Calamos Phineus Long/Short Fund Q1 2025 Commentary

2025-06-24 07:31:00 ET

Key Points

The correction in equities in 2025 is unsurprising and not especially material. Nonetheless, the signals for a reordering of the investment environment are everywhere.

The trade shock of tariffs is not deflationary. Instead, the US faces an economic slowdown, not a recession in 2025. This points to “volatility within a very wide range” rather than an outright bear market.

The escalation with China has moved too fast and Trump has every reason to de-escalate. Some kind of “trade truce” with China would avoid the next shock for equities and thus avoid another leg to new lows....

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