Since the Asian crisis of 1997, there have been continued improvements in the fiscal positions of many emerging economies—improvements that we believe enhance the prospects for sustainable growth. Dramatic increases in foreign currency reserves, less debt, lower inflation, smaller budget deficits and higher GDP growth are among the factors contributing to a brighter fiscal picture. Compared to developed economies, emerging economies are on the right track.

In “‘Hair-of-the-Dog’ Economic Policies or Buying Time to Heal?” John P. Calamos, Sr. and Nick P. Calamos discuss why they believe the near-term looks promising for the economy and equity markets. They also share their reasoning for a more cautious long-term economic outlook, and summarize how the Calamos investment team is positioned for the opportunities and challenges an evolving global economy.

In “The Shape of Things to Come,” our co-CIOs discuss the potential implications of current economic policies, their view of global growth drivers, and where our investment team is finding opportunity.

Convertible securities were boosted by underlying equities and a speculative grade rally.

High yield bonds advanced in November for the ninth straight month as investors believe the global economy will remain on the path to recovery.

Almost all major regions and countries posted positive returns as the global economy continues to move ahead.