A Reflective Look: Calamos Global Opportunities Strategy Through Q3 2025

Well, another quarter has come and gone, and I must say, Q3 2025 proved to be quite the journey across global markets. We saw a landscape that, while seemingly calm on the surface at times, was undeniably complex beneath it all. The ongoing narrative around inflation, central bank policy, and, of course, geopolitical undercurrents continued to shape investor sentiment. We observed a subtle, yet significant, shift in market leadership during these three months, requiring a very keen eye and, importantly, a nimble approach from active managers like ourselves.

For the Calamos Global Opportunities Strategy, this period was characterized by a diligent focus on our core principles. While the broader market indices experienced their usual ebbs and flows, we were quite pleased with how our strategic positioning helped us navigate some of the choppier waters. Our outperformance, or indeed, our resilience during tougher patches, was largely attributable to our rigorous bottom-up stock selection process, complemented by a thoughtful top-down assessment of global themes. We believe that truly understanding the fundamental value and growth prospects of individual companies, rather than simply chasing trends, is what makes all the difference, especially when things get a bit unpredictable.

Looking deeper, several key themes really played out during the quarter. The push for technological innovation, particularly in areas like artificial intelligence and sustainable energy solutions, continued to generate compelling opportunities. We’ve always said that innovation doesn't just stop, and this quarter was another testament to that. Simultaneously, we kept a close watch on consumer spending patterns and supply chain adjustments, noting how different sectors responded to persistent economic pressures and evolving policy expectations. Our diversified approach, spanning various geographies and industries, truly allowed us to capitalize on specific pockets of strength while mitigating exposure to areas facing greater headwinds.

Now, it wouldn't be a complete picture without acknowledging the challenges. Geopolitical tensions, while perhaps not always front-page news every day, certainly added a layer of uncertainty, impacting everything from commodity prices to investor confidence in certain regions. And yes, the specter of higher-for-longer interest rates, a conversation we’ve been having for a while now, continued to influence valuations across the board. These are the moments, however, when active management truly shines. It's about discerning genuine value amidst the noise and having the conviction to invest in high-quality companies that can thrive, come what may, over the long term.

As we peer into the final quarter of 2025 and beyond, our conviction in the Calamos Global Opportunities Strategy remains as strong as ever. We anticipate markets will likely remain dynamic, presenting both opportunities and continued tests of resolve. Our focus will remain squarely on identifying those resilient businesses with strong competitive advantages, solid balance sheets, and compelling growth trajectories, irrespective of where they are domiciled. We are constantly evaluating new information, refining our theses, and adjusting our positions, all with the singular goal of delivering superior long-term results for our investors. Thank you for your continued trust and partnership as we navigate these exciting, albeit complex, global markets together.