In the first quarter of 2026, the Calamos Global Opportunities Fund demonstrated remarkable resilience and strategic acumen, achieving a 0.12% return for its Class I shares at Net Asset Value, significantly surpassing the MSCI ACWI Index's -3.11% performance. This outperformance occurred amidst a complex global landscape characterized by elevated geopolitical tensions, yet buoyed by robust earnings growth and the relentless advancement of AI infrastructure. The fund's managers strategically rebalanced its portfolio to navigate these varied conditions, integrating a mix of cyclical and defensive assets while sustaining a strong emphasis on thematic growth sectors. This proactive approach underscores a commitment to identifying and capitalizing on enduring market trends, even in the face of macroeconomic uncertainties.

Looking ahead, the fund remains optimistic about global economic rebalancing, anticipating continued growth driven by supportive fiscal policies and a favorable currency environment. The acceleration of AI infrastructure development is identified as a critical secular tailwind, alongside other emerging themes that promise sustained growth. To mitigate risks associated with market volatility and geopolitical events, the fund has tactically reduced its exposure to financial sectors and augmented investments in businesses less susceptible to immediate macroeconomic pressures. This strategic pivot ensures a more robust and adaptive portfolio structure, capable of withstanding potential downturns while capturing upside from innovative sectors.

A core component of the fund's strategy involves deep dives into specific secular growth themes that exhibit strong long-term potential. Optical networking, robotics, and space technology are highlighted as areas where substantial tailwinds are expected. Investments in these sectors are meticulously made across their respective value chains, targeting companies poised to benefit from advancements in AI, automation, and reductions in space launch costs. This granular approach to sector selection and investment across the entire ecosystem of these themes is designed to maximize exposure to transformative technologies and capitalize on their expanding market opportunities.

The successful navigation of the first quarter of 2026 was notably driven by astute security selection and a judicious underweighting in information technology, counterbalanced by an overweight position in energy and strong performance from emerging Asian markets. These tactical allocations and stock-specific choices were pivotal in generating excess returns relative to market benchmarks. The fund's ability to discern compelling investment opportunities and adjust its positioning dynamically in response to evolving market dynamics showcases a disciplined and forward-thinking investment philosophy.

This strategic framework, combining thematic growth with prudent risk management, positions the fund to capitalize on the ongoing global economic shifts and technological advancements. The continued focus on innovation-driven sectors like optical networking, robotics, and space, coupled with a flexible allocation strategy, aims to deliver sustained long-term value for investors. The fund's management emphasizes that while global challenges persist, the underlying fundamentals of earnings growth and technological progress provide a fertile ground for strategic investment.