5 Reasons For Small Caps And Calamos Timpani Small Cap Growth Fund (CTSIX)


We’re very excited about what we’re seeing in small caps and believe the tide is turning after a difficult 2022. Valuations are attractive, and there is growing evidence that a small-cap leadership regime is in its early innings.

And while we’re encouraged about small caps as an asset class, we’re even more optimistic about small-cap growth stocks and the opportunities we see for Calamos Timpani Small-Cap Growth Fund (CTSIX). We have a time-tested, repeatable process and believe we are just six months into what is likely a multiyear upcycle for our investment style. Here are five important takeaways:

  • When the S&P 500 Index has rallied above bear market lows, small caps have outperformed

    Historically, small caps have posted strong performance after the S&P 500 Index rallied more than 20% off bear market lows-both in absolute terms (highlighted by the green

  • A final note: Calamos Timpani Small-Cap Growth Fund has substantial tax-loss carryforwards of $146.2 million (as of the semiannual report dated April 30, 2023), representing nearly 50% of fund assets. These tax-loss carryforwards could be used in the future to offset realized gains, and although the tax tail shouldn’t wag the asset allocation dog, we believe this is a compelling point for many investors.

    Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.



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