Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 80

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 80
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 AI-related deals from energy providers, data centers, and semiconductor manufacturers seeking to finance infrastructure buildout. This healthy supply provided attractive opportunities to selectively add positions with favorable risk-reward characteristics. During April 2025's challenging market environment, the Fund's multi-asset approach and emphasis on balanced convertibles helped actively manage the risk-reward profile. Our dynamic allocation between equities, convertibles, and bonds allowed us to adjust the portfolio's risk profile while maintaining exposure to companies we believed offered significant growth potential. From a sector perspective, the Fund's security selection in the communication services sector contributed to its performance. Positions in the movies & entertainment industry contributed to the results. Our security selection in CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
60 Calamos Global Total Return Fund (Unaudited) technology also added value, as holdings in semiconductors generated strong returns. Conversely, the Fund's security selection in health care hampered results. Holdings in pharmaceuticals trailed the benchmark during the period. Consumer discretionary also detracted, as positions in hotels, resorts & cruise lines lagged on slowing growth fundamentals. How did the Fund's geographic positioning impact performance? The portfolio's average overweight position and strong returns in Emerging Asia contributed to performance, as holdings benefited from improving economic conditions and exposure to key secular themes in the region. The Fund's average underweight position in the US also added value as foreign markets generated higher returns over the period. On the contrary, security selection in Europe and Japan detracted from performance. Fund holdings advanced over the period but trailed the higher returns in the benchmark. How is the Fund positioned? Our largest allocations reside in information technology and industrial sectors, which together represent significant exposure reflecting our conviction in secular growth opportunities. Key industry positions include semiconductors, software, and aerospace & defense. We hold a relative underweight within the financials, health care, consumer staples, and real estate sectors, reflecting our view of better risk-adjusted opportunities elsewhere. From a regional standpoint, we hold a diversified position in the US across a breadth of industries. We see bottom-up opportunities across our key secular themes, focusing on companies with advantaged business models and leading fundamentals that can sustain growth even in a more uncertain environment. In Europe, we hold a blend of secular growth, cyclicals, and higher-quality defensives. We continue to evaluate the impact of fiscal stimulus measures and demand dynamics, particularly considering the region's extensive linkages to global trade. The significant defense spending commitments and infrastructure investment announced by Germany