Who owns GDL
Which tracked institutional funds hold GDL, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See GDL company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-14). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
2 tracked funds added or opened GDL while 4 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
GDL’s largest tracked holder by dollar value, GABELLI & Co INVESTMENT ADVISERS, INC., sizes it at 2.3% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 2.3pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in GDL divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 31 tracked filers holding GDL, 10 increased or opened the position and 14 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in GDL between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
Full exits 2
- Independent Advisor Alliance$3M
- ZAZOVE ASSOCIATES LLC$1M
Largest adds
- NewEdge Advisors, LLC$965K
- GABELLI & Co INVESTMENT ADVISERS, INC.$259K
Largest trims
- Focus Partners Wealth$500K
- GatePass Capital, LLC$337K
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| GABELLI & Co INVESTMENT ADVISERS, INC. | 1,846,636 | $16M | 30.4% | 2026-Q2 |
| MORGAN STANLEY added | 508,773 | $4M | 8.4% | 2026-Q2 |
| Focus Partners Wealth trimmed | 504,243 | $4M | 8.3% | 2026-Q2 |
| GAMCO INVESTORS, INC. ET AL added | 441,931 | $4M | 7.3% | 2026-Q2 |
| Bulldog Investors, LLP | 409,748 | $3M | 6.7% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ trimmed | 161,993 | $1M | 2.7% | 2026-Q2 |
| Ancora Advisors LLC trimmed | 148,158 | $1M | 2.4% | 2026-Q2 |
| NewEdge Advisors, LLC added | 129,080 | $1M | 2.1% | 2026-Q2 |
| CSS LLC/IL | 116,663 | $988K | 1.9% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC trimmed | 93,257 | $790K | 1.5% | 2026-Q2 |
| BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC added | 62,477 | $529K | 1.0% | 2026-Q2 |
| Atlas Wealth LLC new | 55,366 | $469K | 0.9% | 2026-Q2 |
| Matisse Capital added | 28,072 | $238K | 0.5% | 2026-Q2 |
| EVOLVE PRIVATE WEALTH, LLC trimmed | 18,871 | $160K | 0.3% | 2026-Q2 |
| DECISION INVESTMENTS, INC trimmed | 15,100 | $128K | 0.2% | 2026-Q2 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 14,251 | $121K | 0.2% | 2026-Q2 |
| INTEGRATED CAPITAL MANAGEMENT, INC. trimmed | 12,908 | $109K | 0.2% | 2026-Q2 |
| GatePass Capital, LLC trimmed | 12,500 | $106K | 0.2% | 2026-Q2 |
| Permanent Capital Management, LP new | 10,131 | $86K | 0.2% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN trimmed | 10,080 | $85K | 0.2% | 2026-Q2 |
| MRP Capital Investments, LLC | 7,500 | $64K | 0.1% | 2026-Q2 |
| OSAIC HOLDINGS, INC. added | 5,242 | $44K | 0.1% | 2026-Q2 |
| MARK SHEPTOFF FINANCIAL PLANNING, LLC | 2,000 | $17K | 0.0% | 2026-Q2 |
| CREATIVE FINANCIAL DESIGNS INC /ADV | 1,717 | $15K | 0.0% | 2026-Q2 |
| McMillan Office, Inc. | 1,000 | $8K | 0.0% | 2026-Q2 |
| Integrated Wealth Concepts LLC new | 389 | $3K | 0.0% | 2026-Q2 |
| HIGHLINE WEALTH PARTNERS LLC | 325 | $3K | 0.0% | 2026-Q2 |
| TD Waterhouse Canada Inc. | 300 | $3K | 0.0% | 2026-Q2 |
| UBS Group AG | 217 | $2K | 0.0% | 2026-Q2 |
| BARRETT & COMPANY, INC. | 200 | $2K | 0.0% | 2026-Q2 |
| Kilter Group LLC trimmed | 1 | $8 | 0.0% | 2026-Q2 |
| Independent Advisor Alliance trimmed | 384,932 | $3M | 6.2% | 2026-Q1 stale (1 quarter behind) |
| ZAZOVE ASSOCIATES LLC | 120,522 | $1M | 2.0% | 2026-Q1 stale (1 quarter behind) |
| Private Advisor Group, LLC added | 14,970 | $125K | 0.2% | 2026-Q1 stale (1 quarter behind) |
| Closed-End Fund Advisors, Inc. added | 11,368 | $95K | 0.2% | 2026-Q1 stale (1 quarter behind) |
| Cornerstone Advisors, LLC trimmed | 130,325 | $1M | 2.1% | 2025-Q4 stale (2 quarters behind) |
| SEVEN MILE ADVISORY added | 39,954 | $338K | 0.7% | 2025-Q4 stale (2 quarters behind) |
| STIFEL FINANCIAL CORP trimmed | 21,391 | $181K | 0.4% | 2025-Q4 stale (2 quarters behind) |
| Kovitz Investment Group Partners, LLC trimmed | 635,847 | $5M | 10.6% | 2025-Q3 stale (3 quarters behind) |
| PARK AVENUE SECURITIES LLC trimmed | 83,351 | $713K | 1.4% | 2025-Q3 stale (3 quarters behind) |
| Ameritas Advisory Services, LLC | 1,130 | $10K | 0.0% | 2025-Q3 stale (3 quarters behind) |
| Virtu Financial LLC added | 14,981 | $125K | 0.2% | 2025-Q2 stale (4 quarters behind) |
| RAYMOND JAMES FINANCIAL INC new | 3,488 | $29K | 0.1% | 2025-Q2 stale (4 quarters behind) |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q2 stale (4 quarters behind) |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.