Calamos Global Opportunities Fund returned 17.67% in Q2, beating the MSCI ACWI by 2.6 percentage points. Security selection in tech, industrials, and financials drove the outperformance.
Calamos Global Opportunities Fund (CGCIX) returned 17.67% in the second quarter of 2026, outpacing the MSCI ACWI Index's 15.06% gain, the fund's managers said in a quarterly commentary. The outperformance came as investors rewarded companies with strong earnings momentum and exposure to AI infrastructure, according to the report from Calamos Investments.
Security selection drove the bulk of the excess return. The fund's holdings in technology, industrials, and financials benefited from the market's focus on fundamentals, the managers said. The portfolio also increased exposure to cyclical growth areas such as banks and construction companies, and added to healthcare, a traditionally defensive growth sector.
On the other side, the fund trimmed positions in consumer staples and materials, reflecting a view that secular growth and innovation themes would deliver better returns. The managers said they see continued opportunity in the AI supply chain and in companies that can compound earnings in a slower-growth environment.
Emerging markets were a bright spot. The MSCI Emerging Markets Index returned 24.15% in the quarter, well ahead of developed markets. The fund's emerging-market holdings contributed to performance, the managers noted, though they did not break out a specific allocation.
The fund's tilt toward AI infrastructure and cyclical growth suggests a bet that the global economy is not tipping into recession. Banks and construction companies typically benefit from a steady or improving growth backdrop, while healthcare adds a defensive layer. The underweight in consumer staples and materials signals a preference for innovation over traditional value sectors.
MSCI Inc., which provides the ACWI and emerging-market indexes used as benchmarks, carries an Alpha Score of 46/100 from AlphaScala, a Mixed rating. The firm's stock page is here.
The fund's managers said the portfolio maintains a balanced allocation across secular, cyclical, and defensive growth, giving it flexibility to adjust as macro conditions shift. Inflation and geopolitical risks remain on the radar. The managers said they are confident in the fund's positioning for the second half of 2026.
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