Calamos Convertible And High Income Fund ($CHY) returned 2.27% on NAV in Q4 2025, outperforming its blended index amid record issuance of convertible securities. The fund’s strong performance was driven by its strategic allocation to high-yielding convertible bonds and equities, which helped to mitigate the impact of rising interest rates on its portfolio.
The Q4 2025 performance of $CHY is notable given the challenging market conditions, with record issuance of convertible securities and rising interest rates. According to Calamos Investments, the fund’s manager, the strategy of focusing on high-quality, liquid convertible securities helped to drive its outperformance. The fund’s portfolio managers also attributed the strong performance to their ability to actively manage the fund’s duration and yield curve exposure.
The convertible bond market saw a significant increase in issuance in Q4 2025, with many companies taking advantage of the low-interest-rate environment to raise capital. This surge in issuance led to a increase in the supply of convertible securities, which could have negatively impacted the performance of $CHY. However, the fund’s managers were able to navigate this challenging environment by focusing on high-yielding convertible bonds and equities, which helped to drive its strong performance.
The performance of $CHY in Q4 2025 is also a testament to the fund’s long-term strategy of providing investors with a diversified portfolio of convertible securities and equities. The fund’s managers believe that the current market conditions present opportunities for long-term investors, and they remain committed to their strategy of actively managing the fund’s portfolio to drive strong performance. As Calamos Investments notes, the fund’s strong performance in Q4 2025 is a result of its disciplined investment approach and its focus on delivering long-term value to investors.
| Quarter | NAV Return | Blended Index Return |
|---|---|---|
| Q4 2025 | 2.27% | 1.93% |
| Q3 2025 | 1.45% | 1.21% |
Looking ahead, the managers of $CHY believe that the current market conditions present opportunities for long-term investors. They expect the convertible bond market to continue to be active, with many companies likely to take advantage of the low-interest-rate environment to raise capital. As such, the fund’s managers will remain focused on their strategy of actively managing the fund’s portfolio to drive strong performance and deliver long-term value to investors.
⚡ Why it matters: The strong performance of $CHY in Q4 2025 is a testament to the fund’s long-term strategy and its ability to navigate challenging market conditions. The fund’s outperformance of its blended index is a significant achievement, and it highlights the importance of active management in driving strong performance.
📊 By the numbers:
$CHY returned 2.27% on NAV in Q4 2025
The fund’s blended index returned 1.93% in Q4 2025
Record issuance of convertible securities in Q4 2025
🔗 Source: Calamos Investments*
