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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 18, 2026 | The Gabelli ABC Fund | 0.5% | 6.1% | CFLT, EXAS, FOX, FRGE, GTLS, HOLX, KKR, KMB, KVUE, LEN, NEM, NFG, NFLX, PAAS, PSKY, TGNA, TXNM, WBD | arbitrage, healthcare, industrials, M&A, private equity, technology | Multiple biotech and pharmaceutical M&A deals closed during the quarter, including Akero Therapeutics acquired by Novo Nordisk for $54.00 per share plus CVR, Metsera acquired by Pfizer after outbidding Novo Nordisk, and Tourmaine Bio acquired by Novartis for $48.00 per share. M&A volume activity reached $4.6 trillion in 2025, representing a 49% increase from the previous year and the highest since 2021. Technology, industrials, and financials were the top sectors for M&A activity, accounting for over $2 trillion in deal activity. | ALE HOLX EXAS GTCH |
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| 2025 Q4 | Feb 18, 2026 | The Gabelli Dividend Growth Fund | 5.2% | 18.8% | AIG, AMZN, C, GOOG, IP, MDLZ, MRK, MS, NEM, ORCL, PNC, PRGO, SATS, WFC | AI, dividends, financials, gold, healthcare, value | AI euphoria faded in Q4 but companies in the AI ecosystem continued to deliver impressive results against high expectations. Concerns mounted around ever-increasing capex outlays and financing of sizable capex commitments. The commoditized see-saw battle among five major LLMs for next generation model leadership continues. The Fund focuses on dividend-paying stocks and benefited from M&A activity and a large position in gold miner Newmont. Despite a modestly defensive posture throughout 2025, the Fund benefited from appreciating stocks that were sized as larger positions. Gold had its best year with the price of gold benefiting the Fund's position in gold miner Newmont, which was one of the top contributors. Gold served as an inflation hedge and store of value amid macroeconomic uncertainty. | NEM MS GOOG |
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| 2025 Q4 | Feb 18, 2026 | The Gabelli Equity Income Fund | 2.2% | 16.5% | BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT | AI, dividends, energy, financials, gold, Utilities | Gold had its best year since 1979, rising 66% as a result of geopolitical uncertainty and central bank buying. Gold miners such as Newmont Corp. are levered to the price of gold, making it the biggest contributor to returns for both the fourth quarter and the full year. The Fund focuses on dividend-producing equity securities, though this may limit potential for appreciation during broad market advances. The prices of dividend-producing equity securities can be highly volatile. The American economy continues to embrace AI technology, and the prospect of large increases in productivity is spurring optimism. AI-related infrastructure and power demand are driving growth in various sectors. Natural gas demand in the Northeast is accelerating, driven in part by rising electricity consumption from data centers and AI-related load growth. Companies like National Fuel Gas benefit from strategic positioning near population centers. | NFG MSFT CVX |
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| 2025 Q4 | Feb 10, 2026 | PM Capital Australian Companies Fund | 3.7% | 28.9% | APO, BHP.AX, CGF.AX, CMCL.TO, FDV.AX, HEIA.AS, INGA.AS, NEM, NST.AX, RYAAY, SHL.DE, SMR.AX, WDS.AX | Australia, banks, commodities, Copper, financials, gold, Mining | Gold rose 12% over the period, reaching a record high in December. Monetary policy and geopolitical uncertainty continued to provide a positive backdrop for gold. Portfolio holdings Newmont gained 18% and Northern Star Resources gained 13%. Copper surged 17% as supply risks came back into focus following production disruptions and material downgrades to production guidance due to geotechnical issues at several large-scale mines. Recent supply disruptions acutely highlight how tight copper markets have become given the lack of new greenfield capacity coming online and record low inventories. Challenger Limited remained a standout on the back of regulatory reforms and interest rate normalization. The position rose 8% over the quarter and achieved a 57% return for the year ending 31 December 2025. Investors are increasingly pricing in the anticipated benefits of APRA's proposed capital requirement reforms. In steelmaking coal, Stanmore Resources remains resilient despite low commodity prices that have seen peers take measures to preserve cash. Stanmore has maintained consistent mine plans and capital expenditure programs and is therefore well positioned to benefit from any improvement in commodity prices. | WDS AU FDV AU CGF AU SMR AU CSC AU NEM US |
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| 2025 Q4 | Feb 10, 2026 | PM Capital Enhanced Yield Fund | 0.8% | 4.6% | 2282.HK, 8570.PA, APO, BAER.L, BHP.AX, CABK.MC, CGF.AX, COL.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, HEIA.AS, IMI.L, INGA.AS, LLOY.L, NEM, NSC, NST.AX, QUB.AX, RPRX, SHL.DE, SMR.AX, TECK, TSCO.L, UNP, WDS.AX, WOW.AX | Bonds, credit, fixed income, inflation, rates, Yield | Despite signs of re-emergence of higher inflation across major global developed economies including Australia in the December quarter, the fund delivered positive returns. Australian bond yields increased significantly with three year bonds rising over 60 basis points and 10 year bonds almost 50 basis points, representing a shift from rate cut expectations to multiple rate increase expectations in 2026. The fund increased exposure to fixed interest rates during the quarter as markets became overly optimistic about cash rate increases in 2026. Management believes multiple rate increases would put notable downward pressure on the economy given cost-of-living pressures and higher house prices remain issues. | View | |
| 2025 Q4 | Feb 10, 2026 | PM Capital Global Companies Fund | 7.8% | 38.3% | 2282.HK, APO, BARC.L, BHP.AX, CABK.MC, CGF.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, IMI.L, LLOY.L, NEM, NSC, NST.AX, SHL.DE, SMR.AX, TECK, UNP | Banking, commodities, Copper, Europe, gold, infrastructure, Railroads, value | Copper surged 17% over the quarter, driven by supply risks and production disruptions at major mines. Portfolio holdings Freeport McMoRan, Teck Resources, and BHP delivered strong performance. The fund maintains conviction in copper due to tightening supply, record prices, and geopolitical uncertainty. Gold gained 12% in the quarter, reaching record highs and delivering extraordinary 64% gains for 2025. Monetary policy uncertainty and geopolitical tensions provided positive backdrop. Portfolio holdings Newmont and Northern Star Resources contributed meaningfully to performance. Union Pacific's proposed merger with Norfolk Southern would create the first coast-to-coast rail network in the US, potentially unlocking rail's potential to capture long-distance freight. The unified network could benefit broader US supply chains and provide the next leg of growth for an industry that has relied on efficiency gains. European banking sector produced strong outperformance led by Bank of Ireland, Lloyds Banking Group, and CaixaBank. Sector returns supported by interest rate stabilization and yield curve steepening. The market is transitioning toward improving organic loan growth after fifteen years of stagnant credit activity. | CRN LN APO SHL GR UNP LLOY LN BIRG LN IMI LN TECK FCX |
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| 2024 Q4 | Dec 31, 2024 | Kopernik Global All-Cap Fund | -7.6% | -0.5% | 003550 KS, 030200 KS, Gold, NEM | - | View | ||
| 2023 Q4 | Dec 31, 2023 | L1 Capital Long Short Fund | 2.4% | 10.8% | BH5 GR, CNU AU, CRH, CVE, FLUT, IDG GR, NEM, NUF GR, QRL GR, STS GR, VEA AU, WGX AU | - | View | ||
| 2025 Q3 | Nov 16, 2025 | The Gabelli Dividend Growth Fund | 6.8% | - | C, CARR, KDP, NEM | CashFlow, defensiveness, dividends, pricingpower, Quality | The letter underscores dividend growth as a core driver of long-term equity returns, supported by companies with strong cash flows, robust balance sheets, and pricing power. Amid moderating economic growth and easing inflation, dividend growers offer defensive characteristics and attractive relative valuations. Management continues to emphasize high-quality franchises with durable competitive positions and consistent distribution increases. | MSGS US |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investment Value Strategy | 0.0% | 0.0% | 300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS | AI, financials, gold, healthcare, materials, semiconductors, technology, value | AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices. | PYPL FITB |
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| 2025 Q4 | Jan 15, 2026 | Canopy Investors | - | - | 4194.T, ASSA-B.ST, AUTO.L, AZEK, JHX, MEDP, MONC.MI, NEM, PTC, TREX, TW | AI, Enterprise Software, global, Japan, Quality, SMID Cap, valuation | AI has driven significant market rotation away from quality stocks, with concerns about disruption weighing on enterprise software and online classifieds companies. The fund believes AI disruption fears are overdone for their portfolio companies, which are more likely to be beneficiaries than victims of AI adoption. Quality was the worst-performing investment factor in H1 FY26, with lower-quality and more volatile stocks significantly outperforming. This represents a continuation of quality underperformance reminiscent of the late 1990s dot-com era, driven by speculative investor behavior and thematic investing. Japan faces structural labor shortages driving increased mid-career hiring and workforce mobility. The country has a new pro-business Prime Minister and depreciating yen enhancing export competitiveness, though it faces labor shortages, inflation, and geopolitical risks with China. Enterprise software companies face investor concerns about AI disruption, particularly around AI agents displacing traditional interfaces and reducing barriers to entry. However, many providers digitize structured processes that AI cannot easily replace and are likely to benefit from AI integration. | 4194 JP TREX AUTO LN MEDP PTC |
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| 2024 Q2 | Jul 15, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | AGL AU, CRH, HBM LN, HXSCL, MIN AU, NEM, NGMC, QAN AU | - | View | ||
| 2024 Q2 | Jun 30, 2024 | BNY Mellon Global Equity Income Fund | -2.4% | 1.4% | AZN LN, BYR GR, CME, IP, NEM, SMDS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Justin Bergner | Newmont Corporation | Materials | Gold | Bull | New York Stock Exchange | acquisition, diversification, Gold, Integration, Real Rates | View Pitch |
| Jan 27, 2026 | Seeking Alpha | Seeking Alpha | Newmont Corporation | Mining | Gold Mining | Bull | New York Stock Exchange | cash flow, ESG, geopolitical risks, gold mining, growth prospects, Newmont Corporation, operational efficiency, safe-haven asset, sustainable practices, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Hirschmann | NEW Gold Mining Equities | Materials | Precious Metals & Mining | Bull | NYSE | Commodities, Gold, Hedge, inflation, Macro, Mining, valuation | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Samuel Smith | Newmont Corporation | Materials | Gold | Bear | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Robert Bruce | Bruce & Co. | $322.5M | $10.0M | 3.10% | 100,000 | +0 | +0.00% | 0.0073% |
| Ronald Muhlenkamp | Muhlenkamp & Co Inc | $371.8M | $28.4M | 7.64% | 284,481 | +538 | +0.19% | 0.0208% |
| David Einhorn | Greenlight Capital Inc | $9.9B | $25.5M | 0.26% | 685,270 | +0 | +0.00% | 0.0449% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $42.6M | 0.08% | 427,132 | -748,938 | -63.68% | 0.0312% |
| David Iben | Kopernick | $1.3B | $2.3M | 0.19% | 23,201 | -25,315 | -52.18% | 0.0017% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $56.7M | 0.07% | 567,600 | +437,700 | +336.95% | 0.0414% |
| Chris Rokos | Rokos Capital Management | $9.9B | $25.5M | 0.26% | 685,270 | +0 | +0.00% | 0.0449% |
| Ray Dalio | Bridgewater Associates | $27.4B | $230.5M | 0.84% | 2,308,909 | +1,921,592 | +496.13% | 0.1686% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.6M | 0.00% | 16,379 | +17,600 | +11.02% | 0.0012% |
| Israel Englander | Millennium Management LLC | $233.2B | $19.4M | 0.01% | 193,898 | -3,258,192 | -94.38% | 0.0142% |
| Stephen Selver | Bramshill Investments | $1.8B | $1.4M | 0.08% | 13,973 | -2,934 | -17.35% | 0.0010% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $148.4M | 0.12% | 1,486,497 | -174,391 | -10.50% | 0.1085% |
| Murray Stahl | Horizon Kinetics | $7.4B | $780,128 | 0.01% | 7,813 | -253 | -3.14% | 0.0006% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $928,605 | 0.00% | 9,300 | -32,799 | -77.91% | 0.0007% |
| Cliff Asness | AQR Capital Management | $190.6B | $739.1M | 0.39% | 7,402,278 | +3,345,543 | +82.47% | 0.5404% |
| Mario Gabelli | GAMCO Investors | $10.4B | $59.5M | 0.57% | 596,345 | +19,857 | +3.44% | 0.0435% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $215.0M | 0.72% | 2,153,430 | -230,550 | -9.67% | 0.1572% |
| Rich Handler | Jefferies | $19.3B | $8.6M | 0.04% | 86,144 | +83,553 | +3224.74% | 0.0063% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $6,761 | 0.00% | 67 | +10 | +17.54% | 0.0000% |