The GDL Fund (NYSE:GDL) Sees Significant Growth in Short Interest
by Kim Johansen · The Markets DailyThe GDL Fund (NYSE:GDL – Get Free Report) was the recipient of a large increase in short interest in the month of 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.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in GDL. Raymond James Financial Inc. bought a new stake in shares of The GDL Fund during the second quarter valued at approximately $29,000. Closed End Fund Advisors Inc. bought a new position in The GDL Fund in the fourth quarter worth $95,000. Private Advisor Group LLC lifted its position in 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 during the period. Evolve Private Wealth LLC purchased a new position in The GDL Fund during the fourth quarter valued at $164,000. Finally, GatePass Capital LLC bought a new stake in shares of The GDL Fund during the 4th quarter valued at $241,000.
The GDL Fund Price Performance
Shares of NYSE GDL traded up $0.01 during midday trading on Friday, hitting $8.46. 5,737 shares of the company traded hands, compared to its average volume of 9,898. The GDL Fund has a 12-month low of $8.15 and a 12-month high of $8.67. The stock has a 50-day moving average price of $8.46 and a 200 day moving average price of $8.46.
The GDL Fund Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend was Monday, June 15th.
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.