Calamos Global Convertible Strategy Achieves 7.17% Gain in Q2 2025

Calamos Global Convertible Strategy reported a gain of 7.17% (gross of fees) and 6.78% (net of fees) for the second quarter of 2025. This performance fell short of the FTSE Global Convertible Index, which recorded a return of 10.12% during the same period. The portfolio’s results reflect a combination of strong security selection and strategic positioning in various market sectors.

Performance Analysis and Sector Impact

The strategy’s positive performance was primarily attributed to effective security selection within the portfolio. Notably, the strategy maintained an average underweight position in the financials sector, contributing to its overall gains. However, challenges emerged from an overweight allocation in the consumer discretionary sector, where selection lagged behind expectations, ultimately detracting from the quarterly results.

Analysis indicates that while the strategy excelled in certain areas, the dynamics of the consumer discretionary sector posed challenges. This sector’s performance can often fluctuate based on broader economic indicators, affecting investment outcomes. Despite these setbacks, the overall performance of Calamos Global Convertible Strategy demonstrates resilience in a competitive investment landscape.

Future Outlook

Looking ahead, the management team will continue to refine their investment strategy, focusing on enhancing security selection across sectors. The combination of insights gained from the second quarter’s performance and adjustments to sector allocations will guide future decisions. The team remains committed to navigating market fluctuations and capitalizing on opportunities that arise in the convertible bond market.

The results from the second quarter of 2025 serve as a testament to the strategy’s adaptability and the effectiveness of its management team. As they position the portfolio for future growth, stakeholders will be watching closely to see how adjustments impact performance in subsequent quarters.