Vault-13

GDL FD GDL

COM SH BEN IT · Closed-End Fund · CUSIP 361570104

32 institutional holders +1 vs Q1 2026
4,701,7334.7m shares reported held*
$39.8mreported value*
5 new 6 added 10 reduced 4 sold out net sold ≈ $5.1m (-602.7k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $8.47.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 30Q4 22: 30Q1 23: 32Q2 23: 33Q3 23: 34Q4 23: 28Q1 24: 28Q2 24: 30Q3 24: 26Q4 24: 28Q1 25: 24Q2 25: 28Q3 25: 27Q4 25: 32Q1 26: 31Q2 26: 3232Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202230
Q4 202230
Q1 202332
Q2 202333
Q3 202334
Q4 202328
Q1 202428
Q2 202430
Q3 202426
Q4 202428
Q1 202524
Q2 202528
Q3 202527
Q4 202532
Q1 202631
Q2 202632

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
20020Q3 24: 9 bought or addedQ3 24: 15 cut or sold outQ4 24: 14 bought or addedQ4 24: 7 cut or sold outQ4 24Q1 25: 7 bought or addedQ1 25: 15 cut or sold outQ2 25: 15 bought or addedQ2 25: 6 cut or sold outQ2 25Q3 25: 5 bought or addedQ3 25: 15 cut or sold outQ4 25: 13 bought or addedQ4 25: 10 cut or sold outQ4 25Q1 26: 15 bought or addedQ1 26: 9 cut or sold outQ2 26: 11 bought or addedQ2 26: 14 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024915
Q4 2024147
Q1 2025715
Q2 2025156
Q3 2025515
Q4 20251310
Q1 2026159
Q2 20261114

Biggest buyers

PARK AVENUE SECURITIES LLC New +82,604+82.6k
Atlas Wealth LLC New +55,366+55.4k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +14,251+14.3k
MORGAN STANLEY Added +12,547+12.5k
Matisse Capital Added +11,125+11.1k
Permanent Capital Management, LP New +10,131+10.1k
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC Added +8,208+8.2k
OSAIC HOLDINGS, INC. Added +1,102+1.1k
NewEdge Advisors, LLC Added +660+660
Integrated Wealth Concepts LLC New +389+389

Biggest sellers

Independent Advisor Alliance Sold out -384,932-384.9k
ZAZOVE ASSOCIATES LLC Sold out -241,044-241.0k
Focus Partners Wealth Reduced -68,545-68.5k
GatePass Capital, LLC Reduced -40,650-40.6k
Ancora Advisors LLC Reduced -26,468-26.5k
Private Advisor Group, LLC Sold out -14,970-15.0k
Closed-End Fund Advisors, Inc. Sold out -11,368-11.4k
BANK OF AMERICA CORP /DE/ Reduced -6,266-6.3k
Kilter Group LLC Reduced -1,602-1.6k
WELLS FARGO & COMPANY/MN Reduced -1,200-1.2k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
GAMCO INVESTORS, INC. ET AL 13D · may seek influence +0.6 pts · filed 2026-03-16
Stated purposeThe Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the Issuer's management, filing the Schedule 13D ensures that these conversations are compliant with the reporting obligations under the Exchange Act. Full filing
 25.5% +0.6 pts 2.8m≈ $23.7m 2026-03-16
Joshua Alan Massey 13G · institution filed 2025-02-11 10.5% 72.2k 2025-02-11
Kovitz Investment Group Partners, LLC 13G · institution new · filed 2024-10-29 6.7% new 770.2k≈ $6.5m 2024-10-29

Fell to 5% or below in the last year: Focus Partners Wealth (4.8%, 2026-06-08)

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q4 24: 0 buyingQ4 24: 1 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 1 sellingQ1 26Q2 26: 0 buyingQ2 26: 0 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20240—1$20.1k—
Q1 20250—0——
Q2 20250—0——
Q3 20250—0——
Q4 20250—0——
Q1 20260—1$13.5k—
Q2 20260—0——
Q3 20260—0——

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 GABELLI & Co INVESTMENT ADVISERS, INC. 2.27% of their portfolio Rye, NY 1,846,6361.8m $15.6m $15.6m 2.27% Unchanged
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 508,773508.8k $4.3m $4.3m 0.00% Added +12.5k +12,547
3 Focus Partners Wealth 0.00% of their portfolio ST LOUIS, MO 504,243504.2k $4.3m $4.3m 0.00% Reduced -68.5k -68,545
4 GAMCO INVESTORS, INC. ET AL 0.03% of their portfolio GREENWICH, CT 441,931441.9k $3.7m $3.7m 0.03% Added +132 +132
5 Bulldog Investors, LLP 0.76% of their portfolio SADDLE BROOK, NJ 409,748409.7k $3.5m $3.5m 0.76% Unchanged
6 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 161,993162.0k $1.4m $1.4m 0.00% Reduced -6.3k -6,266
7 Ancora Advisors LLC 0.02% of their portfolio Cleveland, OH 148,158148.2k $1.3m $1.3m 0.02% Reduced -26.5k -26,468
8 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 129,080129.1k $1.1m $1.1m 0.00% Added +660 +660
9 CSS LLC/IL 0.04% of their portfolio CHICAGO, IL 116,663116.7k $988.1k $988.1k 0.04% Unchanged
10 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 93,25793.3k $789.9k $789.9k 0.00% Reduced -677 -677
11 PARK AVENUE SECURITIES LLC 0.00% of their portfolio NEW YORK, NY 82,60482.6k $700.0k $700.0k 0.00% New
12 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.07% of their portfolio BLUE BELL, PA 62,47762.5k $529.2k $529.2k 0.07% Added +8.2k +8,208
13 Atlas Wealth LLC 0.07% of their portfolio CINCINNATI, OH 55,36655.4k $468.9k $468.9k 0.07% New
14 Matisse Capital 0.10% of their portfolio PORTLAND, OR 28,07228.1k $237.8k $237.8k 0.10% Added +11.1k +11,125
15 EVOLVE PRIVATE WEALTH, LLC 0.01% of their portfolio LOS ANGELES, CA 18,87118.9k $159.8k $159.8k 0.01% Reduced -512 -512
16 DECISION INVESTMENTS, INC 0.12% of their portfolio SAN DIEGO, CA 15,10015.1k $127.9k $127.9k 0.12% Reduced -100 -100
17 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 14,25114.3k $120.7k $120.7k 0.00% New
18 INTEGRATED CAPITAL MANAGEMENT, INC. 0.08% of their portfolio JESSUP, PA 12,90812.9k $109.3k $109.3k 0.08% Reduced -923 -923
19 GatePass Capital, LLC 0.04% of their portfolio INDEPENDENCE, OH 12,50012.5k $105.9k $105.9k 0.04% Reduced -40.6k -40,650
20 Permanent Capital Management, LP 0.01% of their portfolio CHICAGO, IL 10,13110.1k $85.8k $85.8k 0.01% New
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 10,08010.1k $85.4k $85.4k 0.00% Reduced -1.2k -1,200
22 MRP Capital Investments, LLC 0.05% of their portfolio ALPHARETTA, GA 7,5007.5k $63.5k $63.5k 0.05% Unchanged
23 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 5,2425.2k $44.4k $44.4k 0.00% Added +1.1k +1,102
24 MARK SHEPTOFF FINANCIAL PLANNING, LLC 0.01% of their portfolio GLASTONBURY, CT 2,0002.0k $16.9k $16.9k 0.01% Unchanged
25 CREATIVE FINANCIAL DESIGNS INC /ADV 0.00% of their portfolio KOKOMO, IN 1,7171.7k $14.5k $14.5k 0.00% Unchanged
26 McMillan Office, Inc. 0.00% of their portfolio ST. CLAIR SHORES, MI 1,0001.0k $8.5k $8.5k 0.00% Unchanged
27 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 389389 $3.3k $3.3k 0.00% New
28 HIGHLINE WEALTH PARTNERS LLC 0.00% of their portfolio SHERMAN OAKS, CA 325325 $2.8k $2.8k 0.00% Unchanged
29 TD Waterhouse Canada Inc. 0.00% of their portfolio TORONTO, A6 300300 $2.5k $2.5k 0.00% Unchanged
30 UBS Group AG 0.00% of their portfolio ZURICH, V8 217217 $1.8k $1.8k 0.00% Unchanged
31 BARRETT & COMPANY, INC. 0.00% of their portfolio PROVIDENCE, RI 200200 $1.7k $1.7k 0.00% Unchanged
32 Kilter Group LLC 0.00% of their portfolio RHINEBECK, NY 11 $8 $8 0.00% Reduced -1.6k -1,602