{"url":"https://etfiq.com/research/library/calamos-calamos-investment-team-outlooks-january-2026/","section":"research","title":"Calamos Investment Team Outlooks, January 2026 (Calamos) | ETFIQ","description":"Calamos, in its January 2026 investment team outlook, reports that global convertible bond issuance topped $166 billion in 2025, close to a record level.","as_of":"Oct 21, 2026","structured_data":[{"@type":"Report","name":"Summary: Calamos Investment Team Outlooks, January 2026","headline":"Calamos Investment Team Outlooks, January 2026","url":"https://etfiq.com/research/library/calamos-calamos-investment-team-outlooks-january-2026/","datePublished":"2026-10-21","dateModified":"2026-10-21","author":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"about":"Market outlooks","abstract":"Calamos, in its January 2026 investment team outlook, reports that global convertible bond issuance topped $166 billion in 2025, close to a record level.","isBasedOn":"https://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-january-2026/","citation":{"@type":"Report","name":"Calamos Investment Team Outlooks, January 2026","url":"https://www.calamos.com/blogs/voices/calamos-investment-team-outlooks-january-2026/","datePublished":"2026-01-02","publisher":{"@type":"Organization","name":"Calamos","url":"https://www.calamos.com/"},"author":{"@type":"Organization","name":"Calamos"}},"inLanguage":"en"},{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What does the Calamos paper conclude?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s own words are at the link above."}},{"@type":"Question","name":"What does ETFIQ\u2019s data show on the same question?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"What do ETF flows show about an outlook?","acceptedAnswer":{"@type":"Answer","text":"Where investors actually moved money over the same months: the net flow into stock and bond ETFs, dated, beside the paper\u2019s forecast."}},{"@type":"Question","name":"Where can I read \u201cCalamos Investment Team Outlooks, January 2026\u201d?","acceptedAnswer":{"@type":"Answer","text":"On Calamos\u2019s own site. ETFIQ summarizes the paper and does not host it."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Research","item":"https://etfiq.com/research/"},{"@type":"ListItem","position":3,"name":"Library","item":"https://etfiq.com/research/library/"},{"@type":"ListItem","position":4,"name":"Calamos","item":"https://etfiq.com/research/library/calamos/"},{"@type":"ListItem","position":5,"name":"Calamos Investment Team Outlooks, Janu...","item":"https://etfiq.com/research/library/calamos-calamos-investment-team-outlooks-january-2026/"}]},{"@type":"WebPage","name":"Calamos Investment Team Outlooks, January 2026 (Calamos)","description":"Calamos, in its January 2026 investment team outlook, reports that global convertible bond issuance topped $166 billion in 2025, close to a record level.","url":"https://etfiq.com/research/library/calamos-calamos-investment-team-outlooks-january-2026/","dateModified":"2026-10-21","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede",".faq"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":5069,"truncated":false,"content":"ETFIQ / Research / Library / Calamos / Calamos Investment Team Outlooks, Janu... \n \n Published Jan 2, 2026 by Calamos. Summary by ETFIQ as of Oct 21, 2026.\n Calamos Investment Team Outlooks, January 2026\n Calamos, in its January 2026 investment team outlook, reports that global convertible bond issuance topped $166 billion in 2025, close to a record level. \n Calamos \u00b7 Issuer \u00b7 Read the full paper at Calamos \u2197 \n What it says\n Figures as stated by Calamos, Jan 2, 2026\n 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)\n 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)\n 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)\n 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)\n 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)\n The ETFIQ take\n ETFIQ data to Oct 20, 2026 \u00b7 the 713 of 4,807 ETFs ETFIQ covers with a daily figure, Jan 2, 2026 to Oct 20, 2026\n Calamos 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.\n +$461.8bn net flow, Jan 2, 2026 to Oct 20, 2026, summed over the 713 of 4,807 ETFs ETFIQ covers with a daily figure , Oct 20, 2026. ETFIQ \n +$127.9bn net flow, Sep 21, 2026 to Oct 20, 2026, summed over the 746 of 4,807 ETFs ETFIQ covers with a daily figure , Oct 20, 2026. ETFIQ \n +$239.1bn net flow into stock ETFs, Jan 2, 2026 to Oct 20, 2026, over the 319 of 1,739 with a daily figure , Oct 20, 2026. ETFIQ \n +$177.3bn net flow into bond ETFs, Jan 2, 2026 to Oct 20, 2026, over the 184 of 833 with a daily figure , Oct 20, 2026. ETFIQ \n\n 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\u2019s 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. Method Data \n\n Related ETFs\n The largest ETFs ETFIQ covers, by net assets\n VOO Vanguard S&P 500 ETF: +16.5%\n IVV iShares Core S&P 500 ETF: +16.5%\n SPY SPDR S&P 500 ETF Trust: +16.4%\n VTI Vanguard Morningstar Total Stock Market ETF: +15.9%\n QQQ Invesco QQQ Trust, Series 1: +19.2%\n VUG Vanguard Morningstar Growth ETF: +11.2%\n Figure: total return, 1 year, to Oct 21, 2026, from each fund\u2019s page. All 4,807 ETFs in the screener \u2192 \n Related papers\n State Street Investment Management \u00b7 Issuer \u00b7 Apr 22, 2026 \u00b7 ETFIQ take\n Market Forecasts: Q2 2026 \n In its April 2026 forecasts, State Street Investment Management expects US economic growth of 2.3% in 2026, a slight cut tied to recent geopolitical events.\n Outlooks Bonds Read the paper \u2197 \n First Trust \u00b7 Issuer \u00b7 Jan 7, 2026 \u00b7 ETFIQ take\n Forecasts as of January 2026. \n In its January 2026 forecast, First Trust sets a year-end S&P 500 target of 6,000 and expects real GDP growth of 2% for 2026.\n Outlooks Read the paper \u2197 \n UBS \u00b7 Bank \u00b7 Jan 6, 2026 \u00b7 ETFIQ take\n CIO maintains a positive investment outlook for global equities \n UBS's January 2026 note keeps a positive view on global equities and sees around 10% upside by year-end for MSCI's All Country World index.\n Outlooks Themes Read the paper \u2197 \n All 9 papers on outlooks \u2192 \n Questions people ask\n 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\u2019s own words are at the link above. What does ETFIQ\u2019s 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\u2019s forecast. Where can I read \u201cCalamos Investment Team Outlooks, January 2026\u201d? On Calamos\u2019s own site. ETFIQ summarizes the paper and does not host it. 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/ Free to use with attribution . Open data \n Summary by ETFIQ. ETFIQ is not affiliated with Calamos; logos identify the source.","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"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/"}