CSQ: Strong Performance, But Leverage And Fees Limit Upside Calamos Strategic Total Return Fund is ...

CSQ: Strong Performance, But Leverage And Fees Limit Upside Calamos Strategic Total Return Fund is a $5.2B CEF focused on equities, convertibles, and high-yield credit, employing significant leverage. CSQ has delivered strong historical NAV returns and supports its sizable 7.8% dividend primarily through capital appreciation rather than income. Despite robust performance, I rate CSQ a Hold due to its current 7.8% discount not offering a sufficient margin of safety given 30% leverage and high fees.