Capturing Value from Strategic Corporate Transactions and Merger and Acquisition Opportunities
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The GDL Fund is a diversified, closed-end management investment company. The Fund will seek to achieve its investment objective by investing primarily in merger arbitrage transactions and, to a lesser extent, in corporate reorganizations involving stubs, spin-offs, and liquidations.
The Fund’s investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. Absolute returns are defined as positive total returns, regardless of the direction of securities markets.
Exposure to Merger Arbitrage: Global mergers and acquisitions (M&A) activity totaled $3.2 trillion in 2024, a 10% increase compared to 2023. This fund seeks to capture the companies positioned to be targeted for takeover in the near future.
Gaining Spreads on Event-Driven Situations: Leveraging our core competencies in the merger arbitrage space, we apply independent thinking and private valuations to announced deals.
Mario J. Gabelli is the Chairman and Chief Executive Officer of GAMCO Investors, Inc., the firm he founded in 1977. A 1965 summa cum laude graduate of Fordham University’s College of Business Administration, he also holds an M.B.A. from Columbia University Graduate School of Business, and honorary doctorates from Fordham University and Roger Williams University…. More
RPitaro@gabelli.com (914) 921-5025
Supported by a centralized team of 30+ sector-focused analysts supporting Growth and Value portfolios
A graphical measurement of a portfolio’s net return that simulates the performance of an initial investment of $10,000 over the given time period.
| Symbol | Company | Sector | Portfolio |
|---|---|---|---|
| B | UNITED STATES TREASURY BILL | Industrials | 7,389,264.41 |
| B | UNITED STATES TREASURY BILL | Industrials | 6,389,530.49 |
| ITCI | INTRA-CELLULAR THERAPIES INC | Health Care | 6,134,280.00 |
| K | KELLANOVA | Consumer Staples | 5,114,380.00 |
| COF | CAPITAL ONE FINANCIAL CORP | Financials | (4,751,091.40) |
| DFS | DISCOVER FINANCIAL SERVICES | Financials | 4,438,200.00 |
| ATSG | AIR TRANSPORT SERVICES GROUP INC | Industrials | 4,151,400.00 |
| BECN | BEACON ROOFING SUPPLY INC | Industrials | 3,896,550.00 |
| PDCO | PATTERSON COS INC | Health Care | 3,748,800.00 |
| PYCR | PAYCOR HCM INC | Industrials | 3,366,000.00 |
Gross Expense Ratio
3.4% / 1.4%
Net Expense Ratio
2.4% / 1.0%
Maximum Sales Charge
0.00%
Performance returns for periods of less than one year are not annualized. Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset value changes versus funds that do not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The ICE BofA 3 Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month, that issue is sold and rolled into the outstanding Treasury Bill that matures closest to, but not beyond three months from the re-balancing date. To qualify for selection, an issue must have settled on or before the re-balancing (month end) date. Dividends are not reinvested for the ICE BofA 3 Month U.S. Treasury Bill Index. You cannot invest directly in an index.
Total returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex- dividend date and are net of expenses. Since inception return is based on an initial NAV of $19.06.
Total returns and average annual returns reflect changes in closing market values on the NYSE and reinvestment of distributions. Since inception return is based on an initial offering price of $20.00.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.
Information regarding the Fund’s distribution policy and the most recent quarterly report, which contains a more extensive list of holdings, is available by calling 800-GABELLI (800-422-3554). Distribution rate is not representative of dividend yield or the total return of the Fund and has historically included a return of capital. After the end of the calendar year, the Fund will send individual shareholders with taxable accounts a Form 1099-DIV that will tell you how to report the year’s distribution for federal income tax purposes.
