# Calamos Global Dynamic Income Fund Calamos Global Dynamic Income Fund is an Asset Manager based in Naperville, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Naperville, United States - **Region:** North America - **Address:** Naperville, IL, United States - **Founded:** 2007 - **Assets under management:** Undisclosed - **Website:** calamos.com ## Regulatory record - **Reports private funds:** No ## About The Calamos Global Dynamic Income Fund (ticker: CHW) originates from the research-driven tradition of Calamos Investments, an institutional and retail asset manager founded by John P. Calamos, Sr. in 1977 and headquartered in Naperville, Illinois. Calamos, a pioneer in convertible bond investing, authored two books on the asset class and built a firm now led by CEO John Koudounis. The CHW closed-end fund, incepted in 2007, operates as a perpetually-traded vehicle designed to maximize current income while preserving capital through a multi-asset, top-down framework that blends equity upside with the risk-reduction profile of convertible securities. The fund's strategy rests on a dynamic allocation between global equities, convertible bonds, and high-yield debt, overlaid with a systematic covered-call and option-selling program that generates income premiums. Convertible bonds typically form a significant anchor — public filings regularly show positions across technology, healthcare, and consumer discretionary names converted from debt into equity exposure. Geographic allocation spans North America, Western Europe, and select emerging markets, with the management team overseeing currency and credit risk at the security level. The fund employs structural leverage via borrowings and mandatory redeemable preferred shares, amplifying both income and volatility in pursuit of its managed distribution policy that historically targeted a level rate near 8-10% annually (per fund prospectus, ongoing). Team oversight for the fund's day-to-day portfolio management falls under Calamos Advisors LLC, the parent firm's registered investment adviser, which manages approximately $30 billion in total client assets (per the firm's public filings). The parent entity maintains offices in Naperville and Miami, with institutional and wealth-management distribution arms. The Calamos Global Dynamic Income Fund is one of several closed-end products within a broader universe that includes the Calamos Convertible and High Income Fund and the Calamos Strategic Total Return Fund, positioning CHW as the globally unconstrained offering in the suite. The fund's shareholder reports, published semi-annually, disclose full portfolio holdings, underlying sector concentrations, and leverage ratios accessible to any institutional due diligence review. CHW's structural differentiator lies in its permanent-capital closed-end format applied to a convertible-centric strategy, which exempts the portfolio team from managing daily investor redemptions and allows full deployment of the leverage sleeve without forced liquidations during credit dislocations. Unlike an open-end mutual fund that must sell into down markets to meet withdrawals, the closed-end vehicle can maintain and even add to positions when convertible valuations compress, creating an internal liquidity structure that better aligns with the asset class's multi-year cyclicality. The managed distribution policy, while not a guaranteed yield, resets annually based on realized gains and income, with any shortfall covered by long-term capital appreciation or return of capital — a trade-off clearly telegraphed in the fund's 19a-1 notices. ## Sectors - Public Equities - Convertible Bonds - Private Credit - Hedge Funds ## People - John P. Calamos, Sr. — Founder and Chairman - John Koudounis — President and Chief Executive Officer ## Questions ### Who runs investment decisions for the Calamos Global Dynamic Income Fund? The fund's portfolio management team is led by senior members of Calamos Advisors LLC, the investment adviser for all Calamos strategies. John P. Calamos, Sr., the firm's founder and global chief investment officer, established the convertible-centric philosophy that underpins the fund, while day-to-day execution is handled by a dedicated team of analysts and portfolio managers with specific expertise in convertible arbitrage, equity options, and global credit markets. ### Does the fund use leverage, and how does that affect risk? Yes, CHW employs structural leverage through a combination of bank borrowings and mandatory redeemable preferred shares, which collectively amplify both income generation and NAV volatility. As a closed-end fund, it can maintain this leverage through market cycles without managing redemptions, a feature that portfolio managers argue improves long-term income compounding but also introduces credit risk and sensitivity to interest-rate changes that allocators should model in their own risk budgeting. ### How is the Calamos Global Dynamic Income Fund different from the broader Calamos fund lineup? While the Calamos Convertible and High Income Fund (CHY) concentrates primarily on U.S. convertibles and high-yield bonds, CHW carries a distinctly global mandate that allows the team to allocate across regions and currencies when non-U.S. convertible valuations appear more attractive. The Calamos Strategic Total Return Fund (CSQ) adds an explicit total-return orientation with a larger equity allocation, whereas CHW prioritizes current income above capital appreciation, making it suited for allocators specifically targeting a managed monthly payout. ### What tax consequences should an allocator expect from CHW distributions? Distributions are annualized and reported on Form 1099-DIV, with breakdowns into ordinary income, qualified dividends, capital gains, and nontaxable return of capital. The mix depends on the fund's realized income and gains for the year, and return-of-capital distributions reduce an investor's cost basis rather than generating immediate tax liability. The fund publishes an annual tax-character letter that allows investors and their advisors to recategorize monthly payments for accurate reporting. ## Related profiles - [Digital Turbine](https://altss.com/profile/digital-turbine-inc) - [REALLOYS INC.](https://altss.com/profile/realloys-inc) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/calamos-global-dynamic-income-fund Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology