Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 81

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 81
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 and other European nations create compelling opportunities in industrials and materials. We own a breadth of holdings in emerging markets. Our positioning reflects our view of key policy reforms, increased localized consumption, and attractive valuations. In China, we've reached an inflection point, with conditions trending more positively than they have for many years. That said, we continue to take a selective approach to investing in China. Where possible, we utilize structures that limit downside risk and focus on quality companies most exposed to the positive inflections we have identified. We see multiple opportunities in Japan, with an emphasis on companies benefiting from regulatory and governance reforms, as well as exposure to key innovation industries. Japan's return to higher nominal growth and improved corporate governance creates a more favorable backdrop. Our position in convertibles stands at approximately 25% of the portfolio. Convertibles can offer income and risk-managed exposure to equity markets while providing a relative cushion against market volatility. The robust issuance environment has provided access to compelling new investment opportunities across regions and sectors. www.calamos.com
61 Calamos Global Total Return Fund (Unaudited) We know that interest rate fluctuations and volatility can impact longer-term fixed-income securities, and we consider these factors when making investments. The weighted average duration of our bond holdings is 2.2 years as of period end, which is relatively low and should mitigate the impact of interest rate movement in an uncertain policy environment. From a geographic perspective, our largest weight of approximately 50% resides in the US, with Asia/Pacific and Europe representing approximately 28% and 14% of the portfolio's assets, respectively. What are your closing thoughts for Fund shareholders? Global markets continue to face diverse crosscurrents as we move forward. We are analyzing multiple market drivers, including evolving growth and inflation dynamics, monetary policy trajectories, and geopolitical considerations. With the US administration challenging the status quo globally and continually shifting secular growth tailwinds, we anticipate an environment ahead to be one where disruption creates opportunities. The historic divergence between US and ex-US market performance over the past decade may be narrowing. After years of capital concentration in US markets, tariff and fiscal policy developments could catalyze capital migration into ex-US markets at the margin. This potential regime change reinforces the value of the Fund's global mandate and our ability to identify compelling opportunities across regions. Within this environment, we continue to identify multiple opportunities at the thematic, regional, and market-cap levels. Our active, risk-managed investment approach and long-term perspective position us to capitalize on volatility in global