In plain terms — Calamos Convertible Opportunities & Income Fund
Shares currently cost about 0.7% more than the value of the assets behind them (a premium).
Over the past year it has averaged a 2.2% premium, so today's level is not high for this fund (Z-score +0.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 10.0% a year of the share price (10.1% 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 $0.99 of assets — a ReinvestCapture™ rate of 10.0%, less than the payout rate itself. That is buying power, not a return.
The assets themselves grew 11.8% over the past year including distributions (NAV total return).
Annual costs are 3.24% of assets, and the fund borrows: about 39% of what it holds is financed with leverage, which magnifies both gains and losses.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +5.05% | 2.67% | -0.27 | 64 |
| 6 months | +3.03% | 3.27% | +0.40 | 126 |
| 1 year | +2.15% | 2.69% | +0.81 | 249 |
| 3 years | +7.15% | — | — | — |
| 5 years | +6.51% | — | — | — |
Current contemporaneous premium/discount +4.34% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -2.97% to +8.41%. 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 | -6.90% | -13.91% | +8.11% | +1.80% | +2.44% | -6.03% |
| Market price total return | -6.12% | -11.88% | +15.98% | +13.10% | +13.41% | +3.85% |
| NAV return | -2.34% | -8.66% | +7.01% | +1.26% | +6.60% | -5.73% |
| NAV total return | -2.34% | -7.20% | +14.07% | +11.82% | +18.54% | +4.71% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Calamos Convertible Opportunities and Income Fund is a closed ended fixed income mutual fund launched by Calamos Investments LLC. It is managed by Calamos Advisors LLC. The fund invests in the fixed income markets of the United States. It primarily invests in a diversified portfolio of convertible securities and high yield corporate bonds rated Ba or lower by Moody’s or BB or lower by Standard & Poor’s. The fund employs both fundamental and quantitative analysis with a focus on such factors as financial soundness, ability to make interest and dividend payments, earnings and cash-flow forecast, and quality of management to create its portfolio. Calamos Convertible Opportunities and Income Fund was formed on April 17, 2002 and is domiciled in the United States.
CEF Explorer research page for Calamos Convertible Opportunities & 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.