Here's where to go amid this volatility: Calamos

Investors looking for a safe haven amid the markets' recent volatility should turn to convertible bonds, Calamos Investments CEO John Calamos Sr. said Friday.

"It's a win-win," he said in an interview with CNBC's "Squawk on the Street." "Companies that are looking for capital to grow their business … can issue equity or they can issue straight bonds, or they can issue a convertible bond, which means they're issuing equity at a higher price and bonds at a lower coupon."

Calamos made his remarks as markets looked to snap a four-day losing streak amid currency headwinds and rising oil prices. The Dow Jones industrial average, S&P 500 and Nasdaq were all slightly higher in midday trading Friday.

He added that the markets have been experiencing heightened volatility because of the possibility of a Federal Reserve rate increase. "It's going to be very difficult to time when exactly it's going to happen, and it will be like every other time. When it happens, everyone's going to be surprised," Calamos said.

Fed Chair Janet Yellen is scheduled to address the media Friday at 3:45 p.m. ET.

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Nevertheless, Calamos said he remains bullish on U.S. equities long term.

"We feel we're in the midphase of this market cycle, not the final phase," he said. "In this phase, we'll see the transition from an income-oriented equity market to a much more growth-oriented market, so that's where we're seeing opportunity. Valuations are very positive in that area, so we feel that's a good place to be."