incredible fund performance, flows starting to follow
CLMS looks to me like it's ready for continued upside based on the incredible performance of its flagship funds in 2009. Calamos Growth is the #1 growth fund over ten years and is beating the average growth fund by more than 15% this year with a 45% gain.
Fund flows look better, and total assets are now above $30 B. (Check Calamos IR web site for details.) Also, recent Merrill Lynch upgrade indicates that Merrill's brokers sales arm probably buys the Calamos story.
CLMS is priced at 50% of its peers based on price/sales. Look for that gap to narrow. Possible drivers include cost-cutting showing up and the possibility of a buyout / partnership with a bigger firm that can help add marketing dollars behind the funds' great performance.