In plain terms — Calamos Dynamic Convertible & Income Fund
Shares currently cost about 2.4% more than the value of the assets behind them (a premium).
Over the past year it has averaged a 1.7% premium, so today's level is unusually high for this fund (Z-score +2.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 10.2% a year of the share price (10.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade above the value of their assets, each dollar of reinvested distributions buys about $0.98 of assets — a ReinvestCapture™ rate of 9.9%, less than the payout rate itself. That is buying power, not a return.
The assets themselves grew 13.8% over the past year including distributions (NAV total return).
Annual costs are 3.40% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +3.19% | 2.55% | +1.54 | 55 |
| 6 months | +1.35% | 3.08% | +1.88 | 108 |
| 1 year | +1.67% | 2.42% | +2.25 | 206 |
| 3 years | +11.25% | — | — | — |
| 5 years | +8.95% | — | — | — |
Current contemporaneous premium/discount +7.13% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -3.70% to +7.13%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -2.47% | -10.17% | +9.64% | +3.53% | +7.57% | -6.46% |
| Market price total return | -1.64% | -7.97% | +17.95% | +15.52% | +19.41% | +3.69% |
| NAV return | -2.39% | -9.59% | +9.57% | +2.61% | +7.68% | -6.19% |
| NAV total return | -2.39% | -8.11% | +17.03% | +13.76% | +20.53% | +4.80% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Calamos Dynamic Convertible and Income Fund (CCD) operates as a closed-end mutual fund, with its primary focus on the fixed-income sector. Established by Calamos Investments LLC, its daily operations are overseen by Calamos Advisors LLC. The fund primarily seeks investment opportunities within the U.S. fixed-income landscape. Its core portfolio is diversified across various asset classes, including convertible securities, investment-grade and high-yield bonds, loans, equity-linked notes, and floating-rate instruments. Furthermore, it incorporates derivatives, such as options, into its strategy. Portfolio construction is driven by a combination of fundamental analysis and a top-down global macroeconomic outlook. This U.S.-domiciled fund commenced operations on March 11, 2014.
CEF Explorer research page for Calamos Dynamic Convertible & Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.