Calamos International Growth Fund Q4 2025 Commentary

Calamos Investments558 FollowersFollow5ShareSavePlay(20min)CommentsSummaryCalamos Investments management heads into 2026 with an optimistic outlook; many cyclical and secular themes that drove gains in 2025 will continue providing opportunities.Calamos International Growth Fund I Shares returned -0.93% for the quarter and 23.12% for the full year, compared to 21.12% for the benchmark.The fund anticipates a three- to five-year cycle of munition restocking, defense buildup, and technological investments as countries remedy underinvestments in defense.2026 may be the year when humanoid robot supply chains begin to re-rate as orders increase and manufacturing ramps up.Fund management is finding compelling growth potential in industrials, AI infrastructure, semiconductors, equipment, ecommerce, and media within Japan. Thapana Onphalai/iStock via Getty Images Summary In 2025, investors with globally diversified portfolios were well positioned to capture gains around the world, as a great global rebalancing gained traction. We head into 2026 with an optimistic outlook; many of the This article was written byCalamos Investments558 FollowersFollowCalamos Investments is a diversified global investment firm offering innovative investment strategies including U.S. growth equity, global equity, convertible, multi-asset and alternatives. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an exchange traded fund and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London, New York and San Francisco. For more information, please visit www.calamos.com.