The GDL Fund (NYSE:GDL) Sees Significant Drop in Short Interest

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

Hedge Funds Weigh In On The GDL Fund

Several institutional investors and hedge funds have recently bought and sold shares of GDL. Raymond James Financial Inc. purchased a new stake in shares of The GDL Fund in the 2nd quarter valued at approximately $29,000. Closed End Fund Advisors Inc. purchased a new stake in shares of The GDL Fund during the 4th quarter valued at approximately $95,000. Private Advisor Group LLC raised its position in shares of The GDL Fund by 25.1% during the 1st quarter. Private Advisor Group LLC now owns 14,970 shares of the investment management company’s stock valued at $125,000 after buying an additional 3,000 shares during the period. Evolve Private Wealth LLC acquired a new position in The GDL Fund in the fourth quarter valued at approximately $164,000. Finally, GatePass Capital LLC acquired a new position in The GDL Fund in the fourth quarter valued at approximately $241,000.

The GDL Fund Stock Performance

Shares of GDL stock remained flat at $8.42 on Tuesday. 7,571 shares of the stock traded hands, compared to its average volume of 9,512. The company’s fifty day moving average price is $8.43 and its 200-day moving average price is $8.45. The GDL Fund has a 1 year low of $8.24 and a 1 year high of $8.67.

The GDL Fund Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be paid 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 yield of 5.7%.

The GDL Fund Company Profile

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.