**Calamos Global Convertible Fund Q3 2025 Commentary**
The global convertible market advanced strongly in the third quarter, outperforming the broader global equity market. The Calamos Global Convertible Fund posted a solid gain in absolute terms during this period.
A surge in global convertible issuance marked the quarter, as companies sought to refinance debt and secure capital to fuel growth. A notable driving theme was the widespread enthusiasm surrounding AI infrastructure investments.
Total-return convertibles—those offering attractive upside equity participation combined with reduced exposure to equity downside—remain the cornerstone of our lower-volatility approach to global equity participation. We believe that focusing on total-return convertibles issued by fundamentally strong companies will continue to benefit our strategy going forward.
Measured by the FTSE Global Convertibles Index and the MSCI World Index, global convertibles outperformed global equities in Q3 and maintain a lead year-to-date.
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**About Calamos Investments**
Calamos Investments is a diversified global investment firm delivering innovative strategies across U.S. growth equity, global equity, convertibles, multi-asset, and alternatives. The firm offers these strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an exchange-traded fund (ETF), and UCITS funds.
Our clients include major corporations, pension funds, endowments, foundations, individuals, financial advisors, and consultants. Headquartered in the Chicago metropolitan area, Calamos also has offices in London, New York, and San Francisco.
For more information, please visit [www.calamos.com](https://www.calamos.com).
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