Calamos Long/Short Equity & Dynamic Income Trust Commentary Q4 2025 Commentary
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Calamos Investments568 FollowersFollow5ShareSavePlay(47min)CommentsSummaryFor the quarter ending December 31, 2025, the fund's total return was -2.05% on NAV and -5.67% on market price versus 1.71% for the blended comparator index.Fund positioning reflected a growing conviction that AI infrastructure narratives were approaching their apex, prompting a reduction in momentum-driven mega caps while increasing exposure to pro-growth cyclicals.After 15 years of ahistoric US equity returns, valuations are elevated, and the opportunity for alpha generation appears rich as alternative strategies should be favored over passive beta exposure.AI spending is increasingly financed with debt rather than cash flows, and credit markets are signaling concern through rising CDS spreads and warnings about circular vendor financing.US 10-year Treasury yields will struggle to sustain any move below 4% as the risk of a bond market revolt rises when investors judge reflation as irresponsible. narvo vexar/iStock via Getty Images Q4 2025 Fund Performance Summary For the quarter ending December 31, 2025, the fund's total return was -2.05% on NAV and -5.67% on market price versus a 1.71% return for the blended comparator index (30% MSCI ACWI Index, 20% ICE BofA All US Convertibles Index, andThis article was written byCalamos Investments568 FollowersFollowCalamos Investments is a diversified global investment firm offering innovative investment strategies including U.S. growth equity, global equity, convertible, multi-asset and alternatives. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, an exchange traded fund and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London, New York and San Francisco. For more information, please visit www.calamos.com.