Company: CPZ
Filing Date: 2025-12-29
Form Type: N-CSR
Source: 0001104659-25-124691
Chunk: 73

Company: Calamos Long/Short Equity & Dynamic Income Trust
Filing Date: 2025-12-29
Form: N-CSR
Chunk 73
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 positive returns, as our holdings delivered strong growth fundamentals. Security selection within Emerging Asia also contributed, specifically in Korea and Taiwan, due to exposure to key themes. Conversely, relative selection within Europe and Japan hindered returns, as holdings generated gains but lagged the upside in the benchmark. The reporting period saw a favorable environment for the prudent use of leverage to enhance total return and support the Fund's distribution rate. How is the Fund positioned? The Fund seeks to provide a high level of current income with a secondary objective of capital appreciation through maximum flexibility to dynamically allocate across a portfolio of equities, convertible bonds, and fixed-income securities on a global basis. We continue to find opportunities across all asset classes. Common stocks represent approximately 60% of managed assets as of period-end, followed by convertible securities at 25%. Our equity holdings offer exposure to opportunities in global stock markets, while our convertibles present a way to participate in the upside of equities in a risk-managed manner and earn income from distributions. We maintain a preference for larger-cap, growth-oriented companies with a global footprint. Based on our current views, we favor quality companies with diverse revenue streams and those exposed to key secular themes where we expect overall demand to remain robust. Given our emphasis on risk management, we target companies with balance sheet flexibility, solid cash flow fundamentals, good prospects for sustainable growth, and reliable debt servicing. We believe such companies will be less vulnerable to potential market volatility. From a sector standpoint, information technology and industrials represent the largest weights on an absolute basis, while real estate and utilities represent the smallest sector weights with holdings. Key industry positions include semiconductors, aerospace, and broadline retail. We are underweight in the financials, health care, consumer staples and real estate sectors. From a geographic perspective, our largest weight is in the US, with approximately 51% of holdings across multiple asset classes. Asia/Pacific and Europe represent approximately 26% and 16% of the portfolio's assets, respectively. ◼ US: We own diversified positions across a range of industries. We see bottom-up opportunities across our key secular themes, emphasizing companies with advantaged business models and leading fundamentals. ◼ Europe: We hold a blend of secular growth, cyclicals, and higher-quality defensives. We evaluate the impact of fiscal stimulus measures and demand, considering the region's extensive linkages to global trade. ◼ Emerging Markets: We hold a diversified portfolio of investments in emerging markets. Positioning reflects our view of key policy reforms