Calamos Strategic Total Return Fund Q4 2025 Commentary

Calamos Investments559 FollowersFollow5ShareSavePlay(13min)CommentsSummaryThe US equity market continued to press forward in the fourth quarter, with the S&P 500 Index posting a 2.66% return.This brought the year-to-date total to $166.5 billion—with $118.8 billion raised in the US, marking the highest annual US convertible issuance on record.For the quarter ending December 31, 2025, the fund advanced 2.99% on NAV and 1.76% on market price.The fund benefited from favorable security selection in financials, as portfolio holdings in the diversified banks and investment banking & brokerage industries outperformed.As we enter 2026, the investment landscape presents a compelling paradox: elevated valuations alongside fundamentally healthy economic and market dynamics. matejmo/iStock via Getty Images Market Overview The US equity market continued to press forward in the fourth quarter, with the S&P 500 Index posting a 2.66% return. The markets did not experience a late-quarter "Santa Claus" rally, but advanced on strong earnings and two additionalThis article was written byCalamos Investments559 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.