Gabelli Dividend & Income Trust

The Gabelli Dividend & Income Trust is a non-diversified, closed-end management investment company. It invests in sectors, such as financial services, energy and utilities, food and beverage, telecommunications, consumer products and healthcare. The company was founded on November 18, 2003 and is headquartered in Rye, NY.

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Every month, I put cash to work in my closed-end fund portfolio to help build up cash flow over time. Broader equity markets have continued to perform well for the most part, and discounts narrowing on average for CEFs this year has kept me from wanting to get too aggressive. That said, I think there are still some opportunities for adding and worth putting capital to work more cautiously.

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RYE, N.Y., Nov. 14, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the “Fund”) approved the continuation of its policy of paying fixed monthly cash distributions. The Board of Trustees declared cash distributions of $0.11 per share for each of January, February, and March 2025.

Gabelli Dividend & Income Trust Continues Monthly Distributions, Declares Distributions of $0.11 Per Share

RYE, N.Y., Oct. 18, 2024 (GLOBE NEWSWIRE) -- Gabelli Dividend & Income Trust (NYSE: GDV) (the “Fund”) announced today that GAMCO Investors, Inc. (“GAMCO”) (OTCQX: GAMI) and affiliates purchased $107 million of the Fund's Series M Cumulative Preferred Shares (“Series M Preferred”). The Series M preferred carries a 4.80% dividend rate, is puttable/callable in December 2025 and has a mandatory redemption in December 2026.

Gabelli Dividend & Income Trust Announces That GAMCO Investors, Inc. and Affiliates Purchased $107 million of Series M Cumulative Preferred

Gabelli Dividend & Income Trust offers a stable, modest monthly distribution with a deep discount and value-oriented portfolio. GDV's discount to NAV has narrowed since our last update but remains relatively attractive based on its historical level. Saba Capital Management, a well-known activist group, has taken an initial stake in the fund, which could push for some changes in the future.

GDV: Stable And Modest Distribution With Attractive Discount

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The time to buy cheap fixed-rate income is rapidly coming to a close. Rate cuts will prompt a rush to buy, when you should've been buying ahead of them. Collect income, collect experiences; don't drain your bank account doing so.

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GDV.PR.K are preferred shares issued by Gabelli Dividend & Income Trust. The securities have a high duration, making them sensitive to interest rates. The share has recently outperformed the S&P 500 due to falling interest rates. I believe that most of the easy gains from falling rates are now behind us.

GDV.PR.K: With Most Of The Curve Move Behind Us, This Is A Hold Now (Rating Downgrade)

Gabelli Dividend & Income Trust has a low yield of 5.76%, lower than most of U.S. equity-focused closed-end fund peers. The fund has delivered a 30.69% total return since late October 2023, outperforming the S&P 500 Index. The fund employs mostly a buy-and-hold strategy, and most of its largest holdings have performed pretty well over the past several months.

GDV: This Dividend-Oriented Equity Fund Has Improved Quite A Bit

Closed-end funds (CEFs)—our favorite 8%+ yielding investments—have a new (and popular!) fan. And he's making a big move I see sending CEF prices higher.

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Six years ago, I wrote my first article on investing, in which I outlined the criteria that had guided me when constructing my first income portfolio. I have tried to retrace here the steps leading up to that article and then subsequent developments in creating my current portfolio. Today, I favor CEFs and ETFs that, in addition to providing regular income, show a positive NAV performance since inception, thereby demonstrating their ability to also generate value over time.

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Closed-end funds have unique features that make them very attractive investment vehicles for the right asset classes and investors who understand them. Especially for complex and/or less liquid asset classes, like corporate senior loans, high-yield bonds, collateralized loan obligations, and the more recently discovered (by retail investors) "private credit" Activist and institutional investors are worth watching, so we can piggyback onto their efforts in the closed-end fund world.

Finding Opportunities In The Closed-End Fund World

The Gabelli Dividend & Income Trust is a diversified equity closed-end fund with a value-oriented approach. GDV consistently trades at a deep discount, but this discount has widened in recent years. GDV offers a steady monthly distribution to investors, and that looks set to continue, barring a long and drawn-out black swan event.

GDV: Discount Remains Wide, Distribution Remains Steady

The common shares of the Gabelli Dividend & Income Trust have been downgraded to 'Hold' from 'Buy'. The preferred shares of GDV, specifically Series K, still offer a good buying opportunity due to the recent increase in rates. Series K has the longest duration and has been heavily affected by the increase in rates, but the current bout of higher yields is expected to be over.

GDV.PR.K: A Rates Play, Reiterate 'Buy' Rating

Last year, I argued GDV was a good buy despite concerns about its financials exposure. This call was successful, with GDV outperforming and being up +18%. GDV was undervalued due to perceived high financials exposure, but this has since been corrected. GDV no longer presents an attractive entry point due to higher market valuations, but remains a strong long-term investment.

GDV: No Longer An Attractive Entry Point (Rating Downgrade)

RYE, N.Y., March 28, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of The Gabelli Dividend & Income Trust (the “Board”) (NYSE: GDV) (the “Fund”) announced that upon recommendation of the Fund's Nominating Committee and all of the Fund's independent Trustees, it has nominated Robert P. Astorino for election to the Board by the Shareholders of the Fund at the Fund's Annual Meeting of Shareholders to be held on May 13, 2024.

Gabelli Dividend & Income Trust Nominates Media and Communications Veteran Robert P. Astorino for Election to Board of Trustees

Remember a decade or so back, when we heard over and over again that the coming decades would be all about China?

Forget China: Buy This ‘All-American' Closed-End Fund Instead

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Preferred securities improve portfolio defensiveness and income safety, dual qualities of an ideal retirement. With a history of low default rates, today's preferreds carry much higher credit quality. We discuss two discounted preferreds with up to 7.8% yields.

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The Gabelli Dividend & Income Trust focuses on dividend stocks and other income securities to generate high returns. The fund's portfolio has seen little change in the past year, with the top sector allocations and top holdings remaining consistent. The GDV fund continues to deliver below-average returns with above-average volatility. Investors may be better off constructing their own high-yielding alternative.

GDV: Same Old, Continue To Avoid

The Gabelli Dividend & Income Trust provides a more value-oriented portfolio, and its discount presents a buying opportunity for the long-term investor. The GDV closed-end fund has paid a consistent monthly distribution for most of its life, with cuts only occurring during the GFC. The fund is modestly leveraged, but with most of that leverage being from preferred with fixed-rate dividends, they aren't having to deal with ballooning interest expenses.

GDV: Valuation Remains Attractive With Steady Monthly Paying Distribution

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GDV is a closed-end fund that primarily invests in dividend-paying or income-producing securities. The fund has a significant exposure to the Financials sector (currently at 14.3%), but holds better quality collateral than other financials CEFs. Notably, it holds companies like Mastercard, Visa, and Berkshire Hathaway, which do not carry the same risks associated with traditional lending institutions.

GDV: Less Financial Risk Than Meets The Eye

The Gabelli Dividend & Income Trust is a closed-end fund that focuses on investing in dividend-paying stocks to generate a high level of income. The GDV closed-end fund has underperformed the S&P 500 Index since February, and its financial sector exposure may be one reason for this. The fund's leverage ratio is acceptable, and its distribution has been maintained, but its sustainability is uncertain due to reliance on unrealized gains.

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If there's one thing we need to remember when we buy high-yield closed-end funds (CEFs), it's this: always demand a discount.

News for Gabelli Dividend & Income Trust ETF (GDV)