CIK: 0001316507
Total reported value
$28.2B
Reporting period: 2026-03-31 · Number of holdings: 1269
Calamos Advisors LLC disclosed 1269 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $28.2B and a quarterly turnover rate of 31.4%.
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Calamos Advisors LLC's disclosed holdings carry a Herfindahl concentration index of 0.013 — mathematically equivalent to about 75 equally-sized positions, well below its 1269 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.78), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add SPY
+44.8% $511.3M
Trim MSFT
+12.9% -$136.0M
Add IVV
+1854.0% $168.8M
Add IVW
+2637.2% $126.9M
Add IVE
+2585.9% $125.8M
Trim NFLX
+3.3% -$85.1M
Calamos is systematically levering core U.S. equity beta, not hunting concentrated alpha. The massive scale-up in SPY (4.18% → 5.75%) and the simultaneous build in IVV, IVW, and IVE signals a pure momentum capture strategy: amplify exposure to the rising market tide while mechanically rotating factor sleeves and tactical convertible positions (exiting SPOT convert, entering ORCL convert). The intent is to ride the market's upward trajectory while sheltering from single-stock idiosyncratic risk through extreme breadth.
The macro regime embedded in these flows is a bet on regime stability and low volatility persistence. By buying both Growth (IVW) and Value (IVE) alongside massive core index exposure (SPY, IVV), Calamos explicitly rejects any narrow market or sector rotation thesis. The opposing narrative is a momentum crash or a sharp re-pricing of duration risk, which would expose their 1,151-name, single-factor (momentum) book as a deeply correlated liquidity trap with no factor hedge beyond the very index they are crowding into.
The 100 momentum score and the 0.013 HHI create a false signal of safety. This is not a diversified portfolio of 1,151 independent bets; it is a massive, concentrated bet on the persistence of the momentum factor, heavily loaded in secular growth sectors (35% IT, 11% Discretionary, 9% Comm Services). The specific structural vulnerability is a momentum regime inflection—a 'crowded trade' in abstract factor space where the algorithm that bought everything will be forced to sell everything simultaneously, turning intended breadth into the mechanism of a synchronized liquidity crisis.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Showing top 200 holdings (of 1269 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 5.75% | +1.57% | +44.81% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 5.07% | -0.05% | +12.05% | |
| 3 | AAPL | Apple INC | Stock-Tech | 4.31% | +0.24% | +20.12% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 3.21% | -0.70% | +12.90% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.61% | — | +11.82% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.58% | — | +10.57% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 1.82% | — | +17.74% | |
| 8 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.66% | -0.26% | -9.98% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.51% | — | +11.99% | |
| 10 | WDC 3 11-15-28 | Western Digital CORP | Stock-Tech | 1.41% | +0.09% | -27.21% | |
| 11 | TSLA | Tesla INC | Stock-Consumer Disc | 1.11% | -0.24% | +5.13% | |
| 12 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.02% | — | +8.42% | |
| 13 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.01% | — | +13.19% | |
| 14 | BABA 0.5 06-01-31 | Alibaba Group Holding | Stock-Consumer Disc | 0.93% | — | -1.60% | |
| 15 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.89% | — | -12.39% | |
| 16 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.84% | — | +12.86% | |
| 17 | V | Visa Inc-class A Shares | Stock-Financials | 0.82% | — | +9.15% | |
| 18 | XOM | Exxon Mobil CORP | Stock-Energy | 0.77% | +0.24% | +9.16% | |
| 19 | WMT | Walmart INC | Stock-Consumer Staples | 0.69% | — | +6.41% | |
| 20 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.67% | +0.16% | +18.80% | |
| 21 | BA 6 10-15-27 | Boeing Co/the | Stock-Industrials | 0.66% | — | -7.93% | |
| 22 | ORCL 6.5 01-15-29 D | Oracle CORP | Stock-Tech | 0.65% | +0.65% | NEW | |
| 23 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.63% | +0.59% | +1853.98% | |
| 24 | NFLX | Netflix INC | Stock-Comm Services | 0.60% | -0.35% | +3.32% | |
| 25 | GS | Goldman Sachs Group INC | Stock-Financials | 0.51% | — | +0.28% | |
| 26 | CVX | Chevron CORP | Stock-Energy | 0.51% | +0.16% | +12.57% | |
| 27 | WFC | Wells Fargo & Co | Stock-Financials | 0.47% | — | -3.62% | |
| 28 | GEV | GE Vernova INC | Stock-Industrials | 0.47% | +0.15% | +15.90% | |
| 29 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.47% | +0.29% | +173.94% | |
| 30 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.47% | +0.45% | +2637.18% | |
| 31 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.46% | — | +6.51% | |
| 32 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 0.46% | +0.44% | +2585.86% | |
| 33 | MKSI 1.25 06-01-30 | Mks INC | Stock-Tech | 0.46% | — | -11.62% | |
| 34 | MA | Mastercard INC - A | Stock-Financials | 0.44% | — | +3.23% | |
| 35 | LITE 1.5 12-15-29 | Lumentum Holdings INC | Stock-Tech | 0.41% | +0.17% | -7.04% | |
| 36 | PPL 7 02-15-29 | Ppl Corporation | Stock-Utilities | 0.41% | +0.41% | NEW | |
| 37 | LIN | Linde plc | Stock-Materials | 0.40% | — | +13.28% | |
| 38 | BAC | Bank Of America CORP | Stock-Financials | 0.40% | — | -1.14% | |
| 39 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.39% | — | +22.20% | |
| 40 | MU | Micron Technology INC | Stock-Tech | 0.39% | — | -19.20% | |
| 41 | UBER 0.875 12-01-28 2028 | Uber Technologies INC | Stock-Industrials | 0.39% | — | -4.12% | |
| 42 | HD | Home Depot INC | Stock-Consumer Disc | 0.38% | — | +21.15% | |
| 43 | NEE 7.375 02-15-29 | Nextera Energy INC | Stock-Utilities | 0.38% | +0.38% | NEW | |
| 44 | SO 7.125 12-15-28 A | Southern Co | Stock-Utilities | 0.38% | — | -16.27% | |
| 45 | MCHP 7.5 03-15-28 | Microchip Technology INC | Stock-Tech | 0.38% | — | +11.35% | |
| 46 | AEIS 2.5 09-15-28 | Advanced Energy Ind | Stock-Industrials | 0.37% | — | +1.35% | |
| 47 | AMAT | Applied Materials INC | Stock-Tech | 0.37% | +0.16% | +43.07% | |
| 48 | ABBV | Abbvie INC | Stock-Healthcare | 0.37% | — | +3.73% | |
| 49 | ON 0.5 03-01-29 | On Semiconductor CORP | Stock-Tech | 0.37% | — | -0.37% | |
| 50 | W 3.5 11-15-28 | Wayfair INC | Stock-Consumer Disc | 0.36% | -0.17% | -4.74% |
Performance for Q3 2026
+3.6%
Performance Last 4 Quarters
+23.1%
Based on 59% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1269 | $28.2B | 31 | |
| 2025-12-31 | 997 | $26.6B | 22 | |
| 2025-09-30 | 1003 | $27.1B | 41 | |
| 2025-06-30 | 991 | $25.4B | 0 | |
| 2025-03-31 | 987 | $23.0B | 100 | |
| 2024-12-31 | 1059 | $23.9B | 0 | |
| 2024-09-30 | 1072 | $23.1B | 0 | |
| 2024-06-30 | 1087 | $22.5B | 0 | |
| 2024-03-31 | 1097 | $21.1B | 0 | |
| 2023-12-31 | 1062 | $20.6B | 0 | |
| 2023-09-30 | 1066 | $19.2B | 0 | |
| 2023-06-30 | 1127 | $20.2B | 0 | |
| 2023-03-31 | 1256 | $20.5B | 0 | |
| 2022-12-31 | 1342 | $21.3B | 0 | |
| 2022-09-30 | 1489 | $21.9B | 0 | |
| 2022-06-30 | 1350 | $23.2B | 0 | |
| 2022-03-31 | 1405 | $26.6B | 0 | |
| 2021-12-31 | 1353 | $26.7B | 0 | |
| 2021-09-30 | 1214 | $22.9B | 0 | |
| 2021-06-30 | 1224 | $21.9B | 100 | |
| 2021-03-31 | 1180 | $18.3B | 35 | |
| 2020-12-31 | 990 | $17.2B | 31 | |
| 2020-09-30 | 945 | $15.5B | 32 | |
| 2020-06-30 | 960 | $14.1B | 41 | |
| 2020-03-31 | 918 | $12.7B | 61 | |
| 2019-12-31 | 1032 | $20.2B | 30 | |
| 2019-09-30 | 993 | $18.4B | 27 | |
| 2019-06-30 | 980 | $18.0B | 33 | |
| 2019-03-31 | 653 | $16.0B | 35 | |
| 2018-12-31 | 673 | $15.2B | 38 | |
| 2018-09-30 | 686 | $18.2B | 35 | |
| 2018-06-30 | 597 | $16.4B | 33 | |
| 2018-03-31 | 602 | $15.4B | 59 | |
| 2017-12-31 | 600 | $19.6B | 59 | |
| 2017-09-30 | 620 | $12.9B | 33 | |
| 2017-06-30 | 606 | $13.5B | 33 | |
| 2017-03-31 | 615 | $12.7B | 26 | |
| 2016-12-31 | 632 | $12.6B | 39 | |
| 2016-09-30 | 599 | $14.0B | 29 | |
| 2016-06-30 | 612 | $14.3B | 35 | |
| 2016-03-31 | 622 | $15.1B | 26 | |
| 2015-12-31 | 693 | $15.7B | 30 | |
| 2015-09-30 | 730 | $14.5B | 30 | |
| 2015-06-30 | 760 | $16.2B | 31 | |
| 2015-03-31 | 759 | $16.0B | 34 | |
| 2014-12-31 | 715 | $15.1B | 35 | |
| 2014-09-30 | 684 | $15.0B | 32 | |
| 2014-06-30 | 700 | $15.8B | 31 | |
| 2014-03-31 | 678 | $15.6B | 26 | |
| 2013-12-31 | 677 | $15.7B | 32 | |
| 2013-09-30 | 642 | $15.9B | 37 | |
| 2013-06-30 | 625 | $15.3B | — |
Calamos Advisors LLC's most significant position changes for 2026-03-31: New buy: Oracle CORP (ORCL 6.5 01-15-29 D); Sold out: Spotify USA INC (SPOT 0 03-15-26); Sold out: Airbnb INC (ABNB 0 03-15-26); New buy: Ppl Corporation (PPL 7 02-15-29); New buy: Nextera Energy INC (NEE 7.375 02-15-29).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +1.6% | +44.81% | Add |
| 2 | IVV | Ishares Core S&p 500 ETF | +0.6% | +1853.98% | Add |
| 3 | IVW | Ishares S&p 500 Growth ETF | +0.5% | +2637.18% | Add |
| 4 | IVE | Ishares S&p 500 Value ETF | +0.4% | +2585.86% | Add |
| 5 | EFA | Ishares Msci Eafe ETF | +0.3% | +173.94% | Add |
| 6 | ACWX | Ishares Msci Acwi Ex US ETF | +0.3% | +2877.22% | Add |
| 7 | AAPL | Apple INC | +0.2% | +20.12% | Add |
| 8 | XOM | Exxon Mobil CORP | +0.2% | +9.16% | Add |
| 9 | UITB | Victoryshares Core Intermedi | +0.2% | +2378.05% | Add |
| 10 | LITE 1.5 12-15-29 | Lumentum Holdings INC | +0.2% | -7.04% | Trim |
| 11 | JNJ | Johnson & Johnson | +0.2% | +18.80% | Add |
| 12 | AMAT | Applied Materials INC | +0.2% | +43.07% | Add |
| 13 | CVX | Chevron CORP | +0.2% | +12.57% | Add |
| 14 | GEV | GE Vernova INC | +0.2% | +15.90% | Add |
| 15 | ANET | Arista Networks INC | +0.2% | +216.87% | Add |
| 16 | CAIE | Calamos Autocallable INC ETF | +0.2% | +7816.40% | Add |
| 17 | CAT | Caterpillar INC | +0.1% | +40.73% | Add |
| 18 | LITE 0.5 12-15-26 | Lumentum Holdings INC | +0.1% | -0.09% | Trim |
| 19 | FESM | Fidelity Enhanced Small Cap | +0.1% | +2467.27% | Add |
| 20 | WDC 3 11-15-28 | Western Digital CORP | +0.1% | -27.21% | Trim |
| 21 | NVDA | Nvidia CORP | -0.1% | +12.05% | Add |
| 22 | NOW | Servicenow INC | -0.2% | -35.31% | Trim |
| 23 | BILL 0 04-01-30 | Bill Holdings INC | -0.2% | -57.86% | Trim |
| 24 | EEM | Ishares Msci Emerging Market | -0.2% | -47.26% | Trim |
| 25 | W 3.5 11-15-28 | Wayfair INC | -0.2% | -4.74% | Trim |
| 26 | DKNG 0 03-15-28 | Draftkings Holdings INC | -0.2% | -54.98% | Trim |
| 27 | AVAV 0 07-15-30 | Aerovironment INC | -0.2% | -59.56% | Trim |
| 28 | FOUR 0.5 08-01-27 | Shift4 Payments INC | -0.2% | -82.61% | Trim |
| 29 | SNOW 0 10-01-27 | Snowflake INC | -0.2% | -37.61% | Trim |
| 30 | DUK 4.125 04-15-26 | Duke Energy CORP | -0.2% | -42.53% | Trim |
| 31 | TSLA | Tesla INC | -0.2% | +5.13% | Add |
| 32 | QQQ | Invesco Qqq Trust Series 1 | -0.3% | -9.98% | Trim |
| 33 | PPL 2.875 03-15-28 | Ppl Capital Funding INC | -0.3% | -53.62% | Trim |
| 34 | STX 3.5 06-01-28 | Seagate Hdd Cayman | -0.3% | -73.78% | Trim |
| 35 | NFLX | Netflix INC | -0.4% | +3.32% | Add |
| 36 | MSFT | Microsoft CORP | -0.7% | +12.90% | Add |
| 37 | ORCL 6.5 01-15-29 D | Oracle CORP | — | NEW | New buy |
| 38 | SPOT 0 03-15-26 | Spotify USA INC | — | EXIT | Sold out |
| 39 | ABNB 0 03-15-26 | Airbnb INC | — | EXIT | Sold out |
| 40 | PPL 7 02-15-29 | Ppl Corporation | — | NEW | New buy |
| 41 | NEE 7.375 02-15-29 | Nextera Energy INC | — | NEW | New buy |
| 42 | IBB | Ishares Biotechnology ETF | — | EXIT | Sold out |
| 43 | IWV | Ishares Russell 3000 ETF | — | NEW | New buy |
| 44 | EA | Electronic Arts INC | — | NEW | New buy |
| 45 | MTSI 0 12-15-29 | Macom Tech Solutions | — | NEW | New buy |
| 46 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 47 | U 0 11-15-26 | Unity Software INC | — | EXIT | Sold out |
| 48 | RNG 0 03-15-26 | Ringcentral INC | — | EXIT | Sold out |
| 49 | USO | United States Oil Fund LP | — | NEW | New buy |
| 50 | VSEC 5.75 02-01-29 | Vse CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-04 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-29 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-20 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-29 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-24 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-07 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-25 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-08 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-31 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-26 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-28 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-04 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-26 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-24 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-01 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-03 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-01 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-26 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-22 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-27 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-26 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-27 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-28 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-15 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-21 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-07 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-12 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-24 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-22 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-17 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-13 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-25 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-20 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-06 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-25 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-05 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-10 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-16 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-12 | 13F-HR | View on EDGAR |
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