Calamos Global Total Return FundNASDAQ: CGO

Contango Holdings (LSE:CGO) shares soared in Monday's early deals after it unveiled a new deal which promises to unlock the Muchesu coal project in Zimbabwe. The company, in a statement, said it had agreed to sell a 51% interest in the project to Wencai Huo, a Zimbabwe-based Chinese investor with experience in the coal mining industry in the region.

This is a market in which the winners not only keep winning, but they continue to lap the broader market over and over again. And though everyone has been calling for a broadening out of stocks, that's not happening. So until the narrative changes, stick with what's working. And in CEFs, what's working are the Calamos leveraged equity and fixed-income funds. And none have been better than the Calamos Global Total Return Fund.

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 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.

For the third month in four, equity CEFs (+1.81%) witnessed gains while their fixed income CEF (+0.52%) counterparts for the fourth month in a row posted plus-side returns.