Credit Suisse has dealt Calamos a blow by downgrading its stock from neutral to under perform. In the report the Swiss company said that while the performance of Calamos' funds is good, other factors such as management turnover, reliance on retail distribution and an expensive valuation played into the decision to downgrade.

Credit Suisse specifically cited the departures of Patrick Dudasik, COO and CFO; Philip Moriarty, head of distribution and business development; and investor relations officer Peter Nash, since the beginning of the year as signs of trouble.

The report also says that retail investors hold 88 percent of Calamos' assets, making it especially vulnerable to the weakening economy.  

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