Monthly Portfolio Investments Report on Form N-port (public) (nport-p)

Date : 11/26/2019 @ 9:16PM
Source : Edgar (US Regulatory)
Stock : GDL Fund (GDL)
Quote : 9.34  0.01 (0.11%) @ 9:02PM

Monthly Portfolio Investments Report on Form N-port (public) (nport-p)

The GDL Fund

Schedule of Investments — September 30, 2019 (Unaudited)

 

 

Shares

        

Market

Value

 
  COMMON STOCKS — 68.2%

 

  Aerospace — 3.5%

 

  3,200,000    

Cobham plc†

   $ 6,171,325  
  3,400    

Latecoere SACA†

     14,230  
  430,000    

Wesco Aircraft Holdings Inc.†

     4,734,300  
    

 

 

 
         10,919,855  
    

 

 

 
  Airlines — 2.5%

 

  340,000    

WestJet Airlines Ltd.

     7,852,964  
    

 

 

 
  Automotive: Parts and Accessories — 3.4%

 

  70,000    

Haldex AB

     356,967  
  75,000    

WABCO Holdings Inc.†

     10,031,250  
    

 

 

 
       10,388,217  
    

 

 

 
  Building and Construction — 0.6%

 

  40,000    

Lennar Corp., Cl. B

     1,774,800  
    

 

 

 
  Business Services — 1.7%

 

  500    

BCA Marketplace plc

     1,450  
  92,138    

Clear Channel Outdoor Holdings Inc.†

     232,188  
  87,000    

exactEarth Ltd.†

     21,999  
  180,000    

Navigant Consulting Inc.

     5,031,000  
    

 

 

 
       5,286,637  
    

 

 

 
  Cable and Satellite — 0.9%

 

  27,628    

Liberty Global plc, Cl. A†

     683,793  
  55,000    

Liberty Global plc, Cl. C†

     1,308,450  
  14,000    

Liberty Latin America Ltd., Cl. A†

     238,980  
  31,000    

Liberty Latin America Ltd., Cl. C†

     529,945  
    

 

 

 
       2,761,168  
    

 

 

 
  Computer Software and Services — 11.5%

 

  1,000    

Altran Technologies SA

     15,706  
  10,000    

Business & Decision†

     79,567  
  290,108    

Carbon Black Inc.†

     7,539,907  
  2,500    

MAM Software Group Inc.†

     30,200  
  140,000    

Medidata Solutions Inc.†

     12,810,000  
  300,000    

Monotype Imaging Holdings Inc.

     5,943,000  
  420,000    

Pivotal Software Inc., Cl. A†

     6,266,400  
  150,000    

Presidio Inc.

     2,535,000  
  1,000    

Rockwell Automation Inc.

     164,800  
  7,500    

StatPro Group plc

     20,933  
    

 

 

 
       35,405,513  
    

 

 

 
  Consumer Services — 2.8%

 

  152,925    

Sotheby’s†

     8,713,667  
    

 

 

 
  Electronics — 0.3%

 

  73,000    

Bel Fuse Inc., Cl. A

     1,000,830  
    

 

 

 
  Energy and Utilities — 6.1%

 

  20,000    

Alvopetro Energy Ltd.†

     10,341  
  4,700    

Avista Corp.

     227,668  
  255,000    

Buckeye Partners LP

     10,477,950  
  50,000    

C&J Energy Services Inc.†

     536,500  

Shares

        

Market

Value

 
  6,000    

Connecticut Water Service Inc.

   $ 420,360  
  70,000    

El Paso Electric Co.

     4,695,600  
  45,000    

Endesa SA

     1,184,017  
  460,000    

Gulf Coast Ultra Deep Royalty Trust

     14,122  
  10,000    

Noble Energy Inc.

     224,600  
  1,000    

SemGroup Corp., Cl. A

     16,340  
  30,000    

Tallgrass Energy LP, Cl. A

     604,200  
  25,000    

Valener Inc.

     490,433  
    

 

 

 
         18,902,131  
    

 

 

 
  Entertainment — 1.9%

 

  9,000    

Entertainment One Ltd.

     62,633  
  1,666    

Fox Corp., Cl. A

     52,537  
  55,000    

Fox Corp., Cl. B

     1,734,700  
  90,000    

International Speedway Corp., Cl. A

     4,050,900  
    

 

 

 
       5,900,770  
    

 

 

 
  Financial Services — 1.5%

 

  30,865    

Brookfield Asset Management Inc., Cl. A

     1,638,623  
  1,000    

Charles Taylor plc

     3,934  
  1,000    

Entegra Financial Corp.†

     30,040  
  5,500    

LegacyTexas Financial Group Inc.

     239,415  
  50,000    

MoneyGram International Inc.†

     199,000  
  2,500    

SLM Corp.

     22,063  
  4,000    

Stewardship Financial Corp.

     62,600  
  35,000    

SunTrust Banks Inc.

     2,408,000  
    

 

 

 
       4,603,675  
    

 

 

 
  Food and Beverage — 0.3%

 

  160,000    

Castle Brands Inc.†

     201,600  
  1,400,000    

Premier Foods plc†

     557,721  
  1,000,000    

Yashili International Holdings Ltd.

     111,002  
    

 

 

 
       870,323  
    

 

 

 
  Health Care — 12.7%

 

  90,000    

Akorn Inc.†

     342,000  
  97,662    

Alder Biopharmaceuticals Inc.†

     1,841,905  
  30,000    

Allergan plc

     5,048,700  
  18,000    

AstraZeneca plc, ADR

     802,260  
  115,000    

Cambrex Corp.†

     6,842,500  
  145,000    

Celgene Corp.†

     14,398,500  
  25,000    

Corindus Vascular Robotics Inc.†

     107,000  
  50,000    

Dova Pharmaceuticals Inc.†

     1,397,500  
  30,000    

Idorsia Ltd.†

     737,638  
  380,000    

Pacific Biosciences of California Inc.†

     1,960,800  
  60,000    

Spark Therapeutics Inc.†

     5,818,800  
    

 

 

 
       39,297,603  
    

 

 

 
  Hotels and Gaming — 0.7%

 

  140,000    

Caesars Entertainment Corp.†

     1,632,400  
  18,000    

Cherry AB, Cl. B†(a)

     159,081  
  20,500    

Empire Resorts Inc.†

     197,415  
    

 

 

 
       1,988,896  
    

 

 

 
 

 

1

The GDL Fund

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

 

 

Shares

        

Market

Value

 
  COMMON STOCKS (Continued)

 

  Machinery — 0.4%

 

  200,000    

Arotech Corp.†

   $ 588,000  
  14,000    

CIRCOR International Inc.†

     525,700  
  15,000    

CNH Industrial NV

     152,702  
    

 

 

 
          1,266,402  
    

 

 

 
  Metals and Mining — 0.1%

 

  65,000    

Alamos Gold Inc., Cl. A

     377,000  
  20,000    

Artemis Gold Inc†

     151  
    

 

 

 
       377,151  
    

 

 

 
  Paper and Forest Products — 0.1%

 

  37,000    

Canfor Corp.†

     433,717  
    

 

 

 
  Publishing — 1.8%

 

  80,000    

Axel Springer SE†

     5,493,368  
    

 

 

 
  Real Estate — 0.2%

 

  35,000    

Atrium European Real Estate Ltd.

     139,623  
  10,000    

Condor Hospitality Trust Inc., REIT

     110,500  
  250    

Dream Global Real Estate Investment Trust

     3,136  
  8,000    

Vastned Retail Belgium NV, REIT

     390,639  
    

 

 

 
       643,898  
    

 

 

 
  Retail — 0.3%

 

  3,000    

Greene King plc

     31,243  
  133,347    

Vitamin Shoppe Inc.†

     869,422  
    

 

 

 
       900,665  
    

 

 

 
  Semiconductors — 1.9%

 

  80,000    

Cypress Semiconductor Corp.

     1,867,200  
  35,000    

Mellanox Technologies Ltd.†

     3,835,650  
    

 

 

 
       5,702,850  
    

 

 

 
  Specialty Chemicals — 6.2%

 

  900,000    

OMNOVA Solutions Inc.†

     9,063,000  
  8,900    

SGL Carbon SE†

     42,256  
  190,000    

Versum Materials Inc.

     10,056,700  
    

 

 

 
       19,161,956  
    

 

 

 
  Telecommunications — 2.7%

 

  20,000    

Acacia Communications Inc.†

     1,308,000  
  450,000    

Inmarsat plc

     3,235,667  
  175,000    

Koninklijke KPN NV

     545,713  
  1,000    

Loral Space & Communications Inc.†

     41,400  
  21,000    

Parrot SA†

     69,354  
  90,000    

Zayo Group Holdings Inc.†

     3,051,000  
    

 

 

 
       8,251,134  
    

 

 

 
  Transportation — 3.5%

 

  40,000    

Abertis Infraestructuras SA†(a)

     282,080  
  89,500    

DryShips Inc.†

     468,085  
  85,000    

Genesee & Wyoming Inc., Cl. A†

     9,393,350  

Shares

        

Market

Value

 
  2,000    

XPO Logistics Europe SA

   $ 671,411  
    

 

 

 
        10,814,926  
    

 

 

 
  Wireless Communications — 0.6%

 

  25,000    

T-Mobile US Inc.†

     1,969,250  
    

 

 

 
 

TOTAL COMMON STOCKS

     210,682,366  
    

 

 

 
  CLOSED-END FUNDS — 0.3%

 

  40,000    

Altaba Inc.

     779,200  
    

 

 

 
  PREFERRED STOCKS — 0.0%

 

  Financial Services — 0.0%

 

  2,968    

Steel Partners Holdings LP,
Ser. A, 6.000%, 02/07/26

     62,832  
    

 

 

 
  RIGHTS — 0.2%

 

  Business Services — 0.0%

 

  9,091    

TheStreet Inc.†(a)

     0  
    

 

 

 
  Entertainment — 0.0%

 

  225,000    

Media General Inc., CVR†(a)

     0  
    

 

 

 
  Health Care — 0.1%

 

  79,391    

Ambit Biosciences Corp., CVR†(a)

     160,767  
  201,600    

American Medical Alert Corp., CPR†(a)

     2,016  
  30,000    

Corium International CVR†(a)

     5,400  
  400,000    

Elanco Animal Health Inc., CVR†

     20,000  
  300,000    

Innocoll, CVR†(a)

     3  
  125,000    

Ipsen SA/Clementia, CVR†(a)

     168,750  
  23,000    

Ocera Therapeutics, CVR†(a)

     8,970  
  100    

Omthera Pharmaceuticals Inc., CVR†(a)

     0  
  346,322    

Teva Pharmaceutical Industries Ltd., CCCP, expire 02/20/23†(a)

     0  
  11,000    

Tobira Therapeutics Inc., CVR†(a)

     660  
    

 

 

 
       366,566  
    

 

 

 
  Metals and Mining — 0.1%

 

  419,000    

Pan American Silver Corp., CVR†

     251,400  
    

 

 

 
  Specialty Chemicals — 0.0%

 

  25,772    

A. Schulman Inc., CVR†(a)

     13,479  
    

 

 

 
 

TOTAL RIGHTS

     631,445  
    

 

 

 

Principal

Amount

            
  CONVERTIBLE CORPORATE BONDS — 2.2%   
  Health Care — 0.7%   
  $ 2,000,000    

Alder Biopharmaceuticals Inc.
2.500%, 02/01/25

     2,223,750  
    

 

 

 
 

 

2

The GDL Fund

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

 

 

Principal

Amount

        

Market

Value

 
  CONVERTIBLE CORPORATE BONDS (Continued)

 

  Telecommunications — 1.5%

 

  $  3,200,000    

Inmarsat plc
3.875%, 09/09/23

   $ 4,671,964  
    

 

 

 
 

TOTAL CONVERTIBLE CORPORATE BONDS

     6,895,714  
    

 

 

 
  CORPORATE BONDS — 0.0%

 

  Health Care — 0.0%

 

  17,000    

Constellation Health Promissory Note, PIK,
5.000%, 01/31/24(a)(b)

     7,310  
    

 

 

 
  U.S. GOVERNMENT OBLIGATIONS — 29.1%

 

  90,114,000    

U.S. Treasury Bills,
1.752% to 2.126%††,
10/17/19 to 03/19/20(c)

     89,713,577  
    

 

 

 
 

TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT — 100.0%
(Cost $312,562,280)

   $ 308,772,444  
    

 

 

 

Shares

            
  SECURITIES SOLD SHORT — (5.2)%

 

  Building and Construction — (0.7)%

 

  40,000    

Lennar Corp., Cl. A

   $ 2,234,000  
    

 

 

 
  Energy and Utilities — (0.2)%

 

  80,745    

Keane Group Inc.†

     489,315  
    

 

 

 
  Financial Services — (1.3)%

 

  45,325    

BB&T Corp.

     2,418,995  
  30,865    

Brookfield Asset Management Inc., Cl. A

     1,638,623  
    

 

 

 
       4,057,618  
    

 

 

 
  Health Care — (3.0)%

 

  25,980    

AbbVie Inc.

     1,967,205  
  145,000    

Bristol-Myers Squibb Co.

     7,352,950  
    

 

 

 
       9,320,155  
    

 

 

 
  Hotels and Gaming — 0.0%

 

  2,247    

Eldorado Resorts Inc.†

     89,588  
    

 

 

 
 

TOTAL SECURITIES SOLD SHORT
(Proceeds received $15,275,286)(d)

   $ 16,190,676  
    

 

 

 

 

 

(a)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b)

Payment-in-kind (PIK) security. 5.00% PIK interest income will be paid as additional securities at the discretion of the issuer.

(c)

At September 30, 2019, $45,070,000 of the principal amount was pledged as collateral for securities sold short, equity contract for difference swap agreements, and forward foreign exchange contracts.

(d)

At September 30, 2019, these proceeds were being held at Pershing LLC.

Non-income producing security.

††

Represents annualized yields at dates of purchase.

 

ADR

American Depositary Receipt

CCCP

Contingent Cash Consideration Payment

CVR

Contingent Value Right

CPR

Contingent Payment Right

REIT

Real Estate Investment Trust

 

Geographic Diversification

  

% of Total
Investments*

 

Market

Value

Long Positions

        

North America

       89.6 %     $ 276,504,415

Europe.

       10.4       32,157,027

Asia/Pacific

       0.0 **       111,002
    

 

 

     

 

 

 

Total Investments — Long Positions

       100.0 %     $ 308,772,444
    

 

 

     

 

 

 

Short Positions

        

North America

       (5.2 )%     $ (16,190,676 )
    

 

 

     

 

 

 

Total Investments — Short Positions

       (5.2 )%     $ (16,190,676 )
    

 

 

     

 

 

 

 

 

*

Total investments exclude securities sold short.

**

Amount represents less than 0.05%.

 

 

3

The GDL Fund

Schedule of Investments (Continued) — September 30, 2019 (Unaudited)

 

 

As of September 30, 2019, forward foreign exchange contracts outstanding were as follows:

 

Currency Purchased      Currency Sold      Counterparty    Settlement
Date
       Unrealized 
Appreciation/ 
(Depreciation) 

USD

     8,367,930      CAD      11,100,000      State Street Bank and Trust Co.      10/31/19        $(14,553)

USD

                 10,202,714      EUR                      9,300,000      State Street Bank and Trust Co.      10/31/19          41,001

USD

     8,656,816      GBP      7,000,000      State Street Bank and Trust Co.      10/31/19          38,461

USD

     472,899      SEK      4,600,000      State Street Bank and Trust Co.      10/31/19            4,603
                   

 

                    $ 69,512 
                   

 

As of September 30, 2019, equity contract for difference swap agreements outstanding were as follows:

 

Market Value
Appreciation Received
   One Month LIBOR
Plus 90 bps
plus Market Value
Depreciation Paid
   Counterparty    Payment
Frequency
   Termination
Date
   Notional
Amount
     Value      Upfront
Payments/
Receipts
   Unrealized
Appreciation

Premier Foods plc

   Premier Foods plc    The Goldman Sachs Group, Inc.    1 month    04/01/2020      $91,446        $180         $180
                       

 

                                            $180
                       

 

 

4

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