| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.42% | 0.2% | 27.62% |
| 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 | - | The fund delivered 27.6% annual returns despite Q4 underperformance, driven by AI adoption and telecommunications infrastructure growth. Alphabet led gains on regulatory clarity and Gemini AI progress, while EchoStar surged on SpaceX deals. Currency headwinds and competitive concerns weighed on some holdings. Strong AI capex trends and expanding use cases support the content and connectivity investment thesis. |
| Nov 16 2025 | 2025 Q3 | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, COST, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Federal Reserve, gold, M&A, Pet Care, technology, Trade Policy, Value Investing | - | GAMCO's Q3 2025 commentary highlights strong market performance driven by AI investments and M&A activity, with the S&P 500 up 8.1%. Federal Reserve rate cuts and easing trade tensions supported markets, while gold surged on fiscal concerns. Despite elevated valuations at 30x earnings, GAMCO continues seeking undervalued companies using its Private Market Value approach. |
| Jun 30 2025 | 2025 Q2 | AAPL, AMZN, BAC, BRK.A, CVX, GOOGL, HD, JNJ, JPM, MA, META, MSFT, NFLX, NVDA, PG, TSLA, UNH, V, WMT, XOM | defense, energy, gold, growth, Sports, tariffs, technology, value | MSFT | Q2 2025 delivered dramatic volatility as Trump's tariff announcements triggered a brief bear market before strong recovery led markets to new highs. Technology leadership continued with massive AI investment while defense spending surged globally. Sports valuations soared and energy demand accelerated from data centers. Gold hit new highs as central banks diversified. Markets showed resilience despite policy uncertainty. |
| Mar 31 2025 | 2025 Q1 | 9984.T, ATEX, DTE.DE, FYBR, GOOGL, META, PRX.AS, T, TDS, TIGO, TMUS, USM | Communications, Connectivity, content, global, Media, technology, Telecom | - | The fund outperformed in Q1 2025 with strong telecommunications holdings led by T-Mobile US and Deutsche Telekom offsetting weakness in Alphabet and SoftBank. The portfolio remains positioned for long-term growth from 5G deployment, AI integration, and digital transformation despite near-term volatility from trade policy uncertainty and AI sector reassessment. |
| Dec 31 2024 | 2024 Q4 | 9984.T, AMZN, ATEX, DTE.DE, FYBR, GOOG, META, MSFT, PRX.AS, RCI, T, TDS, TMUS, USM | Connectivity, content, global, Media, technology, Telecommunications | - | The fund returned 0.11% in Q4 and 22.58% for 2024, driven by telecommunications deals and digital platform strength. Telephone & Data Systems and UScellular led performance on spectrum transaction optimism, while Alphabet benefited from improving advertising markets. The portfolio focuses on global content and connectivity companies positioned for structural digital growth. |
| Sep 30 2024 | 2024 Q3 | 0700.HK, 9984.T, DTE.DE, FYBR, GOOGL, META, MSFT, PRX.AS, RCI, TIGO, TMUS, USM, VZ | AI, Connectivity, content, global, Media, technology, Telecommunications | - | The fund delivered strong 8.0% quarterly returns driven by telecommunications infrastructure winners T-Mobile and Frontier Communications' Verizon acquisition. Meta Platforms contributed on robust advertising and AI strategy clarity. Alphabet detracted on antitrust concerns and AI spending worries. The portfolio remains positioned for digital transformation and infrastructure consolidation themes in the global content and connectivity sector. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
GrowthThe fund seeks long-term growth of capital by investing in growth-oriented common stocks using a quantitative formula. The Growth Strategy identifies stocks with highest one-year price appreciation that meet specific value and earnings criteria. |
Growth Quantitative Appreciation |
ValueThe fund uses price-to-sales ratio below 1.5 as its value criterion because sales figures are more difficult to manipulate than earnings and provide a clearer picture of company potential value. |
Value Price-to-sales Valuation | |
FinancialsThe fund is currently substantially invested in the Financials sector, with performance tied closely to developments in this industry. Companies may be affected by regulatory changes and interest rate fluctuations. |
Financials Banking Interest Rates | |
| 2025 Q3 |
AIArtificial 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 ~$380bn. |
Infrastructure Investment Cloud Data Centers Capex |
M&ADespite a lull around Liberation Day due to tariff uncertainty, the merger & acquisition boom expected under President Trump has come to fruition so far in 2025, with global deals up 33% year to date to $3 trillion, a four year high. Private equity-backed M&A is up 27%. |
Deals Private Equity Consolidation Valuations Activity | |
GoldGold and bitcoin extended their rallies at nearly $4,000 per ounce and $120,000, respectively, as investors sought real-asset hedges amid fiscal concerns and unpredictable administration policies. Gold holdings were by far the largest contributors to performance across multiple funds. |
Miners Precious Metals Hedge Inflation Real Assets | |
Trade PolicyTrade 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 average U.S. tariff estimated at 17.5% now versus 23% in April. |
Tariffs Uncertainty China Negotiations Deals | |
RatesThe Federal Reserve cut rates for the first time this year in September, lowering the Fed Funds rate 25 bps to 4%-4.25%, with expectations for further cuts to come. 10 Year U.S. Treasury yields declined during the quarter and are currently around 4.1%. |
Fed Cuts Treasury Yields Monetary Policy | |
Pet CareThe global pet care market remains resilient, driven by the ongoing humanization of pets and steady increases in per-pet spending. U.S. pet industry expenditures are on pace to reach $158 billion in 2025, up from $152 billion in 2024. |
Humanization Spending Healthcare Premium Growth | |
| 2025 Q2 |
TariffsTrump administration announced sweeping tariffs on April 2 (Liberation Day) causing significant market volatility. Initial tariff rates were very high but were later moderated through bilateral trade deals. The effective weighted average tariff rate is estimated at 18%, down from initial Liberation Day levels but still significantly higher than the prior administration's 2.5%. |
Trade Policy Inflation Dollar |
AIMajor AI infrastructure platforms remained committed to aggressive investment with the five largest operators planning $330bn in 2025 capex. ChatGPT's Weekly Active Users doubled since the start of the year, and Alphabet's Gemini showed 50x year-over-year growth in tokens generated. Commercial scale corporate productivity initiatives using AI are expanding across multiple companies. |
Data Centers Cloud Semiconductors Enterprise Software | |
DefenseEuropean defense budgets are rising sharply due to the invasion of Ukraine and strategic threats from China and Russia. Sweden committed to expand defense spending to 2.6% of GDP by 2028 and 3.5% by 2032. NATO member nations pledged to roughly double defense spending to 5% of GDP by 2035, creating significant opportunities for defense contractors. |
Defense Spending Europe NATO | |
SportsGrowing enthusiasm about the world of sports with more people buying tickets to sporting events. Major sports leagues now allow up to 30% private-equity ownership of individual teams, increasing their value. The Los Angeles Lakers basketball team is being sold for $10 billion. Sports broadcasting remains vital to companies and the growth of the Hispanic market is favorable for baseball. |
Entertainment Media Live Sports | |
EnergyElectricity demand is growing at its fastest pace since the mid-20th century, driven by AI-powered data centers, reshoring of manufacturing, and electrification of transport. Utilities are responding with record capital investment in generation and grid upgrades, often in partnership with hyperscalers like Amazon, Microsoft, and Google. |
Grid Upgrade Data Centers Infrastructure Spending | |
GoldGold and gold equities continued strong performance with gold rising $182 per ounce to $3,306 for a 5.8% gain in Q2. Central banks continue diversifying reserve assets with gold now representing 20% of central bank reserves, having recently overtaken the euro. Private investor interest through gold ETFs also continued adding holdings during the quarter. |
Gold Gold Miners Inflation | |
| 2025 Q1 |
Telecom InfrastructureFund holds significant positions in telecommunications companies including T-Mobile US, Deutsche Telekom, and wireless carriers serving Latin America. These companies benefit from 5G deployment, fiber expansion, and growing demand for high-speed internet services. |
5G Fiber Wireless Infrastructure Broadband |
Social MediaMeta Platforms represents a key holding as the leading global online social networking provider with nearly 3.4 billion daily active users. The company generates revenue from advertising across Facebook, Instagram, WhatsApp and other platforms while investing in AI capabilities. |
Social Networks Advertising AI Digital Platforms User Engagement | |
MediaThe fund focuses on content and connectivity companies across the media landscape. Holdings include companies involved in streaming, digital entertainment, and content distribution as the industry continues to evolve toward digital platforms. |
Streaming Content Digital Entertainment Distribution Platforms | |
| 2024 Q4 |
Telecom InfrastructureFund holds significant positions in telecommunications companies including T-Mobile, Deutsche Telekom, and Telephone & Data Systems. UScellular's wireless operations sale to T-Mobile and spectrum deals with Verizon and AT&T drove strong performance. |
Wireless Spectrum 5G Infrastructure Consolidation |
MediaPortfolio includes major media and content companies like Alphabet, Meta Platforms, and Microsoft. Focus on companies benefiting from digital advertising growth and AI-enabled content offerings. |
Digital Advertising Content Streaming AI Platforms | |
| 2024 Q3 |
AIThe fund discusses artificial intelligence investments and their impact on portfolio companies. Meta Platforms is making AI investments to supplement and enhance its services, including developing its own large language model, LLaMA. Microsoft continues to be well positioned to capitalize on AI ecosystem development and is aggressively investing in artificial intelligence businesses. |
Artificial Intelligence LLaMA AI Infrastructure Machine Learning AI Ecosystem |
MediaThe fund focuses on content and connectivity companies across the media landscape. Portfolio includes companies involved in social networking, streaming, and digital entertainment services. Meta Platforms operates leading social media platforms including Facebook, Instagram, and WhatsApp with roughly 3.1 billion Facebook monthly active users. |
Social Media Digital Entertainment Content Creation Streaming Social Networking | |
Telecom InfrastructureThe fund invests in telecommunications infrastructure and services companies. T-Mobile US reported stronger than expected results and provided ambitious 2027 financial targets. Frontier Communications was acquired by Verizon for its fiber footprint expansion, highlighting the value of telecommunications infrastructure assets. |
5G Fiber Networks Wireless Infrastructure Broadband Telecommunications |
| 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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