Calamos Strategic Total Return Fund
CSQ
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- Calamos Strategic Total Return Fund (CSQ) is a diversified closed-end fund that seeks total return through a combination of capital appreciation and current income by investing primarily in equities, convertible securities, and high-yield corporate bonds. The fund allocates at least 50% of its managed assets to equity securities including common and preferred stocks across all market capitalizations and diversified sectors; convertible securities; and high-yield fixed income securities with an average credit rating of BB as rated by S&P; and it may invest up to 35% of assets in foreign securities from developed and emerging markets, with up to 15% in emerging markets. Launched on March 26, 2004, with an initial public offering share price of $15.00, the fund is managed by Calamos Advisors LLC, a subsidiary of Calamos Investments LLC, and is domiciled in Naperville, Illinois. As of late 2025, the fund maintains managed assets of approximately $4.7 billion, with 29.27% leverage through $1.05 billion in debt, an expense ratio of 2.46% based on managed assets, and a monthly distribution rate of 6.46% at market price. In recent developments, the fund announced monthly distributions for December 2025 alongside six other Calamos closed-end funds, reflecting ongoing commitment to shareholder income amid a portfolio turnover of 40.8%; hedge fund ownership rose slightly to 21.87% in 2025 Q3 with net capital inflows of $86.2 million and 199 funds holding positions, including increased stakes by major investors; and year-to-date 2025 performance shows a 13.61% market price return and 21.72% NAV return, supported by resilient U.S. equity markets and favorable security selection in information technology.