Cornerstone Advisors Exits $32 Million Stake in Calamos Strategic Total Return Fund
Cornerstone Advisors fully divested its position in the Calamos Strategic Total Return Fund (NASDAQ: CSQ) during the first quarter of 2026, selling approximately 1.71 million shares valued at $32.11 million. This move eliminated a holding that previously constituted 1.1% of the firm's assets under management. Despite the fund's attractive 7.24% annual distribution yield and a 23% one-year price gain, it underperformed the S&P 500 by roughly seven percentage points. The fund remains heavily exposed to large-cap technology stocks, with significant holdings in Nvidia, Apple, and Microsoft, while carrying over 31% leverage. Currently, CSQ shares trade at nearly a 10% discount to their net asset value, accompanied by total expenses of 2.29%. Cornerstone's top remaining holdings include major tech giants like Apple, Nvidia, and Alphabet, indicating a continued preference for high-growth equities over complex, leveraged closed-end funds in the current momentum-driven market environment.
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Cornerstone Advisors Exits $32 Million Stake in Calamos Strategic Total Return Fund
Cornerstone Advisors fully divested its position in the Calamos Strategic Total Return Fund (NASDAQ: CSQ) during the first quarter of 2026, selling approximately 1.71 million shares valued at $32.11 million. This move eliminated a holding that previously constituted 1.1% of the firm's assets under management. Despite the fund's attractive 7.24% annual distribution yield and a 23% one-year price gain, it underperformed the S&P 500 by roughly seven percentage points. The fund remains heavily exposed to large-cap technology stocks, with significant holdings in Nvidia, Apple, and Microsoft, while carrying over 31% leverage. Currently, CSQ shares trade at nearly a 10% discount to their net asset value, accompanied by total expenses of 2.29%. Cornerstone's top remaining holdings include major tech giants like Apple, Nvidia, and Alphabet, indicating a continued preference for high-growth equities over complex, leveraged closed-end funds in the current momentum-driven market environment.
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