In plain terms — Calamos Strategic Total Return Fund
Shares currently cost about 11.3% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 8.9% discount, so today's level is not wide for this fund (Z-score -0.1). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.1% a year of the share price (7.1% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.13 of assets — a ReinvestCapture™ rate of 9.1%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 18.9% 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 | -8.77% | 0.76% | -0.30 | 55 |
| 6 months | -9.39% | 0.91% | +0.43 | 108 |
| 1 year | -8.87% | 1.20% | -0.11 | 206 |
| 3 years | -4.48% | — | — | — |
| 5 years | -2.54% | — | — | — |
Current contemporaneous premium/discount -9.00% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.25% to -6.05%. 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 | -1.62% | -1.76% | +4.69% | +5.46% | +13.56% | +2.12% |
| Market price total return | -0.95% | +0.20% | +10.96% | +14.32% | +22.27% | +10.35% |
| NAV return | +2.03% | -0.13% | +10.48% | +11.08% | +17.63% | +4.80% |
| NAV total return | +2.03% | +1.06% | +15.76% | +18.85% | +25.96% | +12.87% |
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 Strategic Total Return Fund functions as a closed-end balanced mutual fund, originally launched by Calamos Investments LLC and currently managed by Calamos Advisors LLC. This fund primarily allocates capital within the public equity and fixed income markets of the United States, targeting investments in companies operating across a wide range of sectors. Its portfolio predominantly features common and preferred stocks from businesses of all market capitalizations, alongside convertible securities and high-yield corporate bonds, which typically maintain an average S&P credit rating of BB. To construct its investment holdings, the fund utilizes a comprehensive analytical framework, integrating both fundamental and quantitative methods, coupled with a blend of bottom-up and top-down security selection strategies. Established on December 31, 2003, the fund is legally domiciled in the United States.
CEF Explorer research page for Calamos Strategic Total Return Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.