In plain terms — GDL Fund
Shares currently cost about 21.8% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 20.9% discount, so today's level is not wide for this fund (Z-score -0.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 5.8% a year of the share price (4.5% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.28 of assets — a ReinvestCapture™ rate of 7.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 5.4% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -21.49% | 0.33% | +0.64 | 64 |
| 6 months | -21.34% | 0.35% | +0.16 | 125 |
| 1 year | -20.86% | 0.76% | -0.55 | 248 |
| 3 years | -21.38% | — | — | — |
| 5 years | -20.67% | — | — | — |
Current contemporaneous premium/discount -21.28% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -23.73% to -19.03%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -1.07% | -1.30% | -1.77% | -1.89% | +2.70% | -1.54% |
| Market price total return | +0.34% | +0.11% | +2.51% | +3.85% | +8.85% | +4.40% |
| NAV return | -1.12% | -0.75% | +0.66% | +0.76% | +1.96% | +0.04% |
| NAV total return | +0.00% | +0.38% | +4.12% | +5.40% | +6.75% | +4.81% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The GDL Fund, a closed-ended equity mutual fund, was initially launched by GAMCO Investors, Inc., and is currently overseen by Gabelli Funds, LLC. This fund's strategy involves investing in publicly traded equities across various global markets, focusing on companies within a wide range of sectors. A core part of its investment approach targets firms involved in significant corporate events such as publicly announced mergers, acquisitions, tender offers, and leveraged buyouts. It also allocates capital to businesses undergoing corporate restructurings, including stubs, spin-offs, and liquidations. For performance assessment, the fund's portfolio is benchmarked against the Bank of America Merrill Lynch 3 Month U.S. Treasury Bill Index. Established in the United States on October 17, 2006, the fund was previously known as the Gabelli Global Deal Fund.
CEF Explorer research page for GDL Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.