Calamos Q1 2026: A Risk-On Quarter in Growth and ETFs

Calamos Advisors, the Illinois firm long known for its expertise in convertible securities and growth investing, reported a $28.22B U.S. portfolio for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001316507-26-000002, filed 2026-05-04), up about 5% on the quarter. The filing reads as decisively risk-on: Calamos added to nearly all of its largest equity holdings and ramped its index-ETF exposure, raising the SPDR S&P 500 ETF (SPY) by 45% and opening a new position in the Nasdaq-100 ETF (QQQ).

On the single-stock side, the additions were broad: Apple (AAPL) up 20%, Broadcom (AVGO) up 18%, Microsoft (MSFT) up 13%, and Nvidia (NVDA), Alphabet (GOOGL), Amazon (AMZN), and Meta (META) all higher. True to the firm's heritage, the book also includes convertible securities — among them a Western Digital convertible bond, which it trimmed 27%.

The combination of broad megacap adds and increased ETF beta points to a manager leaning into risk going into the quarter.

A growth-and-ETF book with convertible roots

The top of the portfolio blends an S&P 500 ETF with the megacap leaders. SPY leads at 5.93%, followed by Nvidia at 5.22%, Apple at 4.44%, Microsoft at 3.31%, and Alphabet at 2.70%. The presence of both SPY and a new QQQ position reflects Calamos's use of index ETFs to dial broad-market exposure up or down.

What distinguishes Calamos from a pure equity manager is its convertible-securities expertise. Holdings like a Western Digital convertible bond sit alongside the equities — instruments that combine bond-like downside with equity upside, the firm's historical specialty. With the ten largest positions at roughly 31% of the book, Calamos runs a diversified, growth-tilted portfolio.

A risk-on quarter

The quarter's adds were notable for their breadth. Raising SPY by 45% and opening a QQQ position increased index-level exposure, while the 20% add to Apple, 18% to Broadcom, and 13% to Microsoft deepened the megacap-growth tilt. The trim of the Western Digital convertible was one of the few reductions.

Adding broad-market ETFs and megacaps together is a way to increase net market exposure efficiently — a posture consistent with a constructive view on equities. For a firm with a balanced, convertible-aware heritage, leaning into both index beta and growth leaders is a clear risk-on signal.

What it means for 13F readers

Calamos offers a read on a growth-and-convertibles manager dialing up risk. The ETF adds (SPY +45%, new QQQ) and broad megacap increases are the quarter's signal, while the convertible holdings are a reminder that not every line in this 13F is common stock. Track the firm's quarter-over-quarter holdings on the Calamos Advisors filer page.

FAQ

What is Calamos Advisors?

Calamos Advisors is an Illinois-based asset manager known for convertible securities and growth investing. It reported a $28.22B U.S. 13F portfolio for the quarter ended March 31, 2026.

What did Calamos buy in Q1 2026?

Calamos raised the SPDR S&P 500 ETF by 45%, opened a new Nasdaq-100 ETF position, and added to Apple (+20%), Broadcom (+18%), Microsoft (+13%), and other megacaps — a broadly risk-on quarter.

Why does Calamos hold convertible bonds?

Calamos is historically a convertible-securities specialist. Convertibles combine bond-like downside protection with equity upside, and the firm's 13F includes such holdings, like a Western Digital convertible bond, alongside its equities.

What are Calamos's largest holdings?

Its five largest positions are the SPDR S&P 500 ETF (5.93%), Nvidia (5.22%), Apple (4.44%), Microsoft (3.31%), and Alphabet (2.70%) — a growth-tilted book that uses index ETFs for broad exposure.