Calamos U.S. Convertible Strategy Q4 2025 Commentary

Calamos Investments559 FollowersFollow5ShareSavePlay(11min)CommentsSummaryConvertible securities were among the strongest performing asset classes in 2025, and we believe are likely to benefit in 2026 from US economic fundamentals and pro-growth fiscal policies.Record 2025 issuance reflects convertibles’ compelling value proposition as cost-effective growth capital; we expect elevated issuance in 2026.With many small and mid-cap participants, the convertible market is favorably positioned as equity market leadership broadens beyond mega-caps; M&A activity can provide another boost.Calamos US Convertible Strategy emphasizes AI-related opportunities across the data center value chain, as well as cybersecurity, defense, nuclear modernization, and space names. laddawan punna/iStock via Getty Images Investment Manager Discussion The convertible market enters 2026 with considerable momentum, finishing 2025 as one of the strongest-performing asset classes across the capital markets. This reflects supportive fundamentals: US economic growth remains solid, underpinned by pro-growth fiscal policiesThis article was written byCalamos Investments559 FollowersFollowCalamos 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.