Calamos Convertible and High Income Fund
CHY
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- Calamos Convertible and High Income Fund (NASDAQ: CHY) is a closed-end management investment company that seeks total return through a combination of capital appreciation and current income. The Fund invests at least 80% of its managed assets in a diversified portfolio of convertible securities and below-investment-grade (high yield) non-convertible debt securities, primarily high-yield corporate bonds rated Ba or lower by Moody's or BB or lower by S&P; it employs fundamental and quantitative analysis, utilizes leverage to enhance returns (currently at 33.44% of managed assets), and pays monthly distributions at levels deemed sustainable by its investment team, with an annualized distribution rate of approximately 10.35%. Managed by Calamos Advisors LLC, a subsidiary of Calamos Investments LLC, the Fund focuses on U.S. fixed-income markets, with sector allocations including significant exposure to information technology (27.2%), consumer discretionary, and industrials through convertible holdings in companies such as Boeing, Snowflake, Uber Technologies, and MicroStrategy. Launched with an initial public offering on May 28, 2003, at a share price of $15.00 (NAV of $14.32), the Fund is headquartered in Naperville, Illinois, the base of Calamos Investments. It trades on the NASDAQ exchange with approximately 80 million shares outstanding and managed assets of $1.42 billion as of recent data, maintaining an average daily trading volume of around 215,000 shares. In December 2024, alongside peer Calamos closed-end funds (CHI, CCD), CHY adopted a level distribution policy to provide more predictable monthly payouts. The Fund continues regular monthly distribution announcements through 2025, with recent payments of $0.10 per share reflecting a mix of short-term capital gains, net investment income, and return of capital components. As part of Calamos Investments' broader activities, CHY benefits from the parent's strategic expansions, including new partnerships with Aksia for private equity and alternatives funds (e.g., CAPVX launched July 2025), launches of Bitcoin-related structured protection ETFs in late 2025, and autocallable income ETFs like CAIE in June 2025, though these represent firm-level innovations rather than direct CHY changes.