The Calamos International Growth Fund achieved substantial gains during the second quarter of 2025, surpassing the performance of its benchmark. This outcome underscored the robust nature of international markets, which defied earlier concerns that \"America First\" policies would impede their progress.
International equities experienced a significant surge, extending their lead over the U.S. stock market for the year. This growth was particularly notable among international small-cap companies and occurred in an environment where the dollar was depreciating. This strong rebound in international markets followed a period of uncertainty and a selloff in early April, largely triggered by heightened trade tensions. The consistent outperformance suggests a growing confidence in global economic stability and diversified investment strategies, complementing ongoing opportunities within the U.S. market.
The impressive performance of the Calamos International Growth Fund in the second quarter of 2025 highlights the dynamic and interconnected nature of the global economy. It reinforces the idea that diversification beyond domestic markets can yield significant benefits, even in the face of perceived geopolitical challenges. This period demonstrated that resilience and strategic positioning in international equities can lead to superior returns, encouraging investors to maintain a global perspective in their portfolios. The positive trajectory of these markets serves as a testament to the power of adaptation and the enduring potential of international investments.