Calamos Dynamic Convertible & Income Fund

Calamos Dynamic Convertible & Income Fund

The Calamos Dynamic Convertible & Income Fund (NASDAQ: CCD) launched in 2014 as a closed-end fund under the management of Calamos Advisors LLC, the investment advisory arm built by John P. Calamos, Sr., who has specialized in convertible securities since the 1970s. The wealth origin is institutional, not a single-family pool; the fund gathers capital from public-market investors who buy common shares on the exchange. Calamos himself remains chairman of the broader asset management firm, while John S. Koudounis serves as president and CEO, overseeing the platform. The fund writes its investment mandate around total return with an emphasis on current income. It deploys capital across a mix of convertible bonds, below-investment-grade corporate debt, and equities received upon conversion. As a closed-end structure, it can use leverage—typically up to around 30% of managed assets—to enhance distributable income, a feature retail-allocator shops often screen for. The portfolio is benchmarked against a blended index combining convertible and high-yield components. Disclosed positions historically include names in technology, healthcare, and energy, reflecting the convertible market's issuer base. Geographic exposure centers on the United States, with the firm's management team based at its Naperville, Illinois headquarters, a location long associated with the Calamos complex. The Calamos organization managed roughly $35 billion in total client assets as of early 2025 across open-end funds, closed-end funds, separate accounts, and ETFs (per the firm's public disclosures, 2025). Dedicated team members for this specific fund are not separately broken out by the firm. The fund is one of several closed-end vehicles in the Calamos lineup; the firm also runs an open-end corporate structure, a suite of liquid-alt ETFs launched over the past two years, and a private wealth management group operating from the same Naperville base. In early 2025 the fund maintained its regular monthly distribution, an operational posture consistent with its income objective and a key fact for allocators who track closed-end fund payout sustainability. The structural differentiator is the board-governed, exchange-listed character of the vehicle: it is not a private partnership but a publicly traded fund with a fixed share count, which means its market price can diverge materially from its net asset value. This creates a secondary dynamic—discounts and premiums that institutional closed-end-fund allocators trade around—that does not exist in open-end mutual funds or separately managed accounts. Calamos' long history of managing convertible mandates specifically means the fund draws on a specialist research team and a proprietary attribution framework for convertibles, rather than a generalized fixed-income process adapted to the asset class.