Calamos Global Convertible Fund Q1 2026 Commentary
The Calamos Global Convertible Fund posted a nearly flat return of 0.50% in Q1 2026, moving in line with the broader market despite strong global new issuance of $53.3 billion. The fund benefited from positions like Lumentum Holdings, which gained on growing recognition of its role in AI and cloud infrastructure. Portfolio allocation remains underweight in Europe due to macroeconomic and regulatory headwinds. Overall, the quarter reflected modest gains amid a volatile macro backdrop.
- ▪Calamos Global Convertible Fund (Class I shares) returned 0.50% in Q1 2026, finishing essentially flat.
- ▪Global convertible issuance totaled $53.3 billion in Q1 2026, marking a strong start to the year.
- ▪Lumentum Holdings Inc. advanced during the quarter as its role in AI and cloud data centers gained investor recognition.
- ▪The fund maintained an underweight position in Europe due to unfavorable tax and regulatory conditions.
- ▪The portfolio's performance tracked the broader market amid a noisy macroeconomic environment.
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