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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund enters 2026 positioned constructively with 33% leverage and a focus on structural convexity."
For the quarter ending December 31, 2025, the Calamos Dynamic Convertible and Income Fund (CCD) achieved a market price return of 2.74% (1.11% on NAV), outperforming its blended comparator index which returned 1.87%. The broader US convertible market experienced a historic year of issuance in 2025, reaching $118.8 billion domestically. Supported by a resilient macro environment featuring solid GDP growth, declining inflation, and Fed rate cuts, the fund managers are constructive on 2026. The portfolio maintains a competitive 11.24% annualized distribution rate, utilizes approximately 33% leverage, and is heavily positioned in information technology and industrials. The managers highlight M&A potential and the advantages of active, selective management in a tightening credit environment.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
Growth Outlook
Market outlook remains above average conviction: CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
Risk Appetite
Risk appetite posture is above average conviction: CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
Forward Guidance
Forward guidance signal: CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
Language Signal
Tone analysis indicates above average conviction language: CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
Time Horizon
Investment time horizon reflects a high conviction orientation. CCD delivered a strong Q4 2025 performance, outperforming its benchmark with a 2.74% market price return. Backed by record convertible issuance and secular AI tailwinds, the fund e...
