The GDL Fund (NYSE:GDL) Short Interest Up 372.7% in June

The GDL Fund (NYSE:GDL) saw a large 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 trading volume of 14,409 shares, the days-to-cover ratio is presently 0.7 days.

The GDL Fund Price Performance

NYSE:GDL opened at $8.46 on Monday. The GDL Fund has a one year low of $8.15 and a one year high of $8.67. The company’s 50-day simple moving average is $8.46 and its 200 day simple moving average is $8.46.

The GDL Fund Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th were issued 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 Trading of The GDL Fund

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. bought a new position in The GDL Fund during the 2nd quarter valued at approximately $29,000. Closed End Fund Advisors Inc. bought a new stake in The GDL Fund in the fourth quarter worth $95,000. Private Advisor Group LLC grew its stake 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 worth $125,000 after acquiring an additional 3,000 shares during the last quarter. Evolve Private Wealth LLC purchased a new stake in shares of The GDL Fund in the fourth quarter worth $164,000. Finally, GatePass Capital LLC bought a new position in shares of The GDL Fund during the fourth quarter valued at $241,000.

The GDL Fund Company Profile

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.