The GDL Fund
GDL
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Mario Joseph Gabelli
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- One Corporate Center Rye NY United States of America 10580-1422
- IPO Date
- Apr 23, 2007
- CIK
- 0001378701
- Website
- gabelli.com
- Similar Companies
- Business
- The GDL Fund (NYSE: GDL) is a diversified, closed-end management investment company whose primary investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The Fund invests primarily in securities of domestic and foreign companies involved in publicly announced mergers, takeovers, tender offers, and leveraged buyouts, as well as, to a lesser extent, corporate reorganizations involving stubs, spin-offs, and liquidations; it employs merger arbitrage strategies and hedging arrangements, with at least 80% of assets allocated to such event-driven opportunities across diversified sectors including financial services, energy, technology, healthcare, and consumer goods. The Fund benchmarks its performance against the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index and distributes realized long-term capital gains annually alongside quarterly distributions of investment company taxable income. Launched in 2006 by GAMCO Investors, Inc. and managed by Gabelli Funds, LLC, a subsidiary of GAMCO, the Fund (formerly known as the Gabelli Global Deal Fund) is headquartered at One Corporate Center in Rye, New York. It operates globally, targeting public equity markets with a focus on merger arbitrage transactions and related special situations to generate returns independent of broader market directions. The Fund maintains a portfolio of approximately $134-$167 million in total net assets, with recent holdings including positions in companies such as Everbridge, Inc., Bel Fuse, Inc., and various U.S. Treasury Bills amid heightened M&A activity. In recent developments, the Fund has sustained quarterly cash distributions of $0.12 per share throughout 2025, with the fourth quarter distribution declared on November 12, 2025, payable December 19, 2025, to shareholders of record on December 12, 2025; these distributions for 2025 are estimated to comprise approximately 11% net investment income, 29% net capital gains, and 60% return of capital on a book basis, with final tax components reported via Form 1099-DIV in early 2026. Amid robust global M&A activity totaling $1.5 trillion in the first half of 2024—including mega-deals like ConocoPhillips' $17 billion acquisition of Marathon Oil and IBM's $7 billion purchase of HashiCorp—the Fund benefited from selected holdings in event-driven positions during periods of increased deal volumes in technology, energy, and financials. The Board of Trustees continues to monitor distribution levels in light of the Fund's net asset value and prevailing market conditions, with no major acquisitions, partnerships, or strategic reorganizations reported for the Fund itself in the last 1-2 years.