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

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

Institutional Trading of The GDL Fund

Hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in The GDL Fund in the 2nd quarter worth approximately $29,000. Closed End Fund Advisors Inc. acquired a new stake in shares of The GDL Fund in the fourth quarter valued at approximately $95,000. Private Advisor Group LLC increased its holdings in shares of The GDL Fund by 25.1% in 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 last quarter. Evolve Private Wealth LLC purchased a new position in The GDL Fund during the fourth quarter worth approximately $164,000. Finally, GatePass Capital LLC purchased a new position in The GDL Fund during the fourth quarter worth approximately $241,000.

The GDL Fund Price Performance

GDL remained flat at $8.42 on Tuesday. 7,571 shares of the company’s stock traded hands, compared to its average volume of 9,512. The GDL Fund has a 52 week low of $8.24 and a 52 week high of $8.67. The firm’s fifty day simple moving average is $8.43 and its 200-day simple moving average is $8.45.

The GDL Fund Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.48 dividend on an annualized basis 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.