Short Interest in The GDL Fund (NYSE:GDL) Declines By 37.3%

The GDL Fund (NYSE:GDL) was the recipient of a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 7,867 shares, a decrease of 37.3% from the July 15th total of 12,554 shares. Based on an average daily volume of 6,233 shares, the days-to-cover ratio is currently 1.3 days.

Institutional Trading of The GDL Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in GDL. Focus Partners Wealth purchased a new stake in shares of The GDL Fund during the 4th quarter worth $5,013,000. Gamco Investors INC. ET AL increased its holdings in shares of The GDL Fund by 73.0% in the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock valued at $3,736,000 after purchasing an additional 186,052 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of The GDL Fund by 840.5% in the 2nd quarter. Osaic Holdings Inc. now owns 39,445 shares of the investment management company’s stock valued at $329,000 after purchasing an additional 35,251 shares in the last quarter. GatePass Capital LLC acquired a new stake in shares of The GDL Fund in the fourth quarter valued at about $241,000. Finally, Evolve Private Wealth LLC acquired a new stake in shares of The GDL Fund in the fourth quarter valued at about $164,000.

The GDL Fund Stock Performance

NYSE GDL remained flat at $8.42 during trading on Wednesday. 3,698 shares of the company’s stock were exchanged, compared to its average volume of 9,475. The GDL Fund has a one year low of $8.24 and a one year high of $8.67. The business’s fifty day moving average is $8.43 and its two-hundred day moving average is $8.45.

The GDL Fund Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.7%.

About The GDL Fund

The GDL Fund, Inc (NYSE: GDL) is a closed-end management investment company that seeks total return through a combination of current income and capital appreciation. The fund maintains a diversified portfolio of primarily U.S. dollar-denominated fixed-income securities, including investment-grade and high-yield corporate bonds, asset-backed and mortgage-related securities, and sovereign debt. In addition to cash instruments, the fund employs derivative instruments—most notably credit default swaps and other credit derivatives—to gain exposure to or hedge against movements in credit spreads.

Since its inception in the mid-2000s, The GDL Fund has aimed to capitalize on opportunities across the credit spectrum by blending traditional bond investments with credit derivative strategies.