WHEN JOHN P.Calamos Sr.started buying convert-ibles in the 1970s,most investors thought of cars,not bonds.Today companies issue more than US70 billion of such debt each year,and his firm,Calamos Asset Management Inc.,puts more money into these hybrid securities than just about any other mutual-fund company.Calamos used that expertise to branch out into equities and then high-yield bonds.In fact,since the tech bubble burst,the firm's assets have expanded by an astounding 750%,to US38.2 billion.Returns have kept pace with the growth:All six of its mutual funds that are at least five years old rank in the top 25% of their category over that period.
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