Parradee Kietsirikul/iStock via Getty Images Summary Despite a noisy macro environment, the global convertible market saw small but positive returns in the first quarter, albeit well below the torrid pace of 2025. Calamos Global Convertible Fund (Class I shares at NAV) moved around with the market and finished basically flat. Just as we saw last year, our focus on maintaining a balanced risk-rewar...
Parradee Kietsirikul/iStock via Getty Images Summary Despite a noisy macro environment, the global convertible market saw small but positive returns in the first quarter, albeit well below the torrid pace of 2025. Calamos Global Convertible Fund (Class I shares at NAV) moved around with the market and finished basically flat. Just as we saw last year, our focus on maintaining a balanced risk-reward profile resulted in a constant battle between our desire to stay exposed to high-performing stocks while staying true to our investors who bought a convertible fund and expect us to perform like one. Global new issuance of $53.3 billion was extremely robust, and more than twice the level seen in 2025's first quarter. However, Q2–Q4 2025 issuance represents quite a difficult comp to match. Investment Manager Discussion Calamos Global Convertible Fund (CXGCX) moved with the market during Q1 2026 but finished essentially flat, posting a return of 0.50% at quarter end—sometimes referred to on Wall Street as “aggressively unchanged.” As discussed in past commentaries, our goal is lower-volatility participation in the global equity market over the long term, capturing the majority of equity upside while maintaining downside resilience. Last quarter, we noted that “geopolitics can add plenty of curveballs”—an understatement, as it turned out. But the market has held up well. From the start of the Middle East war on February 28 through quarter end, the S&P 500 is down just under 5%—a modest correction given that the index was up 86% cumulatively over the prior three years. One challenge in the global convertible market today is the combination of its narrowness and the violent upside movement of certain winners, which have risen 5x to 10x within a couple of years. This handful of names is dominated by tech but also includes a rare fast-growing European conglomerate. We've taken a deliberate approach to participate in high-growth industries without sacrificing the risk mitigation ...
This picture taken on March 26, 2026 shows an oil tanker unloading crude oil at a port in Yantai, in China's eastern Shandong province. CN-STR | Afp | Getty Images The U.S. Treasury warned financial institutions Tuesday that they could face sanctions if they engage in dealings with Chinese refineries that process Iranian oil. The Treasury urged financial institutions in a statement to avoid facili...
This picture taken on March 26, 2026 shows an oil tanker unloading crude oil at a port in Yantai, in China's eastern Shandong province. CN-STR | Afp | Getty Images The U.S. Treasury warned financial institutions Tuesday that they could face sanctions if they engage in dealings with Chinese refineries that process Iranian oil. The Treasury urged financial institutions in a statement to avoid facilitating transactions involving independent refineries, known as "teapots," that import Iranian oil, as such transactions may expose them to sanctions. China purchases approximately 90% of Iran's oil exports, the Treasury noted, with teapot refineries accounting for the majority of these imports. "This revenue ultimately benefits the Iranian regime, its weapons programs, and its military. Some Chinese teapot refineries have used the U.S. financial system to conduct dollar-denominated transactions and procure U.S. goods," the Treasury added. Read more China news Meta faces China probe over acquisition of AI agent startup Manus 'Draconian development' in Meta-Manus deal draws the line in China's AI race with the U.S. Behind China's 'active efforts' for an Iran ceasefire: Business trumps politics Alibaba launches data center with 10,000 of its own chips as China ramps up AI push 'The thaw is real': Indian delegation visits China to talk EVs and more Why AI isn't replacing jobs in China (yet) Beijing's surprise intervention on Meta's Manus rattles tech founders, VCs eyeing 'China shedding' Three niche commodity prices are surging. What they show about China's grip on supply chains It also called on institutions to "conduct enhanced due diligence" on transactions involving China-based refineries, particularly those in Shandong province, and other Asia-and Middle East-based entities involved in Iran's oil supply chain to China. U.S. Treasury Secretary Scott Bessent said on X that the Treasury "will continue to exert maximum pressure and any person, vessel, or entity facilitating il...
格隆汇4月29日｜澳大利亚新南威尔士州将十多年来首次开放新的天然气勘探区域，以在人口密集的东海岸出现供应缺口之前加强能源安全。新南威尔士州政府周三在声明中表示，该州西部偏远地区的两个区域Bancannia Trough和Pondie Range Trough已对外开放矿产勘查。为吸引投资兴趣，勘探许可申请费用将从5万澳元降至1000澳元。此举凸显出澳政府在平衡供应风险与减排目标方面面临的挑战，其减...
格隆汇4月29日｜澳大利亚新南威尔士州将十多年来首次开放新的天然气勘探区域，以在人口密集的东海岸出现供应缺口之前加强能源安全。新南威尔士州政府周三在声明中表示，该州西部偏远地区的两个区域Bancannia Trough和Pondie Range Trough已对外开放矿产勘查。为吸引投资兴趣，勘探许可申请费用将从5万澳元降至1000澳元。此举凸显出澳政府在平衡供应风险与减排目标方面面临的挑战，其减排目标正面临无法实现的风险。澳大利亚能源市场运营商在上月的一份报告中表示，随着东海岸气田快速枯竭，从2030年起，澳大利亚需要增加天然气供应。
Iron ore rose toward a one-month high, despite a resolution of a dispute between BHP Group and China Mineral Resources Group Co. that had supported prices by putting some supply at risk. Futures for the steel-making ingredient were just below $107 a ton in Singapore, even after restricted BHP ore that had piled up at ports during the seven-month long spat was cleared to re-enter the market. Suppor...
Iron ore rose toward a one-month high, despite a resolution of a dispute between BHP Group and China Mineral Resources Group Co. that had supported prices by putting some supply at risk. Futures for the steel-making ingredient were just below $107 a ton in Singapore, even after restricted BHP ore that had piled up at ports during the seven-month long spat was cleared to re-enter the market. Support appears to be coming from rising costs stemming from the conflict in the Middle East. Rising diesel and freight expenses are lifting the iron ore cost curve, providing a floor under prices despite longer-term underlying market fundamentals looking weaker, analysts at the Commonwealth Bank of Australia said in a note. Read More: China Clears BHP Iron Ore Port Stockpiles After Deal Struck “Around 170 million tons per year of iron ore supply — equivalent to around 10% of China’s pig iron output — was being supported between $80 to $100 a ton last year,” analyst Vivek Dhar said in the note. “Any material shift higher in these cost-support levels suggests that iron ore prices can stay higher for longer.” On paper, fundamentals are weak as China’s main steel demand drivers are softening, particularly construction, which remains under pressure. Iron ore supply is also set to increase, with shipments from Guinea’s Simandou project expected to ramp up from May. Iron ore rose 0.5% to $106.90 a ton as of 11:19 a.m. in Singapore. Yuan-priced futures on the Dalian Commodity Exchange climbed 0.7% to 786 yuan per ton. Steel contracts in Shanghai also advanced.
Amidst trade wars and regional conflict, Bloomberg's Haslinda Amin, Ruth Carson, David Ramli and Karishma Vaswani discuss strategic shifts in Asian wealth flows at an event for Bloomberg.com subscribers. (Source: Bloomberg)
Amidst trade wars and regional conflict, Bloomberg's Haslinda Amin, Ruth Carson, David Ramli and Karishma Vaswani discuss strategic shifts in Asian wealth flows at an event for Bloomberg.com subscribers. (Source: Bloomberg)
UK King Charles gave US President Donald Trump a taste of his own medicine at a White House state dinner on Tuesday when he joked that without the British, Americans would be speaking French. As the heads of state traded jokes during their dinner toasts, Charles referenced previous comments by Trump aimed at European allies he accuses of freeloading on defence since World War II. “You recently com...
UK King Charles gave US President Donald Trump a taste of his own medicine at a White House state dinner on Tuesday when he joked that without the British, Americans would be speaking French. As the heads of state traded jokes during their dinner toasts, Charles referenced previous comments by Trump aimed at European allies he accuses of freeloading on defence since World War II. “You recently commented, Mr President, that if it were not for the United States, European countries would be...
12 Signs That The Relentless Decline Of Our Society Is Accelerating Authored by Michael Snyder via End Of The American Dream , I have got some really crazy stuff to share with you in this article. For more than a decade and a half, I have been writing about the decline of our society. Sadly, over that period of time there has been an inexorable deterioration of our culture. We no longer agree on a...
12 Signs That The Relentless Decline Of Our Society Is Accelerating Authored by Michael Snyder via End Of The American Dream , I have got some really crazy stuff to share with you in this article. For more than a decade and a half, I have been writing about the decline of our society. Sadly, over that period of time there has been an inexorable deterioration of our culture. We no longer agree on a generally accepted set of moral values, all of our major institutions are crumbling, and chaos reigns in the streets. Every single day I see more indications that conditions are getting even worse. I always hoped that by exposing what was really going on out there that it would inspire people to push for change. But instead, conditions just keep degenerating year after year. If we love our society, what is happening to it should deeply sadden all of us. If our leaders had made much different decisions, we could have gotten much different results. But now things are totally out of control and the clock is ticking. The following are 12 signs that the relentless decline of our society is accelerating… #1 So far in 2026, there have been 116 mass shootings in the United States. Unfortunately, we are 36 percent ahead of last year’s blistering pace. And it appears that there are potentially a lot more mass shooters out there, because one recent survey discovered that 19.3 million Americans have seriously thought about shooting someone else… About 19.3 million American adults, roughly the combined populations of New York City and Los Angeles, have at some point seriously thought about shooting another person. That’s the stunning extrapolation from a new national survey published in JAMA Network Open, an effort to put a number on this poorly understood group and frame it as a focus for gun violence prevention. #2 If it seems like there are crazy people everywhere around you, that is because there really are crazy people everywhere around you. These days, you never know what is goin...