Calamos Global Total Return Fund

Report azionario NasdaqGS:CGO

Capitalizzazione di mercato: US$133.3m

Calamos Global Total Return Fund Crescita futura

Criteri Future verificati 0/6

Al momento non disponiamo di una copertura analitica sufficiente per prevedere la crescita e il fatturato di Calamos Global Total Return Fund.

Informazioni chiave

n/a

Tasso di crescita degli utili

n/a

Tasso di crescita dell'EPS

Capital Markets crescita degli utili11.7%
Tasso di crescita dei ricavin/a
Rendimento futuro del capitale proprion/a
Copertura analitica

None

Ultimo aggiornamenton/a

Aggiornamenti recenti sulla crescita futura

Nessun aggiornamento

Recent updates

Seeking Alpha • Apr 24

CGO: Positioned For Continued Outperformance Of Foreign Markets

Summary The Calamos Global Total Return Fund offers a 7.64% yield and diversified global exposure, outperforming major indices year-to-date due to its foreign allocation. CGO's allocation to non-U.S. assets (52.3%) exceeds global indices, enhancing yield and capitalizing on recent foreign market outperformance. Recent portfolio shifts—reducing U.S. and senior loan exposure, adding top-performing international equities—align CGO with prevailing global trends. Despite strong positioning, CGO trades at a smaller discount than its historical average; waiting for a wider discount may improve entry timing. Read the full article on Seeking Alpha
Seeking Alpha • Feb 05

CGO: U.S. Dollar And Economic Strength Could Drag On Foreign Stocks

Summary The Calamos Global Total Return Fund offers a high yield of 8.47% but has not managed to deliver the strong performance as its domestic-only version. Despite its lower yield compared to peers, the fund's recent performance shows potential, though its international diversification may be a near-term headwind due to a strong U.S. dollar. The fund employs significant leverage (35.27%) to boost returns, but this also increases risk and volatility, making it less appealing for risk-averse investors. The fund easily covered its distributions over the past year with net realized gains, leaving no reason to worry about the distribution coverage. Currently trading at a 1.29% discount to NAV, the fund is more expensive than its peers and its three-year average, raising concerns about its valuation. Read the full article on Seeking Alpha
Seeking Alpha • Nov 18

CGO: Revisiting This Fund Following The Election

Summary The Calamos Global Total Return Fund yields 8.23% but has underperformed the MSCI World Index, making it less appealing for core portfolio positions. The fund's recent performance has been disappointing, with a 1.17% share price increase, underperforming both the S&P 500 and MSCI World Index. The United States may be poised to outperform foreign markets over the next year or two, yet this fund appears to be decreasing its U.S. exposure. The fund's net asset value is actually down since late August, despite the fund's shares delivering a price gain. Despite its decent yield, the fund's historical underperformance and current strategy may not justify its higher fees compared to peers. Read the full article on Seeking Alpha
Seeking Alpha • Aug 29

CGO: This Excellent CEF Is Taking Advantage Of Foreign Opportunities

Summary The Calamos Global Total Return Fund offers a high level of income and inflation protection through a diversified portfolio of equities and convertible bonds. The fund's 8.34% yield and potential for share price appreciation make it attractive, despite a lower yield compared to peers. The fund appears to have been able to take advantage of recent strength in TSM, which it would not have been able to do without the foreign exposure. The fund's leverage is a bit higher than its peers, but it has managed to handle it well historically. Trading at a slight discount to NAV, the fund is a solid choice for income-seeking investors looking for international diversification and inflation protection. Read the full article on Seeking Alpha
Seeking Alpha • Jun 10

CGO: Good International Exposure And Very Strong Excess Returns

Summary Calamos Global Total Return Fund offers a high yield of 8.98%, comparable to other high-yielding equity funds in the market. The CGO closed-end fund invests primarily in equities as opposed to fixed-income, which should allow it to provide a bit of inflation protection. The fund has outperformed the S&P 500 Index and the MSCI World Index over the past two months, which might be partly due to the high level of leverage employed. The fund is underweight the United States, although it has increased its position a bit recently. This might be an attempt to front-run a carry trade. The fund has covered all the distributions that it has paid out since the end of October and earned significant excess returns. Read the full article on Seeking Alpha
Seeking Alpha • Mar 24

CGO: Good Portfolio, But Poor Relative Performance Plagues This Global CEF

Summary The Calamos Global Total Return Fund offers geographic diversification and a high distribution yield of 9.15%. The fund has underperformed major equity indices and has a negative return of 10.36% over the past three years. The fund invests in a combination of equities and bonds, but its performance has been disappointing compared to comparable index funds. The fund has failed to cover its distribution over the past two years and may be at risk of reducing its payout. The fund is trading at a discount to net asset value, but it is currently more expensive than its recent average. Read the full article on Seeking Alpha
Seeking Alpha • Oct 03

Calamos Global Total Return Fund declines by -20% to $0.08/share

Calamos Global Total Return Fund (NASDAQ:CGO) declares $0.08/share monthly dividend, -20% decrease from prior dividend of $0.10. Forward yield 9.67% Payable Oct. 20; for shareholders of record Oct. 14; ex-div Oct. 13. See CGO Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Sep 02

Calamos Global Total Return Fund declares $0.10 dividend

Calamos Global Total Return Fund (NASDAQ:CGO) declares $0.10/share monthly dividend, in line with previous. Forward yield 10.36% Payable Sept. 20; for shareholders of record Sept. 13; ex-div Sept. 12. See CGO Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 02

Calamos Global Total Return Fund declares $0.10 dividend

Calamos Global Total Return Fund (NASDAQ:CGO) declares $0.10/share monthly dividend, in line with previous. Forward yield 10.43% Payable Aug. 19; for shareholders of record Aug. 12; ex-div Aug. 11. See CGO Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 23

CGO: Premium Rises Amid Portfolio Declines

CGO is the global counterpart to CSQ, another Calamos fund that I'm invested in. Both of these funds are weighted more towards common stocks rather than convertibles. Calamos is more known for convertible investments; these funds hold some exposure there too. Written by Nick Ackerman, co-produced by Stanford Chemist. This article was originally published to members of the CEF/ETF Income Laboratory on July 21st, 2022. Calamos offers several closed-end fund investments that are worthwhile. They are often associated with convertible bond exposure. Even a fund such as Calamos Global Total Return Fund (CGO), with a heavier focus on equities, has convertible stock exposure at some level. The fund is more of a hybrid allocation, investing across stocks, bonds, convertibles and just about anything else is on the table. The fund is similar to Calamos Strategic Total Return Fund (CSQ), as I've noted previously. However, CGO has a global tilt that sets it apart. We know that over the last decade, U.S. investments have vastly outperformed their global counterparts. This is reflected in the last decade-long performance between these two funds. YCharts What makes it a bit more worthwhile at this point is that this trend doesn't last forever. There are periods when international stocks have outperformed. Based on the cheaper valuations abroad, that shift could happen going forward. Of course, the European turmoil that has been brought about by Russia now would probably need to be resolved. The Basics 1-Year Z-score: 0.25 Premium: 4.92% Distribution Yield: 11.04% Expense Ratio: 1.76% Leverage: 32.66% Managed Assets: $147 million Structure: Perpetual CGO will "seek total return through a combination of capital appreciation and current income." The way they attempt this is; "by investing in a globally diversified portfolio of equities, convertible securities and high-yield corporate bonds." Generally, equity positions are the largest allocation of the fund. That's followed by a material allocation to convertibles and then corporate bond exposure to a lesser degree. Rapid declines this year have meant that the managed assets have dwindled quickly. Not to mention what havoc that plays on the leverage by really ramping the leverage ratio up considerably. When we covered the fund just in February, the leverage ratio was sitting at less than 34%. While that figure hasn't moved today as far as a percentage, that's because the fund deleveraged its portfolio. It would have otherwise been over 40% at this point. This was a somewhat recent event too. At the end of April 2022, the fund listed $50.5 million in outstanding notes. It now lists that debt leverage is $27 million. CGO Fund Stats (Calamos) A smaller fund also leads to a lack of liquidity. A problem I noted the last time we covered the fund when it was at $200 million in AUM. It also leads to higher expenses, a place that Calamos can't really afford because they tend to run higher already. There are expenses that are fixed in nature, meaning that as the asset base grows smaller, these take a larger and larger chunk. To be fair, Calamos does run some rather unique funds with exposure into areas that aren't necessarily as accessible as usual. Convertible bonds are generally going to be private or require a bit more of an understanding to invest in as they are often unrated. When including the leverage expenses, the expense ratio came to 2.48% in its last semi-annual report. This is only set to rise higher if the fund loses more assets. Leverage expenses are also likely to boost the expense ratio of the fund as costs rise due to higher interest rates. They utilize borrowings through both a credit facility and preferred shares. The credit facility is charged at the Overnight Bank Financing Rate [OBFR] plus 0.80%. The preferred are at various fixed-rate dividends, which means some of the costs will be held steady. CGO Semi-Annual Report (Calamos) A lot of the "basics" here cover most of the risks, in my opinion. The lower assets, higher fees, high leverage and the interest rate sensitivity that is presented through that leverage, plus now deleveraging, really should be considered before making an investment in CGO. Performance - Premium, But Not Being comfortable with the risks above could lead to a fairly strong outcome going forward in terms of performance. One of the reasons for this is because of how hard the declines have come for the fund. They are geared towards more tech and growth-oriented investments. We can compare the YTD performance between a basket of other ETFs for some context. These are not exactly comparable funds, but help illustrate what we are seeing this year. We have included SPDR S&P 500 (SPY), Invesco QQQ (QQQ) and iShares Convertible Bond (ICVT). YCharts We see that CGO has performed worse relative to these funds. Even worse than QQQ, which it was tracking quite closely. If we blended these ETFs together, CGO should have come somewhere in the middle. However, the high leverage appears to be what we are seeing play out. With the strong losses already, the chance for further downside might be more limited than the upside going forward, especially if global stocks can start to gain some relief and momentum. The fund's premium, while it is elevated, is almost a common characteristic of the fund. The fund was recently at a nearly 12% premium, so at the 4.92%, we've pulled back quite a bit. Unfortunately, this premium is coming as a result of the underlying portfolio sinking even further than the fund and the share price holding up relatively better. We want to generally see the opposite of this. Over the last 5 years, the fund averaged a premium of 4.59% too. This was pushed higher relative to the 5 years before this, though. Over the last decade, the fund has averaged closer to parity with its NAV price. That makes the current premium still a bit higher than we'd want. Combining with the actual declines in the underlying portfolio could still be presenting a mildly attractive entry level. YCharts This fund has been really all over the place over the last several years in terms of its premium. This could present an opportunity on its own to exploit these sharp moves by buying closer to parity and then selling at a 5 to 10% premium. Distribution - Elevated But Concerning Depending on how you look at this, it could be another risk to consider or a highlight of buying this fund. It really depends on what type of investor you are. The fund has only one cut in its history. CGO Distribution History (CEFConnect) The current distribution rate for the fund comes in at an enticing double-digit level. It's actually just a bit over 11%, despite what the chart is showing below. Anyway, the chart below still reflects that the fund is paying out near a historically high level. YCharts Since it's at a premium, the fund actually has a distribution rate on NAV of 11.58%. That means that's what it has to earn to sustain the distribution and keep the fund's NAV level going forward. That's an elevated level, which some investors are drawn to - it could help explain some of the premium in the fund. However, that level is concerning, given the current environment. The fund will rely heavily on capital gains to fund its distribution as a fund that invests quite heavily in common stocks. Even convertible bonds hardly pay anything these days as most were issued with low or near 0% rates. In fact, when we look at the net investment income, we see a negative figure. That is for the latest report and for the fiscal year prior. CGO Semi-Annual Report (Calamos) Eating into this figure is "(Amortization)/Accretion of investment securities." That drove the fund's interest income to negative levels, with the dividends able to offset this to produce around $1 million in total investment income. Of course, TII also then has to go through the total expenses before arriving at the NII. With a total expense of $1.656 million, that's how we arrive at a negative figure. Taking the amortization of $723.5K out would leave a sliver of NII for common shareholders. Still, not nearly enough to cover the payout to investors. That's why even after factoring out the adjustment for amortization, capital gains are important to maintaining the distribution. With deleveraging by a meaningful amount, they are in a tougher situation. This all leads to the risk that a distribution cut could be implemented. That might rattle some investors and allow the fund to return to a discount. That would take away from any potential positive share price performance going forward, even if the NAV starts rebounding. For tax purposes, despite not having any positive NII, the fund's tax character is generally ordinary income. The last two fiscal years show that it was classified 100% as ordinary income for tax purposes. That would suggest that holding the fund in a non-taxable account would be more ideal. In the prior year, more specifically, only a small portion was qualified dividend income, with the remainder being primarily short-term capital gains (identified as ordinary income for tax purposes.) CGO Portfolio As mentioned above, CGO is invested in just a bit of everything but heaviest in equity positions.
Seeking Alpha • Mar 01

CGO: Distribution Yield Is Up But Due To Uncertainty Increasing

CGO is another Calamos fund offering; in this case, the fund focuses on global positions. I was pretty bullish on investments outside of the U.S. at the beginning of the year; however, with instability popping up in Europe, it seems less likely to outperform again. The fund has delivered a consistent distribution for its investors over the years; the yield has increased lately due to sizeable declines.
Seeking Alpha • Oct 25

CGO: Global Focus, 7.61% Distribution Yield

CGO appears to be essentially CSQ's global counterpart, focusing on a tilt away from U.S. investments. CGO currently pays a distribution yield of 7.67%, and they have paid the same monthly distribution since they cut in 2008/09. The fund is currently trading at a premium; however, that isn't all that uncommon for this fund.

In questa sezione di solito presentiamo le proiezioni di crescita dei ricavi e degli utili basate sulle stime di consenso degli analisti professionisti per aiutare gli investitori a capire la capacità della società di generare profitti. Tuttavia, poiché Calamos Global Total Return Fund non ha fornito dati sufficienti sul passato e non ha previsioni degli analisti, i suoi utili futuri non possono essere calcolati in modo affidabile estrapolando i dati passati o utilizzando le previsioni degli analisti.

Si tratta di una situazione piuttosto rara, dato che il 97% delle società coperte da SimplyWall St dispone di dati finanziari passati.

Previsioni di crescita degli utili e dei ricavi

NasdaqGS:CGO - Stime future degli analisti e dati finanziari passati (USD Millions )
DataRicaviUtiliFlusso di cassa liberoLiquidità dell'operazioneAvg. Numero di analisti
10/31/20253221111N/A
7/31/20254151414N/A
4/30/2025481717N/A
1/31/202542277N/A
10/31/2024336-3-3N/A
7/31/2024327-3-3N/A
4/30/2024318-4-4N/A
1/31/202421100N/A
10/31/20232555N/A
7/31/20232-12222N/A
4/30/20232-74040N/A
1/31/20232-283636N/A
10/31/20222-483131N/A
7/31/20222-351616N/A
4/30/20222-2300N/A
1/31/2022211-5-5N/A
10/31/2021345-11-11N/A
7/31/2021352-13-13N/A
4/30/2021460-15-15N/A
1/31/2021437-4-4N/A
10/31/202041488N/A
4/30/20204-102222N/A
1/31/2020501919N/A
10/31/20195101616N/A
4/30/201953N/A13N/A
1/31/20195-1N/A7N/A
10/31/20185-5N/A1N/A
7/31/201855N/A-1N/A
4/30/2018514N/A-3N/A
1/31/2018517N/A0N/A
10/31/2017420N/A4N/A
7/31/2017417N/A7N/A
4/30/2017413N/A10N/A
1/31/201747N/A11N/A
10/31/201641N/A12N/A
7/31/20164-4N/A15N/A
4/30/20164-9N/A17N/A
1/31/20164-3N/A16N/A
10/31/201542N/A15N/A
7/31/201546N/A12N/A

Previsioni di crescita futura degli analisti

Guadagni vs tasso di risparmio: Dati insufficienti per determinare se la crescita degli utili prevista CGO è superiore al tasso di risparmio ( 3.5% ).

Guadagni vs Mercato: Dati insufficienti per determinare se si prevede che gli utili di CGO cresceranno più velocemente del mercato US

Guadagni ad alta crescita: Dati insufficienti per determinare se si prevede che gli utili di CGO cresceranno in modo significativo nei prossimi 3 anni.

Ricavi vs Mercato: Dati insufficienti per determinare se si prevede che i ricavi di CGO cresceranno più rapidamente del mercato US.

Ricavi ad alta crescita: Dati insufficienti per determinare se si prevede che i ricavi di CGO cresceranno più rapidamente di 20% all'anno.

Previsioni di crescita dell'utile per azione

Rendimento futuro del capitale proprio

ROE futuro: Dati insufficienti per determinare se il Return on Equity di CGO è previsto essere elevato tra 3 anni

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2026/05/26 23:47
Prezzo dell'azione a fine giornata2026/05/26 00:00
Utili2025/10/31
Utili annuali2025/10/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Calamos Global Total Return Fund è coperta da 1 analisti. 0 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Kristoph RollenhagenOppenheimer & Co. Inc.