Calamos Investments updated its positioning to be more balanced across cyclical and defensive cohorts while continuing to emphasize thematic growth exposure.
The Calamos Global Equity Fund returned -1.72% during the first quarter, outpacing the -3.47% return of the MSCI World Index and the -3.11% return of the MSCI ACWI Index.
Information Technology security selection helped buoy relative performance, specifically through positions in the technology hardware, storage & peripherals and communications equipment industries.
Lumentum Holdings Inc. delivered strong returns in the first quarter, driven by the robust AI infrastructure build-out and high demand for the company's optical and photonic solutions.
Emerging markets sold off in March but outperformed global markets in the quarter, reflecting wide return dispersion amid secular demand themes and higher energy costs.
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Summary
• Our conviction in the global opportunity set remains intact. Although geopolitical risks are high, earnings growth remains healthy, the AI infrastructure buildout continues to accelerate, and many other secular and cyclical themes provide tailwinds.
