Calamos U.S. Opportunities Strategy Q1 2025 Commentary

Summary

• For the quarter ended March 31, 2025, Calamos U.S. Opportunities Strategy returned -4.45% (gross of fees) and -4.62% (net of fees) versus the S&P 500 Index return of -4.27%.
• The new administration’s policies concerning tariffs, government spending, taxation, immigration, and foreign policy have caused growth concerns at the consumer, corporate, and investor levels.
• Within the S&P 500 Index, energy (+10.2%), health care (+6.5%), consumer staples (+5.2%), utilities (+4.9%), real estate (+3.6%), financials (+3.5%), and materials (+2.8%) were all able to deliver positive returns in a difficult quarter.

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Summary

• Calamos US Opportunities Strategy invests primarily in US equities, convertibles, fixed-income securities and options, endeavoring to balance risk/reward while providing growth and income.
• The first quarter of 2025 demonstrated how rapidly policy uncertainty