CHW: Buy This Fund Before It Hikes Its Distribution

seekingalpha08-13

Calamos Global Dynamic Income Fund offers global equity exposure and high income, which should be good for income-focused investors who need inflation protection.The fund invests primarily in equities...

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Abstract Aerial Art/DigitalVision via Getty Images The Calamos Global Dynamic Income Fund (NASDAQ:CHW) is a closed-end fund, or CEF, that investors can employ as a way of obtaining global equity exposure as well as a high level of income. These are both things that will probably appeal to many investors today. The fact that this fund invests primarily in equities should be reasonably attractive to anyone who is concerned about the impact that inflation might have on the purchasing power of their wealth. I explained the reason for this in a recent article: One of the nice things about this fund is that it invests in equity securities, so it provides a certain amount of protection against inflation, which may be a bigger problem going forward than it has been in the past. After all, the projections for large fiscal deficits going forward are well-known, and it is difficult to see any way for these deficits to be funded by any method apart from the creation of new currency. Historically, equities, real estate, and gold have been the best ways to preserve the purchasing power of your money against inflation. At this point, some readers might point out that the consumer price index is showing a considerably lower inflation rate than it was two years ago. If the United States ultimately falls into a recession in the near future, that will reduce the inflation rate further. This is true (if the economy manages to avoid stagflation), but it is important to keep in mind that recessions are only temporary events. The presidential candidates from both major parties have proposed policies that the Federal Reserve states will cause inflation, so that makes it even less likely that the country will avoid inflation over the long term. As such, it is wise for investors to take action today to protect themselves. As of the time of writing, the Calamos Global Dynamic Income Fund has an 8.96% distribution yield, so it does reasonably well from an income perspective. Here is how it compares to its peers in this respect:   Fund Name Morningstar Classification Current Yield   Calamos Global Dynamic Income Fund Hybrid-Global Allocation 8.96%   Clough Global Opportunities Fund (GLO) Hybrid-Global Allocation 11.18%   Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO) Hybrid-Global Allocation 8.41%   Guggenheim Active Allocation Fund (GUG) Hybrid-Global Allocation 9.15%   LMP Capital & Income Fund (SCD) Hybrid-Global Allocation 8.74%   Virtus Total Return Fund (ZTR) Hybrid-Global Allocation 10.51%   Click to enlarge As we can see, the current yield of the Calamos Global Dynamic Income Fund is slightly below the median 9.06% yield for this peer grouping. This is something that might discourage potential investors from purchasing its shares. After all, most people would prefer to receive larger monthly checks from their portfolio. However, Calamos funds generally tend to do pretty well during periods in which a bull market exists. This particular fund was the second-best performer among this grouping over the past year:   Seeking Alpha It was also the third-best performer over the past five years:   Seeking Alpha However, in both cases, the LMP Capital & Income Fund took the top performance slot, and that might make that fund more appealing to investors than this one. However, the LMP Capital & Income Fund does have a tendency to invest in traditional energy companies and midstream partnerships that might not appeal to all investors. In particular, anyone wishing to avoid fossil fuel investments for personal reasons might want to avoid that fund. The point here though is that the Calamos Global Dynamic Income Fund has mainly performed reasonably well when compared to many of its peers. As regular readers might remember, we previously discussed the Calamos Global Dynamic Income Fund in late May of this year. The global equity markets have mostly been fairly strong since that time, although their overall performance was marred by the events of the past week. However, we can still make the assumption that the Calamos Global Dynamic Income Fund delivered a reasonable performance since that time. However, this assumption is not really the case as shares of the fund have declined by 0.15% since my previous article on it was published:   Seeking Alpha As we can see here, the fund underperformed the S&P 500 Index (SP500) over the period, as domestic large-cap stocks registered a slight gain. It did manage to outperform the MSCI World Index (URTH) though, which is always nice for a global fund. However, as I noted in my previous article on this fund: A simple look at a closed-end fund’s share price performance does not necessarily provide an accurate picture of how investors in the fund did during a given period. This is because these funds tend to pay out all of their net investment profits to the shareholders, rather than relying on the capital appreciation of their share price to provide a return. This is the reason why the yields of these funds tend to be much higher than the yield of index funds or most other market assets. When we include the distributions paid out by the Calamos Dynamic Income fund over the period, we get this alternative chart:   Seeking Alpha As we can clearly see, the fund actually ended up beating both indices when distributions were included. This is not entirely unusual for a Calamos fund during a bull market, as this fund also beat both indices over the past year:   Seeking Alpha The Calamos Strategic Total Return Fund (CSQ), which is a U.S.-centric fund from the same sponsor, has actually been one of the few closed-end funds to fairly consistently beat the S&P 500 Index over extended periods. This is partly due to the very low yields paid out by the two indices that allow the closed-end fund to get a total return boost from its distribution. However, the Calamos Global Dynamic Income Fund did get beaten up pretty badly in 2022, which is a major drag on its multi-year performance history. With that said, the one unique thing about 2022 is that it was characterized by rapidly rising interest rates. It seems almost certain that if we are to enter into a new bear market triggered by a weak economy, then interest rates will be reduced. The last time that this happened was in 2020, and the Calamos Global Dynamic Income Fund outperformed both the S&P 500 Index and the MSCI World Index by quite a lot during that year:   Seeking Alpha While there is no guarantee that the fund will deliver a similar level of outperformance should the economy descend into a recession and the Federal Reserve cuts interest rates in response, this does provide a pretty good precedent. As such, it might be worth considering this fund for obtaining some income and global diversification over the next two years or so. As the last time that we discussed the Calamos Global Dynamic Income Fund was two-and-a-half months ago, there have been some things that have changed. This article will look specifically at these changes and see if we need to update our thesis at all. About The Fund According to the fund’s website, the Calamos Global Dynamic Income Fund has the primary objective of providing its investors with a high level of current income. This is a rather strange objective for an equity fund due to the simple fact that equities are not particularly good income vehicles. We can see this clearly in the yields of both the S&P 500 Index, the MSCI World Index, and the MSCI All-Countries World Index (ACWI):   Index TTM Yield   S&P 500 (SPY) 1.28%   MSCI World 1.57%   MSCI All-Countries World 1.72%   Click to enlarge All of these indices have lower yields than either an ordinary high-yield savings account at a bank or a money market fund. As such, we can clearly see that equities are not good income vehicles. However, the Calamos Global Dynamic Income Fund does not invest solely in equities. The fund’s Morningstar classification is that of a hybrid fund, which suggests that it invests in a combination of equities, debt, and other assets beyond ordinary common equities and traditional fixed-rate and floating-rate bonds. The fund’s website does not provide any real insight into its strategy, as all it provides is this:   Calamos Investors The website also states: The Fund seeks to provide a high level of current income with a secondary objective of capital appreciation. The Fund has maximum flexibility to dynamically allocate among equities, convertible bonds, fixed-income securities and alternative investments around the world. This does not really tell us anything except that the fund will invest in a combination of domestic and foreign securities of any type. This means that it will have equities and debt, which works pretty well for a total return objective. However, it does not work too well for a current income unless the fund is mostly weighted towards income securities such as bonds or high-yielding dividend stocks. This does not appear to be the case, since the most recent annual report states: [The] Calamos Global Dynamic Income Fund invests in equities, convertibles, and income-producing securities of various rated and unrated instruments in both US and non-US markets. [The fund] will invest at least 50% in equities and between 40% and 100% of its managed assets in securities of foreign issuers. This description specifically states that at least half of the fund’s assets, and potentially more, will be invested in equities. It appears to be significantly above that cut-off right now. The fund’s most recent semi-annual report provides the following asset allocation as of May 31, 2024:   Asset Type % of Net Assets   Asset-Backed Security 0.0%   Corporate Bonds 14.4%   Convertible Bonds 30.7%   Bank Loans 7.2%   Common Stocks 77.8%   Preferred Stocks 0.1%   Warrants 0.0%   U.S. Government and Agency Securities 0.3%   Exchange-Traded Funds 7.4%   Purchased Options 1.3%   Click to enlarge We can see that common stocks accounted for the majority of the fund’s assets on May 31, 2024. However, the overall asset allocation is more balanced than might be assumed due to the simple fact that the exchange-traded funds are both ones that invest in senior loans:   Fund Semi-Annual Report We have here the Invesco Senior Loan ETF (BKLN) and the SPDR Blackstone Senior Loan ETF (SRLN). If we therefore consider these in with the Senior Loan allocation category, then we have this:   Asset Modified % of Net Assets   Corporate Bonds 14.4%   Convertible Bonds 30.7%   Bank Loans 14.6%   Common Stocks 77.8%   Click to enlarge Along with minimal allocations to a few other things. Convertibles are the odd thing out because they are a hybrid of debt and equity securities. If we consider them as debt securities, then we have 59.7% of net assets invested in debt and 77.8% of its assets invested in common equities. That is still definitely very much a total return-oriented portfolio, as opposed to current income, but it is much more balanced than may be expected. Naturally, though, convertible bonds tend to deliver a performance that at least somewhat correlates with equities. For example, take a look at the iShares Convertible Bond ETF (ICVT) compared to the S&P 500 Index and the Bloomberg U.S. Aggregate Bond Index:   Seeking Alpha This suggests that it may be more appropriate to lump these securities in with common equities than with bonds when determining the split of the Calamos Global Dynamic Income Fund between stocks and bonds. Furthermore, the convertible bond index only has a 2.34% trailing twelve-month yield. While this is better than the equity indices, it is not nearly enough to make them good income vehicles in an environment in which it is fairly easy to obtain 5% from the global money markets. As such, it is debatable whether we should really consider the Calamos Global Dynamic Income Fund to truly be an income-focused fund rather than a fund that maximizes total return. While this might be a moot point considering that the fund’s yield alone does provide its investors with a source of income, it matters a lot for taxes. This is due to the different rates at which capital gains versus interest income are taxed. The fund’s most recent distribution announcement states that 70% of the fund’s distributions year-to-date have been short-term capital gains and the remainder is a return of capital distribution. This particular announcement states that none of the fund’s distributions so far have been ordinary income. This further suggests that the Calamos Global Dynamic Income Fund is more focused on a high level of total return than on current income for itself. As mentioned, though, some investors might not care about this technicality. Changes From Our Last Discussion The Calamos Global Dynamic Income Fund had an annual turnover of 113% during the first six months of the current fiscal year. The fund has also had very high turnover during previous years:     FY 2023 FY 2022   Portfolio Turnover 114% 134%   Click to enlarge (Figures from the most recent semi-annual report.) As such, we might expect that the fund’s portfolio has experienced a few major changes since the last time that we looked at it. Here are the largest positions in the fund as of July 31, 2024:   Calamos Investments There have been three major changes to the fund’s portfolio since the last time that we discussed it. In particular, these are that Eli Lilly (LLY), Uber Technologies (UBER), and ASML Holdings (ASML) were moved from the fund’s portfolio. In their place, we have Apple (AAPL), MakeMyTrip (MMYT), and Amazon.com (AMZN). There were also many changes to the fund’s weightings over the past two-and-a-half months, but that could have easily been caused by one stock outperforming another in the market. The fund did not necessarily purchase or sell one or more stocks to change the weightings. Apple and Amazon.com will almost certainly be very familiar names to any readers. After all, these are both among the largest technology companies in the United States and globally. Each of them has outperformed the S&P 500 Index over the past year:   Seeking Alpha However, Amazon.com has lagged the S&P 500 Index year-to-date. Nonetheless, the fund had some opportunities to earn some capital gains from these securities, depending on when the company’s shares were purchased. This is particularly true for Apple, which has risen by 11.45% since the start of June:   Seeking Alpha Calamos funds, including the Calamos Global Dynamic Income Fund, have a tendency to engage in momentum trading. These funds will literally purchase an asset and try to ride it up, then dispose of it to realize some capital gains. This explains both the high proportion of short-term gains in the distributions and the high turnover. In this case, the fund almost certainly made some money from the Apple trade. Distribution Analysis The primary objective of the Calamos Global Dynamic Income Fund is to provide its investors with a high level of current income, although it appears to be accomplishing this objective primarily by generating capital gains to distribute to the shareholders. To this end, the fund pays a monthly distribution of $0.05 per share ($0.60 per share annually). This gives it an 8.96% current yield, which is just below the median level for global hybrid closed-end funds. Unfortunately, the Calamos Global Dynamic Income Fund has not been particularly consistent regarding its distributions over the years:   CEF Connect From the previous article: As we can see, the fund has both raised and cut its distribution several times over the past several years since its inception. Most of the cuts came at a time of stock market weakness, such as the Lehman Brothers collapse, the Great Financial Crisis, and of course the termination of the Federal Reserve’s longstanding easy money policy in 2022. Thus, the fund’s distribution appears to depend to a certain degree on the performance of the American stock market, which makes a lot of sense considering that this fund is weighted most heavily to this particular market. However, it might still prove to be a turn-off for those investors who are seeking a safe and secure source of income to pay their bills and finance their lifestyles. After all, we do not really like our ability to support ourselves to be dependent on the performance of the stock market. Some Calamos funds specifically adhere to a managed distribution policy. This basically means that the fund pays out a set amount of money every month, regardless of the fund’s portfolio performance. This is designed to give investors a certain amount of income, regardless of the market. The Calamos Global Dynamic Income Fund appears to adhere to such a policy, but it is excluded from the list of funds following such a policy that is provided in the semi-annual report:   Fund Semi-Annual Report Please note that the Calamos Global Dynamic Income Fund is not included in this list. Thus, the fund is not technically following a managed distribution policy, even though its distribution history suggests that it is. The problem with such a policy is that it can result in the fund paying out more than is supported by its actual portfolio performance, and thus deplete its net asset value in the process. Let us take a look at this fund’s finances to determine if that is the case here. As of the time of writing, the most recent financial report that is available for the Calamos Global Dynamic Income Fund is the semi-annual report for the six-month period that ended on May 31, 2024. A link to this report was provided earlier in this article. This is a much newer report than the one that was available the last time that we discussed this fund, so it should work pretty well to provide us with an update. For the six-month period that ended on May 31, 2024, the Calamos Global Dynamic Income Fund received $5,905,541 in interest and $3,145,263 in dividends from the assets in its portfolio. Some of this money was considered an amortization of principal, so we need to subtract it from the total. This gives the fund a total investment income of $6,892,366 for the period. That was not sufficient to cover the fund’s expenses, and it ended up reporting a net investment loss of $2,040,407 over the six-month period. Obviously, this was not sufficient to cover any distribution. The fund was, fortunately, able to make up the difference through capital gains. For the six-month period, the Calamos Global Dynamic Income Fund reported net realized gains of $42,043,383 along with an additional $54,639,525 in net unrealized gains. That was more than enough to cover the $19,159,316 that it paid out in distributions. Overall, the fund’s net assets increased by $75,483,185 after accounting for all inflows and outflows during the period. Clearly, this fund is fully covering its distributions right now. This adds further support to a statement that I made in the previous article: As we have already seen, the fund’s net asset value has increased by quite a lot since the start of November 2023. As such, it appears that the fund has solved this problem (its failure to cover for the full-year period) and has earned more than enough to cover its distribution payments since the start of the current fiscal year. I predicted in the previous article that the Calamos Global Dynamic Income Fund will raise its distribution at some point. This will almost certainly be the case unless the market experiences a severe crash within the next few months. Valuation Shares of the Calamos Global Dynamic Income Fund are currently trading at a 9.95% discount to net asset value. This is in line with the 9.96% discount that the shares have had on average over the past month. Thus, the current price appears to be quite reasonable. Conclusion  In conclusion, the Calamos Global Dynamic Income Fund continues to prove its worth as a good income fund for any investor seeking income who does not wish to give up their equity exposure. My previous predictions were correct, as this fund easily covered the distribution for the first half of the fiscal year and continues to look like it could raise its distribution. This would almost certainly be good for the share price, since closed-end funds usually appreciate in price whenever the distribution is increased. Thus, right now could be a good opportunity to get into this fund before that happens.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2459515639"}