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

The GDL Fund (NYSE:GDL) was the recipient of a significant drop in short interest in April. As of April 30th, there was short interest totaling 4,713 shares, a drop of 37.5% from the April 15th total of 7,540 shares. Based on an average trading volume of 6,814 shares, the days-to-cover ratio is presently 0.7 days.

The GDL Fund Price Performance

Shares of GDL stock traded up $0.05 on Tuesday, hitting $8.51. 7,677 shares of the company’s stock traded hands, compared to its average volume of 9,637. The GDL Fund has a one year low of $8.15 and a one year high of $8.67. The company’s fifty day simple moving average is $8.42 and its 200 day simple moving average is $8.46.

The GDL Fund Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Monday, June 15th.

Institutional Investors Weigh In On The GDL Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new position in The GDL Fund during the 2nd quarter worth approximately $29,000. Closed End Fund Advisors Inc. bought a new stake in The GDL Fund in the fourth quarter valued at approximately $95,000. Private Advisor Group LLC boosted its stake in shares of The GDL Fund by 25.1% during the first quarter. Private Advisor Group LLC now owns 14,970 shares of the investment management company’s stock valued at $125,000 after purchasing an additional 3,000 shares during the period. Evolve Private Wealth LLC bought a new position in shares of The GDL Fund in the fourth quarter worth approximately $164,000. Finally, GatePass Capital LLC bought a new position in shares of The GDL Fund in the fourth quarter worth approximately $241,000.

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.