In plain terms — Calamos Global Dynamic Income Fund
Shares currently cost about 11.8% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 10.3% discount, so today's level is not wide for this fund (Z-score -0.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 9.0% a year of the share price (8.0% 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 10.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 13.7% 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 | -9.80% | 1.84% | -0.69 | 55 |
| 6 months | -10.54% | 1.77% | -0.30 | 108 |
| 1 year | -10.33% | 1.46% | -0.51 | 206 |
| 3 years | -10.91% | — | — | — |
| 5 years | -7.54% | — | — | — |
Current contemporaneous premium/discount -11.07% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -14.41% to -5.96%. 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 | -2.80% | -8.90% | +7.69% | +3.77% | +13.47% | -4.16% |
| Market price total return | -2.07% | -6.91% | +14.23% | +13.05% | +23.69% | +5.12% |
| NAV return | -1.31% | -5.35% | +11.07% | +5.99% | +13.17% | -1.76% |
| NAV total return | -1.31% | -4.13% | +16.33% | +13.73% | +21.97% | +6.90% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Managed by Calamos Advisors LLC and established by Calamos Investments LLC, the Calamos Global Dynamic Income Fund operates as a closed-end balanced mutual fund. This U.S.-domiciled fund, which commenced operations on April 10, 2007, and was previously known as Calamos Global Diversified Income & Opportunities Fund, strategically invests across worldwide public equity and fixed income markets. Its primary focus is on growth-oriented stocks from companies across all market capitalizations, complemented by allocations to higher-yielding corporate and government bonds, convertible securities, and alternative strategies like arbitrage and written call options. Portfolio construction is informed by a robust combination of fundamental and quantitative analysis, meticulously assessing the origin, sustainability, and inherent risks of potential investments. The fund's performance is measured against the MSCI World Index and the Merrill Lynch Global Broad Markets Index.
CEF Explorer research page for Calamos Global Dynamic Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.