NFG

NFG

NFG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	The Gabelli Dividend Growth Fund	6.3%	-	AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS	AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities	The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools.	WCC KR	View
2025 Q2	Jun 30, 2025	The Gabelli International Small Cap Fund	13.8%	-	AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS	defense, energy, gold, Sports, tariffs, technology, Utilities	The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%.	5444 JP TCAP LN	View
2025 Q1	Mar 31, 2025	The Gabelli Equity Income Fund	1.9%	1.9%	BK, CR, DE, GATX, GPC, HES, MLI, MSFT, NFG, STT	dividends, energy, income, tariffs, Utilities, value	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.		View
2025 Q1	Mar 31, 2025	Harbor Mid Cap Value Fund	-2.7%	-2.7%	AIG, ALSN, AMKR, ATKR, BK, DOX, EBAY, FOXA, HIG, HPQ, KR, NFG, NRG, ORI, PHM, PVH, STT, TOL, UAL, UGI	consumer discretionary, financials, mid cap, Trade Policy, Utilities, value	The fund maintains a deep value discipline with stretched valuation spreads remaining historically wide. The portfolio continues to trade at discounts relative to the benchmark, focusing on high-quality, profitable companies that generate strong cash flow, pay dividends, and actively buy back shares.		View
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	View
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	View
2024 Q4	Dec 31, 2024	The Gabelli ABC Fund	1.5%	7.9%	ALE, AXNX, CNHI, CTLT, FOX, JNPR, KKR, LEN, NAPA, NFG, SCWX, SJI, SRDX, TGNA, TXNM	arbitrage, Capital markets, Event Driven, M&A, Mergers	M&A activity totaled $3.2 trillion globally in 2024, a 10% increase from 2023. Technology, energy and power, and financials were the most active sectors. Private equity-backed transactions contributed 22% to total deal volumes. The new Trump administration is expected to spur a resurgence of deal activity with less strict antitrust enforcement.		View
2023 Q3	Sep 30, 2023	Heartland Value Fund	9.8%	13.5%	FAF, FNF, MHK, NFG, STC	consumer discretionary, Discipline, energy, financials, Patience, small caps, Utilities, value	The fund follows value investing principles, seeking companies trading below intrinsic value with compelling risk/reward characteristics. The managers emphasize patience and discipline, waiting for attractive entry points rather than chasing momentum. They focus on identifying well-managed, financially strong companies with resilient balance sheets at compelling valuations.	ASTC NFG MHK	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Heartland Value Fund	National Fuel Gas Company	Utilities	Gas Utilities	Bull	NYSE	Dividend Growth, energy, Equity, LNG, natural gas, pipeline, regulated utility, utilities	View Pitch
Feb 21, 2026	Fund Letters	Mario J. Gabelli	National Fuel Gas Company	Utilities	Gas Utilities	Bull	New York Stock Exchange	AI demand, Appalachia, natural gas, pipeline, Rate Base	View Pitch

BSD Shareholders of NFG

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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
No investor data available.

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