In plain terms — Calamos Convertible & High Income Fund
Shares currently cost about 4.9% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 0.8% discount, so today's level is not wide for this fund (Z-score -0.0). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 10.5% a year of the share price (10.0% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.05 of assets — a ReinvestCapture™ rate of 11.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 12.1% over the past year including distributions (NAV total return).
Annual costs are 3.30% of assets.
Guided view hides the statistical panels. Switch to Expert view in the grey bar to see them. Nothing here is advice.
Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +0.21% | 2.43% | -0.43 | 64 |
| 6 months | -1.12% | 2.64% | +0.11 | 126 |
| 1 year | -0.76% | 2.13% | -0.04 | 249 |
| 3 years | +4.73% | — | — | — |
| 5 years | +4.41% | — | — | — |
Current contemporaneous premium/discount -0.83% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -5.97% to +4.11%. 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 | -5.48% | -15.07% | +2.12% | +0.17% | +0.97% | -6.31% |
| Market price total return | -4.66% | -13.00% | +9.77% | +11.50% | +11.97% | +3.70% |
| NAV return | -2.36% | -8.68% | +7.24% | +1.61% | +6.84% | -5.63% |
| NAV total return | -2.36% | -7.23% | +14.25% | +12.12% | +18.75% | +4.79% |
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 Convertible and High Income Fund operates as a closed-end investment vehicle concentrating on fixed income, originally sponsored by Calamos Investments LLC and presently managed by Calamos Advisors LLC. Its investment mandate is solely focused on the debt markets within the United States. The fund's primary strategy involves cultivating a diverse collection of convertible instruments and corporate bonds offering high yields. These target investments typically carry credit ratings of Ba or lower from Moody's, or BB or lower from Standard & Poor's. To construct its portfolio, the fund integrates both rigorous fundamental analysis and systematic quantitative modeling. This entity commenced operations on March 12, 2003, and is legally domiciled in the U.S.
CEF Explorer research page for Calamos Convertible & High 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.