Calamos Investment Team Outlooks, January 2026
Calamos, in its January 2026 investment team outlook, reports that global convertible bond issuance topped $166 billion in 2025, close to a record level.
What it says
Figures as stated by Calamos, Jan 2, 2026- Calamos says it is widening its range beyond alternative mutual funds into private markets and ETFs, including protected bitcoin, structured protection and autocallable funds.Calamos
- Calamos says most major benchmarks rose in 2025, with large and small US companies posting double-digit returns and markets outside the US doing better still.Calamos
- Calamos notes that the 2025 gains came with sharp swings, including tariff shocks, a US government shutdown and shifting moods about AI, earnings, inflation and central bank policy.Calamos
- Calamos founder John P. Calamos, Sr. expects market swings to stay high in 2026, pointing to the US midterm elections and possible shifts in fiscal policy.Calamos
- Calamos points to falling US interest rates, clearer fiscal and tax policy, and better prospects for small and micro caps as features of the 2026 backdrop.Calamos
The ETFIQ take
ETFIQ data to Oct 20, 2026 · the 713 of 4,807 ETFs ETFIQ covers with a daily figure, Jan 2, 2026 to Oct 20, 2026Calamos reports global convertible bond issuance of more than $166 billion in 2025, close to a record. From Jan 2, 2026 to Oct 20, 2026, the ETFs ETFIQ can count had a net flow of +$461.8bn, with +$239.1bn for stock ETFs and +$177.3bn for bond ETFs.
+$461.8bnnet flow, Jan 2, 2026 to Oct 20, 2026, summed over the 713 of 4,807 ETFs ETFIQ covers with a daily figureOct 20, 2026 · ETFIQ →+$127.9bnnet flow, Sep 21, 2026 to Oct 20, 2026, summed over the 746 of 4,807 ETFs ETFIQ covers with a daily figureOct 20, 2026 · ETFIQ →+$239.1bnnet flow into stock ETFs, Jan 2, 2026 to Oct 20, 2026, over the 319 of 1,739 with a daily figureOct 20, 2026 · ETFIQ →+$177.3bnnet flow into bond ETFs, Jan 2, 2026 to Oct 20, 2026, over the 184 of 833 with a daily figureOct 20, 2026 · ETFIQ →
Paper: Global convertible bond market issuance, 2025. ETFIQ: the 713 of 4,807 ETFs ETFIQ covers with a daily figure, Jan 2, 2026 to Oct 20, 2026. Net flow is the change in shares outstanding times the day’s NAV, summed over the days in the window, for the funds with a daily figure. The two sets and windows differ; the figures are stated, not reconciled.MethodData
Related ETFs
The largest ETFs ETFIQ covers, by net assetsVOOVanguard S&P 500 ETF+16.5%IVViShares Core S&P 500 ETF+16.5%SPYSPDR S&P 500 ETF Trust+16.4%VTIVanguard Morningstar Total Stock Market ETF+15.9%QQQInvesco QQQ Trust, Series 1+19.2%VUGVanguard Morningstar Growth ETF+11.2%
Figure: total return, 1 year, to Oct 21, 2026, from each fund’s page. All 4,807 ETFs in the screener →
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What does the Calamos paper conclude?
Calamos, in its January 2026 investment team outlook, reports that global convertible bond issuance topped $166 billion in 2025, close to a record level. The paper’s own words are at the link above.
What does ETFIQ’s data show on the same question?
From Jan 2, 2026 to Oct 20, 2026, the ETFs ETFIQ can count had a net flow of +$461.8bn, with +$239.1bn for stock ETFs and +$177.3bn for bond ETFs. ETFIQ states both figures and does not reconcile them.
What do ETF flows show about an outlook?
Where investors actually moved money over the same months: the net flow into stock and bond ETFs, dated, beside the paper’s forecast. More on this →
Where can I read “Calamos Investment Team Outlooks, January 2026”?
On Calamos’s own site. ETFIQ summarizes the paper and does not host it. Calamos’s page ↗
Cite this pageCitation, APA and Markdown
ETFIQ, Calamos Investment Team Outlooks, January 2026 (Calamos), summary and ETFIQ take, as of Oct 21, 2026. https://etfiq.com/research/library/calamos-calamos-investment-team-outlooks-january-2026/
Summary by ETFIQ. ETFIQ is not affiliated with Calamos; logos identify the source.