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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read UPDATE 1-Geithner says Congress will pass debt limit increase 13 Apr 2011 Senate panel slams Goldman in scathing crisis report 13 Apr 2011 Senate panel slams Goldman in scathing crisis report 9:15am EDT Q+A-Risks at each reactor of Japan's stricken plant 6:48am EDT Air strikes hit Tripoli, TV reports casualties | 11:38am EDT Discussed 161 China tells U.S. to quit as human rights judge 141 Reid says Republicans want shutdown to close clinics 117 Obama, Congress struggle to find budget deal Watched South Korean "super gun" packs hi-tech killing power Mon, Feb 14 2011 Chinese porn: coming to you in 3D Wed, Apr 13 2011 X-47B - the future of autonomous aerial warfare Fri, Feb 11 2011 SMALL BUSINESS Do fries go with that app? Worried about how many calories you are going to consume in a serving of fries? A new iPhone application may help. After taking a picture of the meal with the phone, the app gives a calorie read-out almost instantly Full Article Caribbean rum maker looks to tap U.S. market Startup targets online vacation rentals Bet on tech for growth: John Calamos Tweet Share this By Sweta Singh BANGALORE (Reuters) - Veteran money manager John Calamos, who heads funds managing assets of close to $38 billion, reckons technology stocks are a good bet for now as U.S. companies invest in innovation. An active investor in growth... Email Print Related News Wall St falls on inflation, defensive shares gain 11:39am EDT Growth fears knock stocks, U.S. dollar; bonds up 11:03am EDT Wall Street encouraged by tech, less so by JPMorgan Wed, Apr 13 2011 Oil slumps on growth worries Tue, Apr 12 2011 Energy drives Wall St lower, Alcoa's results drag Tue, Apr 12 2011 Analysis & Opinion Targeting investment returns: Secrets from the pros Lower profits, uneasy market Related Topics Technology » Media » Aerospace & Defense » Stocks A staff member holds the new Apple iPad2 at the Apple store in London March 25, 2011. Credit: Reuters/Luke MacGregor By Sweta Singh BANGALORE | Thu Apr 14, 2011 11:28am EDT BANGALORE (Reuters) - Veteran money manager John Calamos, who heads funds managing assets of close to $38 billion, reckons technology stocks are a good bet for now as U.S. companies invest in innovation. An active investor in growth stocks, the 70-year-old chief executive of Calamos Asset Management Inc (CLMS.O) is "significantly overweight" on technology, invested in stocks including Apple Inc (AAPL.O) and Google Inc (GOOG.O). "Technology, we think, is priced very attractively," Calamos said in a telephone interview. "The growth of these companies is not priced into their current value." His largest fund -- Calamos Growth Fund with assets of $9.5 billion -- is 41 percent invested in the technology sector. The fund returned 12.5 percent in the fourth quarter, beating the S&P 500 index's .SPX 10.8 percent gain, but lagging a 14 percent rise on the Russell Midcap Growth Index .RMCCG. Calamos likes Google's advertising model and Apple's product innovation, and said the issue of Apple CEO Steve Jobs' ill-health was unlikely to make him change his holding in the stock. "We are worried about Steve Jobs, but we feel the size of the company now is at a point that it's more than just one person. So that makes us positive on it." VIETNAM PILOT An advocate of investing in convertible securities, Calamos said he learned the basics of managing risk while he was a fighter pilot in Vietnam. "It's a lot like investing. It's all about risk management." Calamos is underweight on financials and healthcare, due primarily to ongoing U.S. government regulatory reforms. "This idea that government can do things better than the market economies to me is a flawed assumption," he said. While the U.S. economy is showing signs of improvement, the possibility of higher interest rates makes Calamos more wary of the bond market. "Bonds have been the safe haven for many, but if interest rates rise that safe haven cannot be so safe." He reckons equity market valuations are favorable, but notes investors remain skittish and hesitant to get into equities. 1 2 Next Technology Media Aerospace & Defense Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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