Calamos Phineus Long/Short Fund Q4 2025 Contributors And Detractors

We continue to like United Airlines given structural improvement in industry dynamics and United's premium positioning in domestic air travel. We have periodically held a position on the view that Wells Fargo was less exposed to the excesses and missteps of peers in recent years. We hedged the position and view Oracle stock as more of a tactical trade on OpenAI sentiment than a core long-term holding at current levels.