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Secondary CEF Outlook and Q1 2023 Review

Join us for the Calamos Secondary CEF Outlook and Q1 2023 Review, providing market observations and expert analysis on key topics, including:

  • Overall improvements in financial markets in Q1 2023 supported positive CEF Price and NAV returns over the period.
  • Despite continued market volatility and no CEF IPO market that would otherwise lend pricing support, four out of seven of our closed-end funds traded at or above their respective NAVs as of 3/31/23.
  • All Calamos CEFs offered better price to NAV dynamics than their respective peer group averages at quarter-end, reflecting long-term confidence in our funds.
  • All Calamos CEFs offered better price and NAV distribution levels relative to their respective peer group averages.
  • Calamos CEFs offered price and NAV returns that were generally either in line or superior to their respective peer group averages for the period.
  • Four of seven Calamos CEFs offered better price to NAV dynamics on 3/31/23 than their respective averages since inception.
  • Lower-duration bonds, such as high yield and convertibles, that comprise a sizeable portion of our CEF portfolios, are typically less susceptible to the impacts of rising interest rates compared to longer-duration fixed income securities.

Past performance is no guarantee of future results.

For Investment Professional Use Only. Not For Use With The Public.

Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. The opinions and views of third parties do not represent the opinions or views of Calamos Investments LLC. Opinions referenced are as of April 25, 2023 and are subject to change due to changes in the market, economic conditions or changes in the legal and/or regulatory environment and may not necessarily come to pass. This information is provided for informational purposes only and should not be considered tax, legal, or investment advice. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations.

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