During the initial quarter of 2026, the Calamos Global Convertible Fund recorded a modest return of 0.50%. This performance lagged behind the FTSE Global Convertible Index, which saw a 2.00% increase over the same period. Despite the overall market benchmark outperforming the fund, specific sector allocations and individual security selections within the fund demonstrated strong positive contributions, highlighting the strategic focus and underlying strengths of its portfolio. This period saw a mixed bag of results, with certain investments driving growth while others faced headwinds.

The fund's strategic allocation to the energy sector, particularly within integrated oil and gas companies and oil and gas equipment and services, played a crucial role in enhancing its returns. This targeted investment approach allowed the fund to capitalize on the robust performance within these sub-sectors, which proved to be a significant tailwind during the quarter. The meticulous selection of securities within these areas underscored a successful active management strategy, contributing positively to the fund’s overall results.

Key technology holdings also delivered notable gains. Lumentum Holdings, a significant player in the optical networking market, experienced an uplift in both its common stock and convertible securities. This surge was driven by increasing market recognition of Lumentum's pivotal role in the ongoing expansion of artificial intelligence (AI) and cloud data center infrastructure. Investors increasingly valued the company's strategic positioning to benefit from these burgeoning technological trends. Similarly, Seagate Technology saw its common stock and convertible instruments advance following an impressive fiscal second-quarter earnings report. The report highlighted substantial revenue growth, unprecedented margins, and earnings that comfortably surpassed market expectations, further solidifying its position as a strong performer.

Conversely, Unity Software's common stock and convertible securities experienced a downturn. This decline was primarily attributed to lingering investor concerns regarding the deceleration of growth within Unity's advertising business. Furthermore, the near-term implications of the company's recent restructuring initiatives and heightened competitive pressures contributed to investor apprehension, leading to a negative impact on the fund’s holdings in Unity. The fund navigates these varying company-specific and sector-wide dynamics to optimize its performance in a complex global market.

In summary, the first quarter of 2026 saw the Calamos Global Convertible Fund deliver a 0.50% return, a figure below the FTSE Global Convertible Index's 2.00%. The fund's performance was significantly bolstered by strategic overweight positions in the energy sector and strong individual stock selection in companies like Lumentum Holdings and Seagate Technology, both benefiting from the AI and cloud data center boom. However, these positive contributions were somewhat offset by the underperformance of Unity Software, which faced challenges related to slowing advertising growth and restructuring efforts. This quarter's results underscore the importance of diversified and targeted investment strategies in navigating a dynamic market landscape.