Calamos Convertible Fund Q1 2026 Commentary
For the first quarter of 2026, the Calamos Convertible Fund returned 3.06% (Class I shares at NAV), underperforming the ICE BofA All US Convertible Index, which gained 3.72%. The fund benefited from the downside protection and growth exposure offered by convertible securities amid market volatility driven by geopolitical tensions and AI-driven disruptions. Managers expect issuance activity to rebound as market conditions stabilize. The firm maintains confidence in its long-term, fundamentals-based strategy despite near-term challenges.
- ▪The Calamos Convertible Fund returned 3.06% for Q1 2026 based on Class I shares at net asset value.
- ▪The ICE BofA All US Convertible Index returned 3.72% over the same period, outperforming the fund.
- ▪Geopolitical tensions in the Middle East and elevated market volatility impacted investor sentiment and issuance activity.
- ▪Convertible securities helped mitigate downside risk while maintaining exposure to equity upside during the quarter.
- ▪The fund's managers anticipate a rebound in convertible issuance as market conditions stabilize and higher rates favor convertible financing.
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