The US investment-grade bond market, as represented by the Bloomberg US Aggregate Bond Index, returned -0.05% during the first quarter of 2026.
Iran's closure of the Strait of Hormuz, through which roughly 20% of global fossil fuels flow, removed critical supply from the market, causing Brent crude to surge well above $100 in March.
For the quarter ending March 31, 2026, Calamos Total Return Bond Fund returned -0.11% (Class I shares at NAV) versus the Bloomberg US Aggregate Bond Index return of -0.05%.
The Fund maintained duration short of the benchmark, closing the quarter at 5.6 years compared with the index at 5.8 years on an option-adjusted basis.
Calamos Investments' base case is that the conflict resolves within several months, allowing energy prices to retreat and the Fed to resume easing in the back half of 2026.
Khampaeng Yodsingkham/iStock via Getty Images
Market Overview
The US investment-grade bond market, as represented by the Bloomberg US Aggregate Bond Index, returned -0.05% during the first quarter of 2026.
Credit markets entered 2026 on a solid footing, extending the constructive
