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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength."
The Gabelli International Small Cap Fund declined 2.15% in Q2 2026, underperforming its benchmark as gold mining holdings detracted following a 14% pullback in gold prices. Despite this, the Fund benefited significantly from AI-related capital expenditures, with semiconductor equipment holdings like Tokyo Electron and ASML appreciating 103% and 53% respectively, while Murata Manufacturing surged 227%. Global equity markets rallied strongly as the Middle East conflict de-escalated and corporate earnings grew sharply, with the S&P 500 up 15.2% and emerging markets gaining 23.3%. The Fund's Japanese holdings performed particularly well, supported by solid earnings growth and corporate reform. Portfolio activity included initiating positions in three mid-sized gold producers trading at discount valuations and adding Japanese technology companies. Looking forward, the managers see equity markets supported by strong earnings growth and broadening participation beyond AI, though risks include persistent inflation, geopolitical tensions, and potential overinvestment in AI infrastructure.
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