Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
The fund achieved a 28.89% NAV return in the second quarter of 2026, heavily driven by exposure to technology and semiconductor equipment convertibles amidst historic market issuance. While monitoring macroeconomic risks and upcoming election volatility, management remains constructive on credit and deployed 29% leverage to support its 9.08% annualized distribution rate.
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The fund achieved a 28.89% NAV return in the second quarter of 2026, heavily driven by exposure to technology and semiconductor equipment convertibles amidst historic market issuance. While monitoring macroeconomic risks and upcoming election volatility, management remains constructive on credit and deployed 29% leverage to support its 9.08% annualized distribution rate.
Convertibles outperformed equities in Q1's volatile environment, advancing 3.72% versus S&P 500's 4.33% decline. Fund benefited from AI rotation dynamics and strong tech sector selection while maintaining defensive positioning. Solid credit fundamentals and robust new issuance support the asset class despite geopolitical headwinds and election uncertainty ahead.
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Convertibles outperformed equities in Q1's volatile environment, advancing 3.72% versus S&P 500's 4.33% decline. Fund benefited from AI rotation dynamics and strong tech sector selection while maintaining defensive positioning. Solid credit fundamentals and robust new issuance support the asset class despite geopolitical headwinds and election uncertainty ahead.
Calamos Dynamic Convertible Fund declined 5.53% in Q1 2025 amid policy uncertainty volatility, with convertibles outperforming equities. The fund maintains 85% convertible allocation with 39% leverage to support 10.99% distribution rate. Management sees opportunity in volatility and expects convertibles' hybrid nature to navigate policy outcomes while robust new issuance provides investment opportunities.
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Calamos Dynamic Convertible Fund declined 5.53% in Q1 2025 amid policy uncertainty volatility, with convertibles outperforming equities. The fund maintains 85% convertible allocation with 39% leverage to support 10.99% distribution rate. Management sees opportunity in volatility and expects convertibles' hybrid nature to navigate policy outcomes while robust new issuance provides investment opportunities.
Lazard's convertible arbitrage strategy navigated Q1 2025 volatility with mixed results as US markets declined and credit spreads widened. Winners included DigitalOcean, Redfin, and Cloudflare convertibles, while Liberty positions detracted. The portfolio maintains focus on higher-quality, shorter-dated convertibles positioned to capitalize on expected continued volatility and elevated Special Situations activity.
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Lazard's convertible arbitrage strategy navigated Q1 2025 volatility with mixed results as US markets declined and credit spreads widened. Winners included DigitalOcean, Redfin, and Cloudflare convertibles, while Liberty positions detracted. The portfolio maintains focus on higher-quality, shorter-dated convertibles positioned to capitalize on expected continued volatility and elevated Special Situations activity.
