates, and accelerating growth—these are just three of an array of factors that argue in favor of increasing your clients exposure to emerging markets.
Join us Wednesday, March 10, for a review of EM investment opportunities. Headlining our webcast panel will be Calamos Founder, Chairman, and Global Chief Investment Officer John P. Calamos, Sr. Joining John will be:
- Nick Niziolek, CFA, Co-CIO, Head of International and Global Strategies, Senior Co-Portfolio Manager
- Todd Speed, CFA, Senior Vice President, Portfolio Specialist
In addition to covering secular growth themes (monetary and fiscal stimulus, China’s global leadership, growth and inflation expectations, the weaker dollar, and strengthening liquidity), you’ll hear the Calamos’ take on several thematic tailwinds driving the EM opportunity, including:
- EM technology
- Global payments ecosystem
We’ll conclude our discussion with a review of the differentiated approach of Calamos Evolving World Growth Fund (CNWIX), which has successfully pursued a favorable risk/reward skew through bottom-up security selection, top-down thematic analysis, and opportunistic use of less-well-known asset classes, such as convertible securities.
New Year, New Risks: What to Know About Putting Convertible Securities to Work in 2021
As a sequel to Advisor Perspectives’ best-attended sponsored webcast of 2020, our Feb. 4 webcast will prepare you to put convertibles to work to anticipate risks that include a new administration with new priorities, rising rates, and even the ever-changing convertible market.
Convertibles were by far the best performing major asset class last year, and hundreds of investment professionals experienced the benefit of using them for the first time. Join us as our panel of preeminent experts—including John P. Calamos, Sr., who is widely recognized as the pioneer of using converts to manage risk/reward—advance the discussion. You’ll learn about evolving convertible market dynamics (including near-record levels of issuance and new issuers) and the additive effect of actively managed convertibles as a risk-managed allocation.
Adding Convertible Strategies to Your Playbook
What’s your best guess about what happens next? Seesaw markets? V-shaped recovery? Further equity declines?
Join us at 2 p.m. ET Thursday, May 7 to hear about how convertible securities can help you prepare for multiple possible scenarios. At all times, convertibles are a strategic allocation that can provide added diversification to a portfolio. What’s intriguing investment professionals in this turbulent environment is how convertibles have historically helped manage the risk of equity investing.
Because they’ve provided comparable equity returns with less volatility, including convertibles in a portfolio can help keep clients invested.
Headlining our webcast panel will be Calamos Founder, Chairman, and Global Chief Investment Officer John P. Calamos, Sr., widely recognized as the pioneer of the convertible asset class. Joining John will be:
- Eli Pars, CFA, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies,
Senior Co-Portfolio Manager, including of Calamos Market Neutral Income Fund (CMNIX), the industry’s largest alternative fund (Morningstar data, 3/31/20)
- Joseph Wysocki, CFA, Senior Vice President, Co-Portfolio Manager, including of the
Calamos Convertible Fund (CICVX)
Why CTSIX’s Nelson Is Optimistic About the Recovery, Corporate Profitability and Small Caps
One month after the depths of the equity market decline, Brandon Nelson expresses optimism about the prospects for the country’s health, corporate profitability and what he calls “exciting” small companies in the Calamos Timpani Small Cap Growth Fund (CTSIX) portfolio.
Markets See Light at the End of the Tunnel: Recovery by July, Says CPLIX’s Grant
While predicting that “economic activity in March and April will be the worst of our professional careers,” Grant nonetheless says markets see light at the end of the tunnel that includes economic recovery by July.
The Crisis Has Accelerated the Opportunities for Strong, Growth Disruptors
In a turbulent period for the markets, Calamos has been hosting a Calamos CIO Conference Call series for investment professionals.
Staying Opportunistic with Convert Arb, Hedged Equity Positioned CMNIX for Rally Back
The dual strategies of convertible arbitrage and hedged equity helped Calamos Market Neutral Income Fund (CMNIX) weather the recent drawdown while being positioned for future opportunities.
Convertibles: Providing Risk Management and Positioned for a Snapback
The stage is being set for what we internally call the “convertible trifecta.” The markets are uncertain right now. But when markets eventually calm, the team would expect to see the combined forces of equity upside, credit upside and convert valuation gaps closing, which can be very powerful on the way back up.
This Multi-Phase Crisis Can Be Navigated if We Join Forces to Thread the Needle
Matt provides a framework that he and his team use to make sense of the headlines and the price bids flashing on their monitors. His realistic, yet hopeful outlook provides a roadmap for successfully navigating this universal crisis together.
Indiscriminate Selling Has Driven Closed-end Fund Discounts, Creating Compelling Value
Even with all the benefits attributable to closed-end funds—intraday trading, low financing costs of leverage, ability to be fully invested, and consistent source of income—they have some idiosyncrasies that present challenges, especially during extreme volatility
There Is a Way Out of the Coronavirus Crisis, and Long-term Opportunities in an Oversold Equity Mark
The pace of government and private sector response will likely be slower than we may like, but we have the collective knowledge to address the pandemic, including support to individuals and businesses.