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

The GDL Fund (NYSE:GDL) was the recipient of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 12,200 shares, a decline of 31.5% from the February 28th total of 17,800 shares. Based on an average daily trading volume, of 17,800 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Trading of The GDL Fund

A number of hedge funds have recently made changes to their positions in GDL. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in The GDL Fund in the 4th quarter valued at approximately $14,810,000. Gamco Investors INC. ET AL increased its position in The GDL Fund by 40.1% in the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock valued at $3,537,000 after acquiring an additional 126,300 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of The GDL Fund by 3.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 97,327 shares of the investment management company’s stock valued at $781,000 after acquiring an additional 3,519 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of The GDL Fund by 98.9% during the fourth quarter. Wells Fargo & Company MN now owns 59,166 shares of the investment management company’s stock worth $475,000 after purchasing an additional 29,423 shares during the period. Finally, Independent Advisor Alliance bought a new stake in shares of The GDL Fund in the fourth quarter worth $4,920,000.

The GDL Fund Stock Up 0.4 %

Shares of GDL traded up $0.04 during trading hours on Tuesday, reaching $8.27. The stock had a trading volume of 2,575 shares, compared to its average volume of 11,459. The GDL Fund has a 12 month low of $7.76 and a 12 month high of $8.40. The company’s 50-day moving average is $8.28 and its two-hundred day moving average is $8.17.

The GDL Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were given a $0.12 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 5.81%.

About The GDL Fund

The GDL Fund is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds, LLC. The fund invests in public equity markets across the globe. It invests in stocks of companies operating across diversified sectors. The fund invests in securities of companies involved in publicly announced mergers, takeovers, tender offers, and leveraged buyouts.