Security selection in tech and emerging Asia drove the 22.13% Q2 gain, with Samsung and Intel benefiting from AI infrastructure. The AI-heavy tilt is key.
Calamos Global Equity Fund returned 22.13% in the second quarter, beating the MSCI World Index by 8.23 percentage points. Global equities rallied through the period on strong earnings growth and continued AI innovation. Signs of progress on geopolitical risk also supported the advance. Calamos Investments said security selection drove the fund's outperformance. Holdings aligned to key secular growth themes delivered strong returns, the firm said.
The fund's biggest contributions came from information technology and emerging Asia. Samsung Electronics and Intel benefited from AI infrastructure demand and strong earnings momentum, Calamos said. The portfolio also holds diversified banks, listed alongside semiconductors as a significant exposure in the firm's commentary. Calamos said it keeps a balanced allocation across secular and cyclical growth, with a defensive sleeve for down markets, while focusing on quality names with fundamental momentum.
Sector positioning favored technology, industrials, financials, and healthcare. The fund ran underweight in consumer staples and discretionary, with a reduced materials position. That stance paid off in a quarter when growth and tech led the MSCI World Index to a 13.90% return.
Calamos's AI-heavy tilt is the counterweight to that performance. The fund's top contributors, Samsung and Intel, both depend on AI infrastructure demand. A slowdown in data center or chip spending would pressure those positions, and the emerging Asia exposure follows the semiconductor cycle.
A broadening of the rally beyond AI infrastructure would ease that reliance. The fund's underweight in consumer staples and discretionary means it has fewer defensive options if growth leadership rotates.
The MSCI World Index, compiled by MSCI Inc., returned 13.90% over the same stretch. MSCI Inc. carries a 46/100 Alpha Score, labeled Mixed, on its stock page.
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