In place of the tech stocks came apparel retailers, financials and health-care companies, with health care now its largest investment category. The managers like companies with high revenue, or top-line, growth. They expect aging baby-boomer's continued spending on recreation to boost the gaming company's return on capital going forward. He says his clients wanted to diversify their assets, so he started the Calamos funds in 1990. Unlike some money managers who have shifted some assets to cash during the turbulent markets, Messrs. Calamos have stayed fully invested.
Some money managers dart in and out of stocks hoping to generate the best return.
It was a moderate move, although large for me. Another favorite is Fujisawa Pharmaceutical of Japan, a maker of an antirejection pill used following organ transplants and an ointment to treat psoriasis and other skin disorders. Mr. Owens says the firm is gaining market share from Novartis. Looking ahead Mr. Owens says he's not yet sure of his strategy, but he's sticking with the fundamentals. Inc. All Rights Reserved.