Summary

• Despite a noisy macro environment, the global convertible market saw small but positive returns in the first quarter, albeit well below the torrid pace of 2025.
• Calamos Global Convertible Strategy moved around with the market and finished basically flat.
• Just as we saw last year, our focus on maintaining a balanced risk-reward profile resulted in a constant battle between our desire to stay exposed to high-performing stocks while staying true to our investors, who bought a convertible strategy and expect us to perform like one.
• Global new issuance of $53.3 billion was extremely robust, and more than twice the level seen in 2025's first quarter.
• However, matching the issuance levels in Q2–Q4 2025 will be challenging.

Investment Manager Discussion

Calamos Global Convertible Strategy moved with the market during Q1 2026 but finished essentially flat, posting a return of -0.1% at quarter end—sometimes referred to on Wall Street as “aggressively unchanged.”

As

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