In plain terms — Calamos Long/Short Equity & Dynamic Income Trust
Shares currently cost about 16.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 11.9% discount, so today's level is not wide for this fund (Z-score -0.7). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 13.5% a year of the share price (11.2% 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 $1.20 of assets — a ReinvestCapture™ rate of 16.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 2.8% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -14.01% | 2.68% | -0.41 | 55 |
| 6 months | -13.14% | 3.56% | -0.55 | 107 |
| 1 year | -11.91% | 4.28% | -0.74 | 205 |
| 3 years | -11.62% | — | — | — |
| 5 years | -11.12% | — | — | — |
Current contemporaneous premium/discount -15.10% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -32.50% to -7.12%. 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 | -4.11% | -4.85% | -15.39% | -21.11% | -3.88% | -9.86% |
| Market price total return | -3.02% | -1.71% | -7.07% | -10.08% | +8.11% | +0.70% |
| NAV return | +0.88% | +1.56% | -7.93% | -12.66% | -3.52% | -7.63% |
| NAV total return | +0.88% | +3.45% | -0.92% | -2.77% | +6.77% | +1.75% |
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 Long/Short Equity & Dynamic Income Trust operates as a diversified, closed-end investment management entity focused on generating steady income and achieving judicious capital appreciation. It accomplishes these goals by deploying a proven global strategy of investing in both long and short equities, thereby offering hedged market exposure. Established on September 21, 2017, the trust's main office is situated in Naperville, Illinois.
CEF Explorer research page for Calamos Long/Short Equity & Dynamic Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.