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

The GDL Fund (NYSE:GDL) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totaling 9,818 shares, an increase of 372.7% from the May 31st total of 2,077 shares. Based on an average daily volume of 14,409 shares, the short-interest ratio is presently 0.7 days.

The GDL Fund Price Performance

NYSE:GDL traded up $0.01 during trading hours on Friday, hitting $8.46. 5,737 shares of the stock were exchanged, compared to its average volume of 9,898. The firm’s fifty day moving average price is $8.46 and its 200 day moving average price is $8.46. The GDL Fund has a 52-week low of $8.15 and a 52-week high of $8.67.

The GDL Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Monday, June 15th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in The GDL Fund during the 2nd quarter worth $29,000. Closed End Fund Advisors Inc. acquired a new position in The GDL Fund during the fourth quarter worth about $95,000. Private Advisor Group LLC grew its stake in 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 acquiring an additional 3,000 shares in the last quarter. Evolve Private Wealth LLC acquired a new stake in The GDL Fund in the 4th quarter valued at about $164,000. Finally, GatePass Capital LLC acquired a new stake in The GDL Fund in the 4th quarter valued at about $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.