The Calamos Global Opportunities Fund posted a negative quarterly return for the three months ended September 30, 2026, underperforming its benchmark as relative security selection weighed on results, according to the firm’s third-quarter commentary. The fund’s Class I shares at net asset value returned -2.34% for the period, compared with gains of 1.69% for the MSCI ACWI Index and 1.96% for the MSCI World Index.
Despite that quarterly shortfall, the fund remains ahead of its primary benchmark on a year-to-date basis. Through the first nine months of 2026, Class I shares at NAV returned 15.06%, versus 13.37% for the MSCI ACWI Index.
Quarterly Performance and Benchmark Comparison
The third-quarter figures show a clear divergence between the fund’s absolute return and the positive results posted by both global equity benchmarks. The commentary attributes the fund’s underperformance to relative security selection, which detracted value versus the index during a complex and highly rotational market backdrop.
The fund’s year-to-date advantage over the MSCI ACWI Index stands at roughly 169 basis points, even after the third-quarter setback. That cushion reflects gains accumulated earlier in the year, when the fund outpaced the benchmark.
AI Leadership Rotation Viewed as Digestion
Within the quarter, leadership among artificial intelligence-related companies rotated, but the portfolio team characterized the shift as a digestion of a strong prior run rather than a change in underlying fundamentals. The team maintains that the AI buildout remains in its early stages, a view that continues to inform the fund’s thematic positioning.
Rather than treating the rotation as a signal of deteriorating fundamentals, the commentary frames it as a normal phase within a longer investment cycle. That interpretation underpins the fund’s continued emphasis on AI-related themes, even as leadership within the group changes hands.
Positioning for a Rotational Backdrop
With macroeconomic crosswinds intensifying, the portfolio managers are emphasizing balance across themes. The fund is also rotating toward companies that are showing a positive inflection from their AI-related investments, according to the commentary.
This approach reflects a dual focus: maintaining exposure to the long-term AI buildout while seeking companies where the payoff from AI investment is beginning to materialize in business results. The emphasis on balance across themes is presented as a response to the complex and highly rotational environment that shaped third-quarter performance.
Year-to-Date Context
The fund’s 15.06% year-to-date return through September compares with 13.37% for the MSCI ACWI Index. The quarterly decline of 2.34% for Class I shares at NAV contrasts with the 1.69% gain for the MSCI ACWI Index and the 1.96% advance for the MSCI World Index over the same three-month period.
The commentary does not provide performance figures for other share classes or additional detail on specific holdings. It also does not offer forward-looking return guidance, focusing instead on the team’s interpretation of market leadership and its current portfolio stance.
Key Takeaways
- Class I shares at NAV returned -2.34% in Q3 2026, versus 1.69% for the MSCI ACWI Index and 1.96% for the MSCI World Index.
- Year to date through September, the fund returned 15.06%, ahead of the MSCI ACWI Index’s 13.37%.
- Relative security selection detracted value versus the benchmark during the quarter.
- The portfolio team views AI leadership rotation as a digestion of a strong run, not a fundamental change, and believes the AI buildout is still in its early stages.
- With macro crosswinds intensifying, the fund is emphasizing balance across themes and rotating toward companies showing a positive inflection from AI-related investments.