| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.4% | 0.2% | 27.6% |
| 2025 | 2024 |
|---|---|
| 27.6% | 22.6% |
The Gabelli Global Content & Connectivity Fund returned 0.2% in Q4 2025, compared to 3.4% for the MSCI AC World Communication Services Index, but delivered strong full-year performance of 27.6%. The fund focuses on global companies in content, connectivity, and telecommunications infrastructure. Key contributors included Alphabet, which gained 28.9% as regulatory risks faded and AI adoption accelerated through Gemini 3 models, and Millicom, which rose 19% on Colombian acquisition approval. EchoStar surged 42.3% on SpaceX spectrum deals and IPO anticipation. Detractors included SoftBank, down 11.3% on yen weakness and Arm holdings decline, and T-Mobile, which fell 14.8% despite strong operational results due to competitive concerns. The portfolio benefits from AI capital expenditure growth, with cloud platform capex expectations exceeding $500 billion for 2026. Management sees continued expansion of AI use cases into labor-intensive sectors and improving regulatory environment for technology companies supporting the investment thesis.
The fund invests in global companies that participate in content creation, distribution, and connectivity infrastructure, positioned to benefit from secular trends in AI adoption, digital transformation, and telecommunications infrastructure investment.
The fund remains positioned to benefit from continued growth in AI adoption across sectors, improving regulatory environment for technology companies, and ongoing investment in telecommunications infrastructure. Management expects AI use cases to continue expanding into new labor-intensive sectors.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 18 2026 | 2025 Q4 | 9984.T, DTEGY, GOOG, META, MILCF, MSFT, PROSF, RCI, SATS, TDS, TMUS | AI, Communication, global, Media, technology, Telecom | - | AI capital expenditures communicated by company management teams again surprised to the upside over the latest earnings cycle. Analyst expectations for 2026 capex aggregated across the five largest cloud computing platforms now exceed half a trillion dollars, and these estimates have been revised 80% higher in total over the last year. Use cases for AI technology across digital media, e-commerce, infrastructure software and knowledge work are now well-established, and adoption is increasingly spreading into new, labor-intensive sectors. Global equity markets rose in the quarter, with the MSCI AC World Index up 3.4%, driven by solid corporate earnings, expectations for lower interest rates, and moderating inflation. Communication Services was among the best performing sectors (+3.4%, primarily led by strong performance in Alphabet shares). The fund focuses on global content and connectivity companies. The fund invests in companies providing connectivity infrastructure and services. Holdings include T-Mobile US, Deutsche Telekom, Rogers Communications, and other telecommunications infrastructure providers. The sector benefited from improving wireless competitive environment and continued investment in network infrastructure. |
| Nov 16 2025 | 2025 Q3 | AD, ATEX, DTE, GOOG, PRX, TIGO | Broadband, Connectivity, Data, infrastructure, Streaming | - | The letter highlights structural demand for connectivity driven by streaming, cloud, mobile data, and network infrastructure upgrades. Companies enabling content distribution, broadband expansion, and digital platforms benefit from recurring revenue models and rising global consumption of data. The strategy favors competitively advantaged firms positioned to capture long-term secular growth in digital communication. |
| Jun 30 2025 | 2025 Q2 | 9984 JP, KINVB SS, MSFT, RCI, TMUS | Connectivity, content, Digital Media, infrastructure, Telecom | MSFT | The letter centers on global demand for digital content, data transmission, and connectivity infrastructure. Media, telecom, and technology platforms benefit from secular growth in streaming, mobile data, and advertising. Consolidation and regulatory change are viewed as potential value unlocks. |
| Mar 31 2025 | 2025 Q1 | ATEX, DTE GR, META, PRX NA, TIGO | - | - | |
| Dec 31 2024 | 2024 Q4 | 9984 JP, GOOG, T, TDS, TMUS | - | - | |
| Sep 30 2024 | 2024 Q3 | FYBR, GOOG, META, MSFT, PRX NA, RCI, TMUS | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
MediaWarner Bros Discovery was the top contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, creating a bidding war that unlocked shareholder value. |
Streaming M&A Content Entertainment Bidding | |
Telecom InfrastructureThe fund invests in companies providing connectivity infrastructure and services. Holdings include T-Mobile US, Deutsche Telekom, Rogers Communications, and other telecommunications infrastructure providers. The sector benefited from improving wireless competitive environment and continued investment in network infrastructure. |
Wireless Infrastructure Networks 5G | |
| 2025 Q3 |
Connectivity |
|
| 2025 Q2 |
Connectivity |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2025 | Fund Letters | Ashish Sinha | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial, CapEx, cloud, Ecosystem, enterprise, infrastructure, platform, Software | Login |
| TICKER | COMMENTARY |
|---|---|
| 9984.T | SoftBank (9.5%; -11.3%), impacted by 5.5% depreciation of Japanese yen vs. U.S. dollar during the quarter as well as a 22.7% decline in share price of its largest portfolio holding, Arm. |
| DTEGY | Deutsche Telekom +8.3%%/+24.8% 3.62% +8.4%/year Multinational telecom network operator, owns majority of T-Mobile (USA) |
| GOOG | From the moment OpenAI hit the scene with ChatGPT 3.5 in the Fall of 2022, Google was a perceived loser and thousands of pontificators warned about the end of search. Fast forward three years and this was Google Search's fastest quarter of revenue growth since Q1 2022, when the reopening and pandemic were still considerable drivers of results. In parallel with the Search re-acceleration, Google has also emerged as a leader in AI itself. This combination has been potent for Google's stock and could not have opened on Search alone, given the terminal value fears. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| MILCF | Millicom (4.9%; +19.0%) rose on regulatory approval of the company's acquisition of Telefonica's operations in Colombia (received in mid-November) as well as somewhat stronger than expected third quarter results. |
| 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. |
| RCI | Rogers Communications (3.5%; +10.5%) benefited from improving wireless competitive environment in Canada and the spotlight on the Toronto Blue Jays making it to the World Series (as RCI continues evaluating various options for transactions that could unlock value from its vast sports portfolio). |
| SATS | December saw the GA-Courtenay Special Situations fund (USD I) appreciate by +6.3%, resulting in a return for 2025 of +6.5%. The positive result was primarily driven by price appreciation in Echostar and Filtronic, the fund's largest two positions, and both publically listed proxies for SpaceX. |
| TMUS | T-MOBILE US INC detracted -0.32% from relative performance |
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