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GDL

GDL Fund
GDL

39 hedge funds and large institutions have $111M invested in GDL Fund in 2017 Q2 according to their latest regulatory filings, with 3 funds opening new positions, 14 increasing their positions, 11 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

27% more repeat investments, than reductions

Existing positions increased: 14 | Existing positions reduced: 11

24% more capital invested

Capital invested by funds: $89.6M → $111M (+$21.7M)

12.51% more ownership

Funds ownership: 47.54% → 60.05% (+13%)

7% less funds holding

Funds holding: 42 → 39 (-3)

50% less funds holding in top 10

Funds holding in top 10: 2 → 1 (-1)

50% less first-time investments, than exits

New positions opened: 3 | Existing positions closed: 6

Holders
39
Holders Change
-3
Holders Change %
-7.14%
% of All Funds
0.97%
Holding in Top 10
1
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-50%
% of All Funds
0.02%
New
3
Increased
14
Reduced
11
Closed
6
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
RVPG
Relative Value Partners Group
+$24.5M
2
RJA
Raymond James & Associates
Florida
+$1.49M
3
Morgan Stanley
Morgan Stanley
New York
+$1.06M
4
ICM
Ionic Capital Management
New York
+$935K
5
OTC
Opera Trading Capital
France
+$279K

Top Sellers

1
AAM
Advisors Asset Management
Colorado
-$2.85M
2
RCM
Rivernorth Capital Management
Florida
-$2.51M
3
MC
Matisse Capital
Oregon
-$1.97M
4
GPC
Glacier Peak Capital
Washington
-$996K
5
CA
Cornerstone Advisors
North Carolina
-$880K
Name Holding Trade Value Shares
Change 		Change in
Stake
RVPG
1
Relative Value Partners Group
$25.3M +$24.5M +2,436,465 +8,865%
GCIA
2
Gabelli & Co Investment Advisers
New York
$15.3M +$227K +22,624 +2%
Lazard Asset Management
3
Lazard Asset Management
New York
$13.8M – – –
GPC
4
Glacier Peak Capital
Washington
$8.77M -$996K -99,040 -10%
RJA
5
Raymond James & Associates
Florida
$8.64M +$1.49M +147,747 +21%
AAM
6
Advisors Asset Management
Colorado
$7.6M -$2.85M -283,713 -28%
MC
7
Matisse Capital
Oregon
$3.82M -$1.97M -196,456 -35%
FIMG
8
Financial & Investment Management Group
Michigan
$3.81M +$176K +17,479 +5%
HK
9
Horizon Kinetics
New York
$3.15M +$145K +14,471 +5%
GI
10
GAMCO Investors
Connecticut
$2.99M +$31.7K +3,151 +1%
Bank of America
11
Bank of America
North Carolina
$2.8M +$39.6K +3,941 +1%
Morgan Stanley
12
Morgan Stanley
New York
$2.46M +$1.06M +105,070 +78%
CA
13
Cornerstone Advisors
North Carolina
$2.43M -$880K -87,579 -27%
AA
14
Ancora Advisors
Ohio
$1.73M – – –
RCM
15
Rivernorth Capital Management
Florida
$1.39M -$2.51M -250,030 -65%
ZA
16
Zazove Associates
Nevada
$1.13M – – –
ICM
17
Ionic Capital Management
New York
$954K +$935K +92,997 New
CL
18
CSS LLC
Illinois
$941K – – –
GC
19
Guggenheim Capital
Illinois
$862K +$75.3K +7,493 +10%
WS
20
Wedbush Securities
California
$499K +$48.3K +4,810 +11%
Wells Fargo
21
Wells Fargo
California
$455K -$55.6K -5,536 -11%
DA
22
Doliver Advisors
Texas
$400K -$24.1K -2,400 -6%
MAM
23
Marquette Asset Management
Minnesota
$368K +$31.3K +3,109 +9%
OTC
24
Opera Trading Capital
France
$285K +$279K +27,740 New
BI
25
Bulldog Investors
New Jersey
$272K – – –
1
2

GDL Hedge Fund Activity: Q2 2017 in Review

39 of the 4,011 institutional investors tracked by Wall St. Rank reported a position in GDL Fund (GDL) for Q2 2017, worth a combined $111M — up 24% from $89.6M a quarter earlier.

Sellers outnumbered buyers: 6 funds closed out of GDL and 3 opened new positions — a net loss of 3 holders — while 11 trimmed existing stakes and 14 added.

The largest buyer was Relative Value Partners Group, adding an estimated $24.5M. The largest seller was Advisors Asset Management, cutting an estimated $2.85M.

  • 39 institutional investors held GDL Fund (GDL) as of Q2 2017, down from 42 in Q1 2017.
  • Funds reported $111M of GDL Fund stock for Q2 2017, up 24% quarter-over-quarter.
  • 3 funds opened new GDL Fund positions in Q2 2017 and 6 closed out, a net change of -3 holders.
  • The largest GDL Fund buyer in Q2 2017 was Relative Value Partners Group, an estimated $24.5M added.
  • The largest GDL Fund seller in Q2 2017 was Advisors Asset Management, an estimated $2.85M sold.

Based on aggregated 13F filings for Q2 2017.