Short Interest in The GDL Fund (NYSE:GDL) Grows By 372.7%

The GDL Fund (NYSE:GDL) saw a large growth in short interest during the month of June. As of June 15th, there was short interest totaling 9,818 shares, a growth of 372.7% from the May 31st total of 2,077 shares. Based on an average daily volume of 14,409 shares, the days-to-cover ratio is currently 0.7 days.

Hedge Funds Weigh In On The GDL Fund

Several large investors have recently modified their holdings of GDL. Focus Partners Wealth acquired a new stake in shares of The GDL Fund during the fourth quarter valued at about $5,013,000. Gamco Investors INC. ET AL boosted its position in shares of The GDL Fund by 73.0% during the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock worth $3,736,000 after purchasing an additional 186,052 shares during the period. NewEdge Advisors LLC boosted its position in shares of The GDL Fund by 2.0% during the 4th quarter. NewEdge Advisors LLC now owns 127,532 shares of the investment management company’s stock worth $1,080,000 after purchasing an additional 2,497 shares during the period. GatePass Capital LLC increased its holdings in The GDL Fund by 87.1% in the 1st quarter. GatePass Capital LLC now owns 53,150 shares of the investment management company’s stock valued at $443,000 after purchasing an additional 24,750 shares during the last quarter. Finally, Osaic Holdings Inc. increased its holdings in 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 during the last quarter.

The GDL Fund Stock Up 0.1%

Shares of NYSE GDL traded up $0.01 during midday trading on Friday, reaching $8.46. 5,737 shares of the stock were exchanged, compared to its average volume of 9,898. The company has a 50 day simple moving average of $8.46 and a 200 day simple moving average of $8.46. The GDL Fund has a twelve month low of $8.15 and a twelve month high of $8.67.

The GDL Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.48 annualized dividend and a 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.