Calamos has adjusted positioning to be more balanced across cyclical and defensive cohorts, while maintaining an emphasis on thematic growth exposure.
Positioning shifts include moderating Calamos' exposure to financials and increasing exposure to businesses that are less vulnerable to near-term macroeconomic risks.
Optical networking, robotics, and space represent three secular growth themes where Calamos sees especially strong tailwinds and is actively investing across the value chain.
The most significant new variable driving Calamos' positioning is the Middle East war and the disruption to commodity flows through the Strait of Hormuz.
Against the complex and highly rotational first-quarter backdrop, the Calamos Global Growth Strategy returned -1.08% gross of fees and -1.32% net of fees, finishing ahead of the -3.11% return of the MSCI ACWI Index.
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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.
