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NAPERVILLE, Ill., June 15, 2021 /PRNewswire/ -- Calamos Investments®* announced today the raising of the monthly distribution amount of Calamos Long/Short Equity & Dynamic Income Trust (Nasdaq: CPZ) from 13.00 cents per share to 14.00 cents per share payable on July 20, 2021. This raise represents an approximate 7.7% increase from the prior distribution. The new distribution amount of 14.00 cents per share reflects on an annualized basis a current distribution rate of 8.1% based upon the Fund's market price of $20.85 per share on June 14, 2021. This $0.01 monthly distribution increase represents the third of such dividend raises to shareholders since December 2020, resulting in a 27% payout hike in the aggregate.
CPZ Dividend Details
Monthly Dividend Declaration
June 15, 2021
Actively managed, CPZ is a global total return closed-end fund that seeks to provide current income and risk-managed capital appreciation by investing in a long/short equity strategy and a broad array of income-producing assets comprising a global approach. Key factors relating to the Fund's success and its ability to raise its dividend at this time include:
Active risk management of portfolio, focused on global stocks and income producing securities, fostered the Fund's positive performance in 2021 through June 14
We believe attractive leverage costs continue to be accretive to our shareholders via a positive reinvestment rate of return
Active portfolio positioning seeking to optimize attractive investment opportunities in global equity markets in 2021
Strong portfolio performance of 13.98% for NAV for the year to date through June 14, 2021
Reflecting on the strength of the Fund's distributions, John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer, stated, "This increase in CPZ's distribution rate demonstrates our ongoing high confidence that we have in the Fund and our portfolio management team's ability to optimize both current and anticipated opportunities as our shareholders continue to participate in the Fund's portfolio performance. We are pleased that the Fund's positioning and effective active management have resulted in strong portfolio performance so far in 2021, and we look forward to continuing to optimize opportunities for our shareholders going forward."
"While we manage our CEFs to provide a steady income stream, return of capital may occur from time to time. However, in spite of volatile markets, I'm pleased to report that the Fund has not sourced return of capital on either an actual or estimated basis for its monthly distributions since inception in November 2019 through June 2021."
Additional information regarding the estimated amount of the sources of the Fund's monthly distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended ("1940 Act"), and the related rules adopted thereunder, will be provided in a separate release closer to the Fund's payable date.
You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's plan. If the Fund estimates that it has distributed more than its income and capital gains, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099 DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
An innovator in dynamically allocated closed end funds since 2002, Calamos Investments currently manages approximately $9.7 billion as of 5/31/21 in seven closed end funds. Additional information about the fund can be found on www.calamos.com.
Important Notes about Performance and Risk
Past performance is no guarantee of future results. As with other investments, market price will fluctuate with the market and upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and other expenses. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount which is a market price that is below their net asset value.
Calamos Investments is a diversified global investment firm offering innovative investment strategies including alternatives, multi-asset, convertible, fixed income, and equity. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds, 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 New York, San Francisco, Milwaukee and the Miami area. For more information, please visit www.calamos.com.
*Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP and Calamos Financial Services LLC.
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SOURCE Calamos Investments