On May 8, 2026, Cornerstone Advisors reported selling its entire stake in the Calamos Strategic Total Return Fund (CSQ +0.90%), a move involving 1,712,871 shares and an estimated $32.11 million transaction value based on quarterly average pricing.
What happened
According to a May 8, 2026, SEC filing, Cornerstone Advisors fully exited its position in the Calamos Strategic Total Return Fund (CSQ +0.90%) during the first quarter. The firm sold 1,712,871 shares, with the estimated transaction value calculated at $32.11 million based on the period’s average closing price. The quarter-end position value decreased by $32.89 million, reflecting both the sale and stock price changes.
What else to know
- The position made up 1.1% of assets in the prior quarter.
- Top holdings after the filing:
- NASDAQ: AAPL: $197.63 million (7.3% of AUM)
- NASDAQ: NVDA: $188.40 million (6.9% of AUM)
- NASDAQ: GOOGL: $157.32 million (5.8% of AUM)
- NASDAQ: MSFT: $131.66 million (4.8% of AUM)
- NYSEMKT: XLE: $108.81 million (4.0% of AUM)
- As of May 7, 2026, shares of Calamos Strategic Total Return Fund were priced at $20.07, up about 23% over the past year, compared to a roughly 30% gain for the S&P 500.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $723.7 million |
| Net income (TTM) | $721.8 million |
| Dividend yield | 7% |
| Price (as of market close May 7, 2026) | $20.07 |
Company snapshot
- CSQ offers a diversified portfolio of public equities, preferred stocks, convertible securities, and high yield corporate bonds.
- It uses both fundamental and quantitative analysis with a balanced allocation across equity and fixed income markets.
- Managed by Calamos Advisors LLC, the fund targets investors seeking balanced exposure to multiple asset classes.
The Calamos Strategic Total Return Fund is a closed-end fund managed by Calamos Advisors LLC, focusing on a multi-asset strategy that blends equities and fixed income. The fund leverages a combination of bottom-up and top-down security selection to pursue risk-adjusted returns across market cycles. Its diversified approach and active management aim to provide stable income and capital appreciation for investors seeking balanced exposure.
What this transaction means for investors
The Calamos Strategic Total Return Fund delivered a roughly 23% one-year gain, but that trailed the S&P 500 by about seven percentage points, which can make slower-moving multi-asset funds harder to justify in a momentum-driven market.
CSQ remains heavily tilted toward large-cap tech despite its income focus. Information technology made up 26.3% of assets as of March 31, while top holdings included Nvidia, Apple, Alphabet, Microsoft, and Amazon. At the same time, the fund also carries meaningful leverage, with total leverage above 31% and roughly $1.09 billion in debt leverage.
Of course, the appeal for long-term investors is still there: a diversified portfolio of equities, convertibles, and high-yield debt paired with a 7.24% annual distribution rate. But closed-end funds can be tricky in volatile markets, especially when shares trade at a discount to NAV, which CSQ currently does at nearly 10%. Plus, it’s important to note that its total expenses, including fees for both management and leverage, are 2.29%
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
