In plain terms — Calamos Global Total Return Fund
Shares currently cost about 11.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 9.4% discount, so today's level is not wide for this fund (Z-score -0.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.9% a year of the share price (7.8% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.13 of assets — a ReinvestCapture™ rate of 10.0%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 13.9% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -9.31% | 0.82% | -0.47 | 64 |
| 6 months | -9.94% | 1.10% | +0.22 | 126 |
| 1 year | -9.44% | 1.17% | -0.22 | 249 |
| 3 years | -6.90% | — | — | — |
| 5 years | -4.47% | — | — | — |
Current contemporaneous premium/discount -9.70% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -12.48% to -7.17%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -5.87% | -9.48% | +5.62% | -0.82% | +12.04% | -4.65% |
| Market price total return | -5.16% | -7.54% | +12.10% | +8.20% | +22.08% | +4.38% |
| NAV return | -1.36% | -5.41% | +11.63% | +5.90% | +13.31% | -1.98% |
| NAV total return | -1.36% | -4.21% | +17.02% | +13.87% | +22.48% | +6.77% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Calamos Global Total Return Fund is a U.S.-domiciled, balanced, closed-end mutual fund that originated from Calamos Investments LLC and is overseen by Calamos Advisors LLC. Established on March 30, 2004, this fund strategically allocates capital across international public equity and fixed-income markets. Its investment objective is to identify opportunities in securities issued by companies spanning a diverse range of sectors. The portfolio predominantly comprises common stocks, convertible bonds, and high-yield corporate debt instruments. To construct its holdings, the fund integrates thorough fundamental research with systematic quantitative analysis. The Calamos Global Total Return Fund measures its investment performance against the MSCI World Index.
CEF Explorer research page for Calamos Global Total Return Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.