The first half of 2026 brought a clearer picture of what kind of expansion this is — and it is not a uniform one. Growth is continuing, but it is concentrated, shaped by energy shocks, accelerating technology investment, and a global trade system being rebuilt along geopolitical rather than economic lines. In this mid-year outlook, Calamos Wealth Management Chief Investment Officer Jon Adams, CFA® examines five forces defining the second half of the year and discusses what they may mean for how portfolios are positioned across income, alternatives, and diversification.
