Calamos Releases Quarterly Global Economic Review and Outlook January 2013

  Calamos Releases Quarterly Global Economic Review and Outlook January 2013

  PR Newswire

  NAPERVILLE, Illinois and LONDON, Jan. 14, 2013

NAPERVILLE, Illinois and LONDON, Jan. 14,2013 /PRNewswire/ -- Calamos
Investments®*, a globally diversified investment management firm, released its
quarterly Global Economic Review and Outlook. The outlook provides the firm's
views on the current economic environment and discusses factors that may
affect the global markets and investing opportunities and risks. Calamos
invites you to read the entire January 2013 Global Economic Review and Outlook
at Calamos.com/Outlook . Topics include the following:

Global Outlook:

  *The Calamos Investment Committee's global economic outlook is one of
    cautious optimism. We expect a measured recovery to continue in the global
    economy. Supportive factors include accommodative monetary policy globally
    and a U.S. fiscal cliff in the rear-view mirror. Our caution reflects
    concerns about the potential impact of macro events, including debt
    ceiling debates in the U.S. and fiscal austerity in the euro zone,
    potentially contributing to a continued slowdown in earnings growth.
  *The U.S. economy looks positioned to maintain a slow growth path. A
    resilient consumer remains at the heart of the recovery. Corporate balance
    sheets are strong, with operating margins near historic highs and high
    cash balances. Although contentious debt ceiling debates lie ahead, we
    believe Congress ultimately understands the U.S. must pay its bills.
  *Emerging markets should make continued significant contributions to global
    growth. Recent data out of China has been encouraging, including rebounds
    in manufacturing. With lower debt levels relative to GDP, many emerging
    markets have policy latitude to navigate their economies. The expansion of
    the middle class in emerging markets is a momentous secular trend that can
    drive long-term growth.
  *In the euro zone, the tail risk of break up appears to be mitigated. Euro
    zone members have demonstrated resolve in the face of ongoing challenges.
    In 2013 and beyond, the euro zone must continue to aggressively address
    imbalances among countries, as economic weakness has spread into core and
    neighboring economies.
  *Japan could be a game changer. The return of Prime Minister Abe to
    leadership has catalyzed the Bank of Japan to move more decisively to
    stimulate economic growth. Given the size of Japan's economy, this could
    be highly consequential for the global economy as a whole.

Investment Opportunities:

  *Encouragingly, we see indications that market participants are again
    focusing on company fundamentals and de-emphasizing "risk-on, risk-off"
    timing. Upward volatility spikes persist in the wake of macro and
    political events, but these are increasingly followed by declines in
    volatility.
  *Equities are highly compelling. Valuations are attractive on the basis of
    a number of earnings measures. Multi-national companies remain
    particularly attractive as they have the opportunity to participate in a
    broader range of secular growth themes and to go where capital is treated
    best. Growth equities, in particular, remain undervalued to the broader
    equity market.
  *We believe the case for defensive equity strategies is strong. Volatility
    will likely persist even as risk-on, risk-off market vacillations abate.
    As the economic recovery continues, we see favorable trends within the
    global convertible securities market, providing an expanded universe for
    defensive equity strategies.
  *Corporate bonds provide a more attractive choice for fixed-income
    allocation. The Calamos team continues to keep duration low and is finding
    attractive risk/reward characteristics among mid-grade credits. Against
    the backdrop of continued recovery, we see increased opportunities in a
    broader range of credit tiers.

About Calamos

Calamos Investments® is a diversified global investment firm offering
innovative investment strategies including equity, fixed income, convertible
and alternative investments, among others. The firm offers strategies through
separately managed portfolios, mutual funds, closed-end funds, private funds
and UCITS funds. Clients include major corporations, pension funds,
endowments, foundations and individuals. Headquartered in the Chicago
metropolitan area, the firm also has offices in London and New York.

Calamos serves professional/sophisticated investors around the world through
Calamos Global Funds plc (UCITS), distributed by Calamos Investments LLP,
London, United Kingdom.

For more information, please visit Calamos.com .

This material is distributed for informational purposes only.

The opinions referenced are as of the date of publication and are subject to
change due to changes in the market or economic conditions and may not
necessarily come to pass. Information contained herein is for informational
purposes only and should not be considered investment advice.

*Calamos Investments LLC, referred to herein as Calamos Investments®, is a
financial services company offering such services through its subsidiaries:
Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP
and Calamos Financial Services LLC.

Website: http://www.calamos.com
Contact: Jennifer McGuffin , Media Relations, +01-630-245-1780,
media@calamos.com