The Gabelli Equity Income Fund

Investor Summary

Mario J. Gabelli, CFA, has served as the portfolio manager since the fund's inception in 1992 and currently holds the position of Chief Investment Officer for Value Portfolios at GAMCO Investors. He leads the investment strategy supported by a centralized team of over 30 sector-focused research analysts. Under his management, the fund has maintained its income-focused mandate while pursuing capital appreciation through disciplined value investing principles. The fund's approach reflects Gabelli's long-standing commitment to fundamental research and his Private Market Value methodology developed over decades of investment experience.

Fund Strategy

The Fund seeks to provide a high level of total return with an emphasis on current income by investing in well-managed, cash-generating companies positioned to benefit from long-term economic trends such as globalization and productivity enhancement. The strategy focuses on equity securities that offer yields superior to the average of the S&P 500 Index while targeting capital appreciation. The approach diversifies across sectors to reduce risk and maintain reliable income potential alongside long-term growth, supported by GAMCO's research-driven, value-oriented investment process based on Graham and Dodd principles augmented by Mario Gabelli's Private Market Value with a Catalyst methodology.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
9.68%	2.24%	16.47%

2025	2024
16.5%	6.9%

Executive Summary

The Gabelli Equity Income Fund delivered strong performance in Q4 2025, returning 2.24% for the quarter and 16.47% for the year, driven primarily by gold's exceptional 66% annual gain amid geopolitical uncertainty and central bank buying. Gold miners like Newmont Corp. were the biggest contributors to returns. The Fund maintains its focus on dividend-producing equity securities across sectors including financials, energy, and technology. Key holdings include Bank of New York Mellon, Genuine Parts, and Newmont Corp. The manager remains optimistic about the economic outlook, citing the American economy's embrace of AI technology and prospects for productivity gains. Natural gas demand is accelerating in the Northeast, driven by data centers and AI-related load growth, benefiting holdings like National Fuel Gas. While dividend-focused investing may limit appreciation potential during broad market advances, it provides steady income generation. The manager expects continued support from potential monetary easing under a new Fed Chairman and regulatory relief, though acknowledges risks from government shutdowns and volatile dividend stock prices.

Core Thesis

The Gabelli Equity Income Fund focuses on dividend-producing equity securities to achieve long-term growth of capital and income, benefiting from gold's strong performance, AI-driven productivity gains, and strategic positioning in natural gas infrastructure amid rising data center demand.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Feb 18 2026	2025 Q4	BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT	AI, dividends, energy, financials, gold, Utilities	CVX MSFT NFG	The Gabelli Equity Income Fund posted strong Q4 2025 returns of 2.24%, driven by gold's 66% annual surge amid geopolitical uncertainty. The dividend-focused strategy benefited from holdings in gold miners, financials, and natural gas infrastructure companies positioned for AI-driven data center demand. Management remains optimistic on AI productivity gains and potential Fed easing.
Nov 16 2025	2025 Q3	AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD	AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities	3110 JP POLR LN	GAMCO's Q3 2025 commentary highlights continued market strength driven by AI infrastructure investment, gold's surge to $4,000 per ounce, and utilities benefiting from record electricity demand. M&A activity jumped 33% to $3 trillion as regulatory attitudes improved and the Fed began cutting rates. Despite elevated valuations near 30x earnings, the firm continues finding undervalued opportunities using their Private Market Value approach.
Jun 30 2025	2025 Q2	AAPL, AMZN, AVGO, AXP, BRK.B, C, GOOGL, JNJ, JPM, LLY, MA, META, MRK, MSFT, NFLX, NVDA, ORCL, PFE, V, WFC	AI, defense, energy, gold, Sports, tariffs, technology, Utilities	AXP CR	Second quarter volatility from tariff policies gave way to market recovery as S&P 500 gained 10.9%. Key themes include AI infrastructure investment, rising defense spending, and utility demand growth. Despite elevated 22x valuations, opportunities exist in smaller domestic companies and international markets. Patient capital deployment emphasized given long-term confidence in American prosperity.
Mar 31 2025	2025 Q1	BK, CR, DE, GATX, GPC, HES, MLI, MSFT, NFG, STT	dividends, energy, income, tariffs, Utilities, value	-	The Gabelli Equity Income Fund gained 1.93% in Q1 2025 despite tariff uncertainty that drove broader market declines. National Fuel Gas led contributors on rising gas prices from LNG export demand. The fund maintains its dividend income focus with defensive positioning through quality businesses trading below Private Market Value, while tariff negotiations will drive continued near-term volatility.
Dec 31 2024	2024 Q4	BK, CR, DE, FLS, GATX, GPC, MA, MLI, MSFT, STT	banks, dividends, financials, income, value	-	The Gabelli Equity Income Fund declined 2.73% in Q4 as value underperformed growth. Financial stocks led performance on deregulation hopes under Trump, while spirits companies and industrial names detracted. The fund maintains its dividend-focused strategy despite near-term headwinds from rising rates and economic uncertainty.
Sep 30 2024	2024 Q3	BF.B, BK, CC, DE, GATX, GPC, MLI, MSFT, SSC, TXT	banks, dividends, equity income, rates, Utilities, value	-	The Gabelli Equity Income Fund gained 8.72% in Q3 as the Fed cut rates 50 basis points. Custody banks Bank of New York Mellon and State Street led performance as lower rates reduce their borrowing costs. Utilities outperformed while energy lagged. The manager expects continued gradual rate cuts as inflation moderates below 3%.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Feb 18 2026

2025 Q4

BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT

AI, dividends, energy, financials, gold, Utilities

CVX
MSFT
NFG

The Gabelli Equity Income Fund posted strong Q4 2025 returns of 2.24%, driven by gold's 66% annual surge amid geopolitical uncertainty. The dividend-focused strategy benefited from holdings in gold miners, financials, and natural gas infrastructure companies positioned for AI-driven data center demand. Management remains optimistic on AI productivity gains and potential Fed easing.

Nov 16 2025

2025 Q3

AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD

AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities

3110 JP
POLR LN

GAMCO's Q3 2025 commentary highlights continued market strength driven by AI infrastructure investment, gold's surge to $4,000 per ounce, and utilities benefiting from record electricity demand. M&A activity jumped 33% to $3 trillion as regulatory attitudes improved and the Fed began cutting rates. Despite elevated valuations near 30x earnings, the firm continues finding undervalued opportunities using their Private Market Value approach.

Jun 30 2025

2025 Q2

AAPL, AMZN, AVGO, AXP, BRK.B, C, GOOGL, JNJ, JPM, LLY, MA, META, MRK, MSFT, NFLX, NVDA, ORCL, PFE, V, WFC

AI, defense, energy, gold, Sports, tariffs, technology, Utilities

AXP
CR

Second quarter volatility from tariff policies gave way to market recovery as S&P 500 gained 10.9%. Key themes include AI infrastructure investment, rising defense spending, and utility demand growth. Despite elevated 22x valuations, opportunities exist in smaller domestic companies and international markets. Patient capital deployment emphasized given long-term confidence in American prosperity.

Mar 31 2025

2025 Q1

BK, CR, DE, GATX, GPC, HES, MLI, MSFT, NFG, STT

dividends, energy, income, tariffs, Utilities, value

The Gabelli Equity Income Fund gained 1.93% in Q1 2025 despite tariff uncertainty that drove broader market declines. National Fuel Gas led contributors on rising gas prices from LNG export demand. The fund maintains its dividend income focus with defensive positioning through quality businesses trading below Private Market Value, while tariff negotiations will drive continued near-term volatility.

Dec 31 2024

2024 Q4

BK, CR, DE, FLS, GATX, GPC, MA, MLI, MSFT, STT

banks, dividends, financials, income, value

The Gabelli Equity Income Fund declined 2.73% in Q4 as value underperformed growth. Financial stocks led performance on deregulation hopes under Trump, while spirits companies and industrial names detracted. The fund maintains its dividend-focused strategy despite near-term headwinds from rising rates and economic uncertainty.

Sep 30 2024

2024 Q3

BF.B, BK, CC, DE, GATX, GPC, MLI, MSFT, SSC, TXT

banks, dividends, equity income, rates, Utilities, value

The Gabelli Equity Income Fund gained 8.72% in Q3 as the Fed cut rates 50 basis points. Custody banks Bank of New York Mellon and State Street led performance as lower rates reduce their borrowing costs. Utilities outperformed while energy lagged. The manager expects continued gradual rate cuts as inflation moderates below 3%.

QUARTER	THEMES	TAGS
2025 Q4	Healthcare IT CareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs.	EHR RCM Healthcare Consolidation Switching Costs
	Cement ICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors.	Energy Efficiency Transport Kazakhstan Cost Advantage Infrastructure
	Construction CTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog.	Singapore Government Cash Flow Backlog Public Projects
2025 Q3	AI Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion.	Infrastructure Investment Cloud Capex Technology
	Gold Gold and bitcoin extended their rallies at nearly $4,000 per ounce and $120,000 respectively. Gold rose by 16.7% during the quarter, climbing from $3,305.65 to $3,859.40 per ounce, bringing the year-to-date increase to 47.1%. Gold equities appreciated by well over 40% and again outpaced the metal.	Miners Precious Metals Hedge Inflation Currency
	Utilities U.S. electricity demand is rising at its fastest pace in five decades, and utilities are responding with record capital spending to expand generation, modernize grids, and serve industrial and data center customers. Many utilities report waiting lists of large customers seeking to locate in their service territories.	Data Centers Grid Electricity Infrastructure Demand
	Defense The defense industry is benefiting from increases in global defense budgets spurred by the invasion of Ukraine. China and Russia remain strategic threats to NATO, Western Allies, and Asia-Pacific Partners. NATO member nations pledged to roughly double defense spending as a share of GDP to 5%+ by 2035.	Spending NATO Geopolitical Equipment Aerospace
	Trade Policy Trade continues to be in flux, with the U.S. signing deals with many partners including the UK and European Union, though uncertainty remains for many significant countries, including China and India. The tariff impact has lessened since spring, with the average U.S. tariff estimated at 17.5% now versus 23% in April.	Tariffs China Uncertainty Negotiations Bilateral
	Buybacks Many financial institutions continued their multi-year share repurchase plans. Companies are using free cash flow to buyback stock, improve credit profile, and for overall financial strength. Several companies announced significant share repurchase programs during the quarter.	Share Repurchase Capital Allocation Cash Flow Financial Strength Returns
2025 Q2	AI Artificial intelligence continues to drive significant investment and growth across technology companies. Major AI infrastructure platforms maintained aggressive investment commitments with $330 billion in capex plans. ChatGPT usage doubled and commercial AI adoption accelerated across multiple sectors.	Data Centers Cloud Semiconductors Enterprise Software Automation
	Defense Spending Global defense budgets are rising sharply driven by geopolitical tensions and NATO commitments. European defense spending is increasing with 31 of 32 NATO members pledging to boost spending to 5% of GDP by 2035, roughly double current levels.	Aerospace Defense Electronics Ammunition Government IT Space
	Trade Policy Trump administration's tariff policies dominated market attention with Liberation Day announcements creating significant volatility. Markets initially declined 20% before recovering as tariff concerns eased with bilateral agreements and 90-day pauses.	Tariffs Trade Industrial Policy Onshoring Supply Chain
	Live Sports Growing enthusiasm for sports investments with increasing team valuations and media rights. Major League Baseball allows up to 30% private equity ownership, sports gambling growth, and strong attendance driving value creation in sports franchises.	Entertainment Media Gaming Sports Betting Event Ticketing
	Energy Transition Utilities sector benefiting from rising electricity demand driven by AI data centers and electrification trends. Record capital investment in generation and grid upgrades with partnerships between utilities and hyperscalers supporting growth.	Grid Upgrade Data Centers Renewable Developers Nuclear Energy Storage
	Gold Gold continued strong performance with central banks driving demand as they diversify reserve assets. Gold now represents 20% of central bank reserves, overtaking the euro as the second largest allocation after the dollar.	Gold Miners Critical Minerals Inflation Dollar Central Banks
2025 Q1	Tariffs President Trump announced tariffs far higher than market expectations on April 2nd Liberation Day, with 10% base tariff on all imported goods and reciprocal tariffs totaling 25%-30% for most countries. This uncertainty overwhelmed positives from pro-growth policies and drove market volatility.	Trade Policy Inflation Uncertainty
	Dividends The fund focuses on dividend-producing equity securities as part of its equity income strategy. National Fuel Gas raised its annual dividend for the 54th consecutive year to $2.06 per share from $1.98 per share.	Income Yield Growth
	Natural Gas National Fuel Gas was a top contributor with forward gas prices rising due to growing LNG exports and electric power demand. The company operates gas utility, pipeline & storage, and E&P businesses in Appalachia.	Energy Utilities Infrastructure
2024 Q4	Dividends The fund focuses on dividend-producing equity securities as part of its income strategy. The manager notes that investments in dividend producing equity securities may limit appreciation potential during broad market advances but provide income generation.	Income Yield Dividend Growth Payout
	Value The fund employs a value-oriented approach, seeking companies trading below their intrinsic worth. The manager discusses finding attractive valuations in financial stocks and industrial companies despite market headwinds.	Undervalued Discount Intrinsic Value Cheap
	Financials Financial sector holdings performed well during the quarter, with banks like Bank of New York, State Street, Wells Fargo, and Goldman Sachs benefiting from expectations of lighter regulation and higher interest rates under the new administration.	Banks Interest Rates Regulation Credit
2024 Q3	Rates The Federal Reserve lowered short-term rates by 50 basis points in the third quarter to 5.0%. The manager expects continued gradual rate reductions over the next year as inflation has come down considerably to below 3% annually.	Interest Rates Federal Reserve Monetary Policy Inflation Rate Cuts
	Dividends The fund focuses on dividend-producing equity securities as part of its equity income strategy. The manager notes that investments in dividend producing equity securities may limit appreciation potential during broad market advances.	Dividend Income Equity Income Dividend Yield Income Strategy
	Custody Banks Bank of New York Mellon and State Street were among the best performing stocks as global custody banks. Lower short-term rates help custody banks as they can borrow money to fund operations at a lower cost.	Custody Banks Asset Servicing Fee Income Global Custody

QUARTER

THEMES

Healthcare IT

CareCloud helps smaller U.S. health practices manage data and collect payments. High switching costs lock in practices but also lock out competitors. Most RCMs have high fixed costs and too few clients, creating consolidation opportunities for CareCloud to buy cheaply and cut costs.

EHR RCM Healthcare Consolidation Switching Costs

Cement

ICG owns cement plants in Kazakhstan and Tajikistan with significant energy and transport cost advantages. Newest dry process plants with heat recovery versus competitors' older wet process plants. Strategic locations 100km closer to customers than competitors.

Energy Efficiency Transport Kazakhstan Cost Advantage Infrastructure

Construction

CTR Holdings builds structural frames and handles finishing work in Singapore. Most projects are public with stable government payments guaranteeing cash flow. Company had significant net cash and signed project backlog.

Singapore Government Cash Flow Backlog Public Projects

2025 Q3

AI

Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion.

Infrastructure Investment Cloud Capex Technology

Gold

Gold and bitcoin extended their rallies at nearly $4,000 per ounce and $120,000 respectively. Gold rose by 16.7% during the quarter, climbing from $3,305.65 to $3,859.40 per ounce, bringing the year-to-date increase to 47.1%. Gold equities appreciated by well over 40% and again outpaced the metal.

Miners Precious Metals Hedge Inflation Currency

Utilities

U.S. electricity demand is rising at its fastest pace in five decades, and utilities are responding with record capital spending to expand generation, modernize grids, and serve industrial and data center customers. Many utilities report waiting lists of large customers seeking to locate in their service territories.

Data Centers Grid Electricity Infrastructure Demand

Defense

The defense industry is benefiting from increases in global defense budgets spurred by the invasion of Ukraine. China and Russia remain strategic threats to NATO, Western Allies, and Asia-Pacific Partners. NATO member nations pledged to roughly double defense spending as a share of GDP to 5%+ by 2035.

Spending NATO Geopolitical Equipment Aerospace

Trade Policy

Trade continues to be in flux, with the U.S. signing deals with many partners including the UK and European Union, though uncertainty remains for many significant countries, including China and India. The tariff impact has lessened since spring, with the average U.S. tariff estimated at 17.5% now versus 23% in April.

Tariffs China Uncertainty Negotiations Bilateral

Buybacks

Many financial institutions continued their multi-year share repurchase plans. Companies are using free cash flow to buyback stock, improve credit profile, and for overall financial strength. Several companies announced significant share repurchase programs during the quarter.

Share Repurchase Capital Allocation Cash Flow Financial Strength Returns

2025 Q2

AI

Artificial intelligence continues to drive significant investment and growth across technology companies. Major AI infrastructure platforms maintained aggressive investment commitments with $330 billion in capex plans. ChatGPT usage doubled and commercial AI adoption accelerated across multiple sectors.

Data Centers Cloud Semiconductors Enterprise Software Automation

Defense Spending

Global defense budgets are rising sharply driven by geopolitical tensions and NATO commitments. European defense spending is increasing with 31 of 32 NATO members pledging to boost spending to 5% of GDP by 2035, roughly double current levels.

Aerospace Defense Electronics Ammunition Government IT Space

Trade Policy

Trump administration's tariff policies dominated market attention with Liberation Day announcements creating significant volatility. Markets initially declined 20% before recovering as tariff concerns eased with bilateral agreements and 90-day pauses.

Tariffs Trade Industrial Policy Onshoring Supply Chain

Live Sports

Growing enthusiasm for sports investments with increasing team valuations and media rights. Major League Baseball allows up to 30% private equity ownership, sports gambling growth, and strong attendance driving value creation in sports franchises.

Entertainment Media Gaming Sports Betting Event Ticketing

Energy Transition

Utilities sector benefiting from rising electricity demand driven by AI data centers and electrification trends. Record capital investment in generation and grid upgrades with partnerships between utilities and hyperscalers supporting growth.

Grid Upgrade Data Centers Renewable Developers Nuclear Energy Storage

Gold

Gold continued strong performance with central banks driving demand as they diversify reserve assets. Gold now represents 20% of central bank reserves, overtaking the euro as the second largest allocation after the dollar.

Gold Miners Critical Minerals Inflation Dollar Central Banks

2025 Q1

Tariffs

President Trump announced tariffs far higher than market expectations on April 2nd Liberation Day, with 10% base tariff on all imported goods and reciprocal tariffs totaling 25%-30% for most countries. This uncertainty overwhelmed positives from pro-growth policies and drove market volatility.

Trade Policy Inflation Uncertainty

Dividends

The fund focuses on dividend-producing equity securities as part of its equity income strategy. National Fuel Gas raised its annual dividend for the 54th consecutive year to $2.06 per share from $1.98 per share.

Income Yield Growth

Natural Gas

National Fuel Gas was a top contributor with forward gas prices rising due to growing LNG exports and electric power demand. The company operates gas utility, pipeline & storage, and E&P businesses in Appalachia.

Energy Utilities Infrastructure

2024 Q4

Dividends

The fund focuses on dividend-producing equity securities as part of its income strategy. The manager notes that investments in dividend producing equity securities may limit appreciation potential during broad market advances but provide income generation.

Income Yield Dividend Growth Payout

Value

The fund employs a value-oriented approach, seeking companies trading below their intrinsic worth. The manager discusses finding attractive valuations in financial stocks and industrial companies despite market headwinds.

Undervalued Discount Intrinsic Value Cheap

Financials

Financial sector holdings performed well during the quarter, with banks like Bank of New York, State Street, Wells Fargo, and Goldman Sachs benefiting from expectations of lighter regulation and higher interest rates under the new administration.

Banks Interest Rates Regulation Credit

2024 Q3

Rates

The Federal Reserve lowered short-term rates by 50 basis points in the third quarter to 5.0%. The manager expects continued gradual rate reductions over the next year as inflation has come down considerably to below 3% annually.

Interest Rates Federal Reserve Monetary Policy Inflation Rate Cuts

Dividends

The fund focuses on dividend-producing equity securities as part of its equity income strategy. The manager notes that investments in dividend producing equity securities may limit appreciation potential during broad market advances.

Dividend Income Equity Income Dividend Yield Income Strategy

Custody Banks

Bank of New York Mellon and State Street were among the best performing stocks as global custody banks. Lower short-term rates help custody banks as they can borrow money to fund operations at a lower cost.

Custody Banks Asset Servicing Fee Income Global Custody

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Feb 18, 2026	Fund Letters	Mario J. Gabelli	CVX	Chevron Corporation	Energy	Integrated Oil & Gas	Bull	New York Stock Exchange	buybacks, dividend, Free Cash Flow, Guyana, Permian	Login
Feb 18, 2026	Fund Letters	Mario J. Gabelli	MSFT	Microsoft Corporation	Information Technology	Systems Software	Bull	NASDAQ	AI, CapEx, cloud, data centers, Ecosystem	Login
Feb 18, 2026	Fund Letters	Mario J. Gabelli	NFG	National Fuel Gas Company	Utilities	Gas Utilities	Bull	New York Stock Exchange	AI demand, Appalachia, natural gas, pipeline, Rate Base	Login
Nov 16, 2025	Fund Letters	Mario J. Gabelli	POLR LN	Polar Capital Holdings plc	Financials	Asset Management & Custody Banks	Bull	London Stock Exchange	Active management, AUM growth, dividend, Scalability, Thematic funds	Login
Nov 16, 2025	Fund Letters	Mario J. Gabelli	3110 JP	Nitto Boseki Co., Ltd.	Materials	Specialty Glass Fiber & Advanced Materials	Bull	NYSE	Glass cloth, market dominance, Pricing power, semiconductors, thermal management	Login
Jun 30, 2025	Fund Letters	Mario J. Gabelli	AXP	American Express Company	Financials	Consumer Finance	Bull	New York Stock Exchange	Deposits, Emerging, Lending, Millennials, network, Payments, resilience, spending	Login
Jun 30, 2025	Fund Letters	Mario J. Gabelli	CR	Crane Co.	Industrials	Industrial Machinery	Bull	New York Stock Exchange	Aerospace, aftermarket, efficiency, Industrial, Margins, platform, scale, separation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Feb 18, 2026

Fund Letters

Mario J. Gabelli

CVX

Chevron Corporation

Energy

Integrated Oil & Gas

Bull

New York Stock Exchange

buybacks, dividend, Free Cash Flow, Guyana, Permian

Feb 18, 2026

Fund Letters

Mario J. Gabelli

MSFT

Microsoft Corporation

Information Technology

Systems Software

Bull

NASDAQ

AI, CapEx, cloud, data centers, Ecosystem

Feb 18, 2026

Fund Letters

Mario J. Gabelli

NFG

National Fuel Gas Company

Utilities

Gas Utilities

Bull

New York Stock Exchange

AI demand, Appalachia, natural gas, pipeline, Rate Base

Nov 16, 2025

Fund Letters

Mario J. Gabelli

POLR LN

Polar Capital Holdings plc

Financials

Asset Management & Custody Banks

Bull

London Stock Exchange

Active management, AUM growth, dividend, Scalability, Thematic funds

Nov 16, 2025

Fund Letters

Mario J. Gabelli

3110 JP

Nitto Boseki Co., Ltd.

Materials

Specialty Glass Fiber & Advanced Materials

Bull

NYSE

Glass cloth, market dominance, Pricing power, semiconductors, thermal management

Jun 30, 2025

Fund Letters

Mario J. Gabelli

AXP

American Express Company

Financials

Consumer Finance

Bull

New York Stock Exchange

Deposits, Emerging, Lending, Millennials, network, Payments, resilience, spending

Jun 30, 2025

Fund Letters

Mario J. Gabelli

Crane Co.

Industrials

Industrial Machinery

Bull

New York Stock Exchange

Aerospace, aftermarket, efficiency, Industrial, Margins, platform, scale, separation

TICKER	COMMENTARY
BK	Bank of New York Mellon, the largest financial custodian in the world, advanced amid strong earnings results. America's oldest bank is an early leader in the adoption of AI, with a multiyear partnership with OpenAI.
CR	This industrial technology company provides technological solutions to secure, detect and authenticate physical and digital assets. Shares declined amid reignited trade tensions with China. Though the company reported better-than-expected earnings and reduced its earnings outlook for the full year, management reduced its earnings guidance which also sent shares lower.
CVX	In October, we trimmed Chevron (CVX) following the close of its Hess (HES) acquisition. Chevron now derives significant earnings from a Kazakhstani oilfield whose sole link to the market is a 1,000 mile pipeline through Russia—not a risk we want in this portfolio.
DE	Deere treaded water as the market wanted AI momentum and not our names.
FCX	Freeport McMoRan was able to recover the share price drawdown seen in September following a major mudflow event at their Grasberg mine, which resulted in a full suspension of production and a material cut to guidance. The share price finished 2025 at its high.
FLR	FLR owned the majority of SMR, which essentially went parabolic. We anticipated FLR would dispose of its SMR stake and use the proceeds to repurchase its own shares, and this is exactly what is happening. The result of the heavy sales by FLR combined with SMR's very speculative valuation has led to a sharp decline in SMR, while FLR has been largely stable.
GPC	Auto parts supplier Genuine Parts Corp., which was affected by higher operating expenses and questions surrounding the First Brands bankruptcy, was another notable detractor during the quarter.
MSFT	MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand.
NEM	Newmont delivered +18% performance over the quarter, contributing meaningfully to portfolio returns as gold gained another 12%, taking its 2025 gains to an extraordinary 64%.
NFG	National Fuel Gas Co. is a gas and pipeline utility with a growing exploration and production business. The gas utility serves 754,000 customers in Buffalo, New York, and Erie and Sharon, Pennsylvania. The pipeline & storage (P&S) business operates 3,000 miles of pipe and 34 storage facilities primarily in the state of New York. The E&P business, Seneca Resources, operates in Appalachia (where it owns 1.2 million net acres), primarily in the Marcellus and Utica shales and ended FY 2025 with nearly 5.0 Tcfe of proved gas reserves, making it one of the most resource-rich utilities in the U.S. These reserves are strategically important as natural gas demand in the Northeast accelerates, driven in part by rising electricity consumption from data centers and AI-related load growth. NFG's extensive pipeline and storage network further enhances the value of its upstream assets by providing reliable access to premium regional markets. Higher gas production and prices have helped drive very strong EPS and cash flow growth in recent years and will continue given legacy hedges roll off and are replaced at higher prices. NFG's pending $2.6 billion acquisition of CenterPoint Energy's Ohio gas utility will roughly double NFG's regulated utility rate base, expand its customer footprint, and increase the percentage of earnings derived from regulated operations.
STT	Beat on both EPS and revenue on strong servicing and management fees income; AUC & AUM were both higher than expected, benefitting from market appreciation as well as inflows. Deposit growth was disappointing

TICKER

COMMENTARY

Bank of New York Mellon, the largest financial custodian in the world, advanced amid strong earnings results. America's oldest bank is an early leader in the adoption of AI, with a multiyear partnership with OpenAI.

This industrial technology company provides technological solutions to secure, detect and authenticate physical and digital assets. Shares declined amid reignited trade tensions with China. Though the company reported better-than-expected earnings and reduced its earnings outlook for the full year, management reduced its earnings guidance which also sent shares lower.

CVX

In October, we trimmed Chevron (CVX) following the close of its Hess (HES) acquisition. Chevron now derives significant earnings from a Kazakhstani oilfield whose sole link to the market is a 1,000 mile pipeline through Russia—not a risk we want in this portfolio.

Deere treaded water as the market wanted AI momentum and not our names.

FCX

Freeport McMoRan was able to recover the share price drawdown seen in September following a major mudflow event at their Grasberg mine, which resulted in a full suspension of production and a material cut to guidance. The share price finished 2025 at its high.

FLR

FLR owned the majority of SMR, which essentially went parabolic. We anticipated FLR would dispose of its SMR stake and use the proceeds to repurchase its own shares, and this is exactly what is happening. The result of the heavy sales by FLR combined with SMR's very speculative valuation has led to a sharp decline in SMR, while FLR has been largely stable.

GPC

Auto parts supplier Genuine Parts Corp., which was affected by higher operating expenses and questions surrounding the First Brands bankruptcy, was another notable detractor during the quarter.

MSFT

MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand.

NEM

Newmont delivered +18% performance over the quarter, contributing meaningfully to portfolio returns as gold gained another 12%, taking its 2025 gains to an extraordinary 64%.

NFG

National Fuel Gas Co. is a gas and pipeline utility with a growing exploration and production business. The gas utility serves 754,000 customers in Buffalo, New York, and Erie and Sharon, Pennsylvania. The pipeline & storage (P&S) business operates 3,000 miles of pipe and 34 storage facilities primarily in the state of New York. The E&P business, Seneca Resources, operates in Appalachia (where it owns 1.2 million net acres), primarily in the Marcellus and Utica shales and ended FY 2025 with nearly 5.0 Tcfe of proved gas reserves, making it one of the most resource-rich utilities in the U.S. These reserves are strategically important as natural gas demand in the Northeast accelerates, driven in part by rising electricity consumption from data centers and AI-related load growth. NFG's extensive pipeline and storage network further enhances the value of its upstream assets by providing reliable access to premium regional markets. Higher gas production and prices have helped drive very strong EPS and cash flow growth in recent years and will continue given legacy hedges roll off and are replaced at higher prices. NFG's pending $2.6 billion acquisition of CenterPoint Energy's Ohio gas utility will roughly double NFG's regulated utility rate base, expand its customer footprint, and increase the percentage of earnings derived from regulated operations.

STT

Beat on both EPS and revenue on strong servicing and management fees income; AUC & AUM were both higher than expected, benefitting from market appreciation as well as inflows. Deposit growth was disappointing

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Investment Summary

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FUND PERFORMANCE AS OF 31st December 2025

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Healthcare IT

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