Calamos Convertible And High Income Fund

Calamos Convertible & High Income Fund operates as a closed-end investment fund. It seeks total return through capital appreciation and current income by investing in a diversified portfolio of convertible securities and high yield corporate bonds. The company was founded on March 12, 2003 and is headquartered in Naperville, IL.

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METRO CHICAGO, Ill. , Nov. 1, 2024 /PRNewswire/ -- Calamos Investments®* has announced monthly distributions and sources of distributions paid in November 2024 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

Calamos Investments Closed-End Funds (NASDAQ: CHI, CHY, CSQ, CGO, CHW, CCD and CPZ) Announce Monthly Distributions and Required Notifications of Sources of Distribution

METRO CHICAGO, Ill. , Sept. 9, 2024 /PRNewswire/ -- The Boards of Trustees of four of Calamos Investments' closed-end funds (the Funds) today announced the issuance of an additional series of mandatory redeemable preferred (MRP) shares totaling $170 million.

Calamos Closed-End Funds (NASDAQ: CHI, CHY, CSQ and CCD) Announce Private Placements Totaling $170 Million of Mandatory Redeemable Preferred Shares

The Calamos Convertible & High Income Fund offers a 10.45% yield, providing retirees with a stable income and reducing the need for frequent stock sales. Despite a lower yield compared to peers, the fund's historical performance has outpaced them, making it a strong choice for preserving investment principal. The fund's portfolio is heavily weighted towards convertible securities, offering potential capital appreciation, especially given current market conditions favoring convertibles over traditional bonds.

CHY: Convertibles Are Better Than Junk Bonds Today

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Calamos Convertible and High Income Fund is a closed-end fund that invests in Convertible Securities, Corporate Bonds & other Fixed-Income securities. Like other funds in the Convertibles space, CHY uses a significant amount of leverage. CHY's long-term performance has been reasonably good, and better than that of its peers. However, the current premium of 8.5% is a downer.

CHY: Solid Income, Good Long-Term Record, But Not A Buy

METRO CHICAGO, Ill. , June 4, 2024 /PRNewswire/ -- Calamos Investments®* has announced corrections to monthly distributions and sources of distributions paid in June 2024 to shareholders of its seven closed-end funds (the Funds) pursuant to the Funds' respective distribution plans.

CORRECTION: Calamos Investments Closed-End Funds (NASDAQ: CHI, CHY, CSQ, CGO, CHW, CCD and CPZ) Announce Monthly Distributions and Required Notifications of Sources of Distribution

The Calamos Convertible & High Income Fund offers income-focused investors the opportunity to receive high income without sacrificing equity upside potential. The fund currently boasts a 10.77% yield, which is attractive compared to other fixed-income closed-end funds. The fund's performance has been disappointing in the past six months, underperforming benchmark indices, but its track record over the past five years has been strong.

CHY: Beneficial Portfolio Changes, But Still Very Expensive

Calamos Convertible & High Income Fund has consistently outperformed its benchmark and peer group, reflected in its double-digit premium to NAV.

CHY: A Convertible Fund With Strong Track Record, Double-Digit Premium

The Calamos Convertible & High Income Fund offers a 10.10% distribution yield, making it an attractive option for income-focused investors. The CHY closed-end fund provides exposure to convertible securities, allowing investors to potentially benefit from stock appreciation. The CHY fund's performance has been positive, with shares up 6.64% since the last article, although slightly lagging behind the S&P 500 Index.

CHY: This Convertible Fund Could Be Worth Picking Up If The Price Improves

The Calamos Convertible & High Income Fund offers a high level of current income with a 10.69% yield without sacrificing upside potential, making it attractive for retirees. The fund has performed well compared to the S&P 500 Index recently and has a portfolio weighted towards convertible bonds. The fund employs leverage to boost returns, but its high level of debt and recent decline in net asset value raise concerns.

CHY: Some Good Qualities, But Be Cautious

The high inflation rate in the U.S. is increasing the cost of living and reducing real median weekly earnings. People are resorting to desperate measures to cut expenses due to the rising prices of necessities like food, shelter, and energy. The Calamos Convertible & High Income Fund offers a 10.53% distribution yield, but investors should be cautious about the fund's ability to sustain its high yield and its premium valuation.

CHY: Upside Potential, Fixed-Income Stability, And Interest Rate Protection

CHY is invested mostly in convertibles but also incorporates a meaningful amount to high-yield bonds, with smaller allocations in other instruments. The fund was trading at quite an extended premium earlier in the year, but that bubble has since popped.

CHY: Premium Comes Down To A More Reasonable Level

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CHY has had a tough time being highly leveraged and growth investments being out of favor. The fund relies heavily on capital gains to fund the distribution, and that could be a catalyst for a premium drop if it's adjusted lower.

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CHY is a convertible securities CEF from the Calamos family. The CEF has a total return profile that closely matches its sister fund CHI.

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Calamos offers seven different closed-end funds, all with some overlap. CHY and CHI seem to have the most overlap of the group.

CHY And CHI: The Calamos Twins

CHY had previously been a position in my portfolio. I currently hold CHI - which is incredibly similar. Between the two today and whether one should be chosen over the other, CHY shows a bit lower of a premium than CHI.

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Shares of CHY are now only trading at a slight discount. Historically, this fund has traded at premiums off and on, and overall, it isn't overly expensive.

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With a market yield of 7.7%, CHY is attractive if it can support the distribution. I continue my series on CEFs and looking beyond the yield.

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Convertible bonds offer benefits similar to equities together with some of the downside protection of bonds. The best way to invest in convertibles is through actively managed CEFs.

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CHY pays monthly and yields 7.78%, with a deep -7.66% discount. Convertible bond funds have outperformed the equity market year to date and over the past quarter, half year, and year.

Convertible Bonds On Fire: 8% Monthly Yield, 8% Discount - Calamos Convertible And High Income Fund

News for Calamos Convertible And High Income Fund ETF (CHY)