The GDL Fund (NYSE:GDL) Short Interest Update

The GDL Fund (NYSE:GDL) was the target of a significant decline in short interest in May. As of May 15th, there was short interest totaling 2,677 shares, a decline of 43.2% from the April 30th total of 4,713 shares. Based on an average daily trading volume, of 7,039 shares, the days-to-cover ratio is presently 0.4 days.

The GDL Fund Stock Performance

Shares of GDL stock traded up $0.02 on Tuesday, reaching $8.48. 31,179 shares of the company’s stock traded hands, compared to its average volume of 9,740. The GDL Fund has a 12-month low of $8.15 and a 12-month high of $8.67. The business’s 50 day moving average price is $8.43 and its two-hundred day moving average price is $8.47.

The GDL Fund Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.7%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GDL. Raymond James Financial Inc. purchased a new position in shares of The GDL Fund during the second quarter valued at $29,000. Closed End Fund Advisors Inc. purchased a new position in shares of The GDL Fund during the fourth quarter valued at $95,000. Private Advisor Group LLC grew its holdings 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 buying an additional 3,000 shares in the last quarter. Evolve Private Wealth LLC purchased a new position in shares of The GDL Fund during the fourth quarter valued at $164,000. Finally, GatePass Capital LLC purchased a new position in shares of The GDL Fund during the fourth quarter valued at $241,000.

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.