Summary

• Lumentum Holdings' common stock and convertible advanced as investors increasingly recognized the company's central role in the buildout of AI and cloud data centers.
• Western Digital's common stock and convertible rallied during the quarter as the company reported strong earnings and raised its guidance.
• During the quarter, Snowflake's common stock declined as investors expressed disappointment regarding the company's FY27 guide and concerns about AI's threat to SNOW's business model.
• Alphatec Holdings' common stock and convertible declined after the company issued conservative 2026 EBITDA guidance, which implied less margin expansion relative to prior years due to investments to expand its sales force.

The following segment was excerpted from the Calamos Convertible Fund Q1 2026 Commentary.

Contributors

Lumentum Holdings Inc. (LITE)

0.375% Convertible due 2032 | 5.4% of fund as of 3/31/26

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