Morningstar Rating

Fund Research and Analysis

by Miriam Sjoblom
Calamos Growth suits the stouthearted.

This bold fund has been powering its way through 2009. Since stocks began their rebound in mid-March through Oct. 27, the fund has shot up 74%, leading the large-growth category. The Calamos team's patience with some of 2008's hardest-hit names has paid off.  Read more 

Kudos

Experienced management team sticks to a disciplined investment strategy.
Topnotch long-term record. Read more 

Risks

The fund has delivered one of the bumpiest rides in the large-growth category over time.
This fund has been fairly concentrated in industries on occasion, and those bets don't always pay off in the short run.
The fund emphasizes mid-cap firms, and some smaller companies, to a greater extent than most large-growth funds, which has added to the volatility here. Read more 

Strategy

Management uses quantitative models to search for companies growing faster than their industries and sector peers as measured by earnings growth and returns on invested capital. It then digs deeply into company balance sheets to understand the business and looks for strong free cash flows and sustainable growth.  Read more 

Management

Calamos Asset Management, known for its convertible-bond expertise, employs techniques at this fund that are similar to those it uses in assessing underlying firms in the convertibles market. John and Nick Calamos have managed the fund since its September 1990 inception, and John's son, John Jr.  Read more 

Inside Scoop

This fund makes a more daring package out of the same brainpower and resources as its impressive convertible-heavy sibling Calamos Growth & Income. Management uses a combination of top-down macroeconomic analysis and in-depth bottom-up research that focuses on sustainable growth characteristics in building the portfolio.  Read more 

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Calamos: Short-Term Bullish, Long-Term Scared 
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