Calamos U. S. Convertible Strategy Q3 2025 Commentary Calamos Investments 544 Follower s Comments Summary Market breadth creates new tailwinds for the convertible market, where small- and mid-cap growth companies are well represented. This environment proved supportive for risk assets, with equity markets delivering solid returns and credit spreads continuing their compression from earlier-year highs. The hybrid structure of convertible securities–combining equity-like growth potential with bond-like risk-mitigation characteristics–offers an attractive risk-reward proposition in this environment. This strength reflects how companies strategically use convertibles as a cost-effective tool for capitalizing on growth opportunities and refinancing other forms of debt. Our portfolio positioning remains focused on companies poised to benefit from transformative secular and cyclical trends. Summary • Equity market gains, tightening credit spreads, and easing monetary policy created a positive backdrop for the convertible market in the third quarter, and the US Convertible Strategy was positioned to capitalize on these tailwinds. This article was written by 544 Follower s Calamos Investments is a diversified global investment firm offering innovative investment strategies including U. S. growth equity, global equity, convertible, multi-asset and alternatives. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an exchange traded fund and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London, New York and San Francisco. For more information, please visit www. calamos. com. Comments Recommended For You.
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