As global markets grapple with ongoing geopolitical instability and shifting economic indicators, investors are being urged to eschew short-term speculation in favor of disciplined, risk-managed strategies.
John Koudounis, CEO of Calamos Investments, outlined this cautious outlook during a featured panel at the 2026 Concordia Annual Summit. Speaking with CNBC’s Morgan Brennan, Koudounis emphasized that the current financial environment—defined by persistent inflation concerns and fluctuations in energy prices—requires a departure from traditional market timing.
Investment Strategy in Volatile Markets
“Don’t chase the Fed, don’t chase the elections, don’t chase interest rates. You have to have portfolios that are diversified, that are well risk-managed,” Koudounis said.
He noted that historical correlations between equities and bonds have become increasingly unreliable, rendering traditional passive strategies less effective. Instead, Koudounis advocated for a robust inclusion of alternative assets, such as private credit, convertibles, and market-neutral funds, to better navigate volatility.
The Role of Innovation and Global Themes
When asked about the path forward for the U.S. economy, Koudounis expressed a measure of optimism rooted in domestic innovation. He identified the intersection of artificial intelligence and energy infrastructure as a primary driver of future growth.
Despite acknowledging the near-term inflationary pressure tied to the Middle East, he remained confident in the resilience of the American consumer and the long-term potential of emerging sectors like healthcare.
“When [oil] goes down below 80, I think the equity markets are going to scream,” Koudounis predicted, framing the current inflation as largely transitory and tethered to global energy supply chains.
Koudounis also signaled a continued institutional acceptance of digital assets, noting that Bitcoin has reached a level of market maturity that warrants serious consideration in long-term portfolio allocations
Calamos Announces New ETF
John Koudounis also announced the launch of the Calamos Timpani Active SMID Growth ETF (CTAG) on the Texas Stock Exchange (TXSE). The ETF is a conversion of the Calamos Timpani SMID Growth Fund, a top-performing fund in the Morningstar Small Growth category.
“Our proven track record of active management in small- and mid-caps now extends to the ETF market,” said Koudounis.
“We are thrilled to give ETF investors access to Brandon, one of the top discretionary active managers in the SMID universe. It is also an honor to be one of the first launches on the TXSE.”
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