Calamos Long/Short Equity & Dynamic Income Trust (CPZ)

Calamos Long/Short Equity & Dynamic Income Trust is a closed-end fund managed by Calamos Advisors and launched in 2019 with a set term. Its objective is to provide current income and risk-managed capital appreciation.

The fund combines two strategies. Its long/short equity sleeve holds stocks the managers favor while selling short shares of companies expected to underperform, aiming to reduce sensitivity to broad market moves. Its dynamic income sleeve invests across fixed income and income-oriented securities, such as high-yield bonds, convertibles and preferred securities, with allocations adjusted as conditions change. The fund may use leverage and generally pays monthly distributions, and its shares trade on Nasdaq at prices that can differ from net asset value.