The GDL Fund (NYSE:GDL) Sees Large Increase in Short Interest

The GDL Fund (NYSE:GDL) saw a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 10,400 shares, an increase of 420.0% from the January 31st total of 2,000 shares. Based on an average daily volume of 18,500 shares, the days-to-cover ratio is presently 0.6 days.

Hedge Funds Weigh In On The GDL Fund

Several hedge funds have recently bought and sold shares of the company. Landscape Capital Management L.L.C. boosted its holdings in The GDL Fund by 26.6% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 13,410 shares of the investment management company’s stock valued at $109,000 after purchasing an additional 2,820 shares during the period. Wells Fargo & Company MN raised its position in shares of The GDL Fund by 98.9% in the fourth quarter. Wells Fargo & Company MN now owns 59,166 shares of the investment management company’s stock worth $475,000 after buying an additional 29,423 shares in the last quarter. Park Avenue Securities LLC boosted its stake in The GDL Fund by 8.1% during the fourth quarter. Park Avenue Securities LLC now owns 90,208 shares of the investment management company’s stock valued at $723,000 after buying an additional 6,736 shares during the period. Envestnet Asset Management Inc. grew its position in 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 worth $781,000 after buying an additional 3,519 shares in the last quarter. Finally, Cornerstone Advisors LLC increased its stake in The GDL Fund by 6.7% in the 3rd quarter. Cornerstone Advisors LLC now owns 200,987 shares of the investment management company’s stock worth $1,638,000 after acquiring an additional 12,699 shares during the last quarter.

The GDL Fund Stock Performance

GDL traded up $0.03 during trading on Friday, reaching $8.34. 5,299 shares of the company were exchanged, compared to its average volume of 21,113. The GDL Fund has a 12-month low of $7.72 and a 12-month high of $8.38. The company’s 50-day moving average is $8.18 and its two-hundred day moving average is $8.13.

The GDL Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Monday, March 17th will be given a $0.12 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.76%.

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.