GAMCO Investors, Inc. (“GAMI”) (OTCQX: GAMI) today reported its
operating results for the quarter ended December 31, 2023.
Financial Highlights
(In thousands, except percentages and per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
% Change From |
|
|
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
September 30, 2023 |
|
December 31, 2022 |
|
U.S. GAAP |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
57,313 |
|
|
$ |
59,475 |
|
|
$ |
61,602 |
|
|
-3.6 |
% |
|
-7.0 |
% |
|
Expenses |
|
|
41,517 |
|
|
|
41,954 |
|
|
|
44,595 |
|
|
-1.0 |
% |
|
-6.9 |
% |
|
Operating income |
|
|
15,796 |
|
|
|
17,521 |
|
|
|
17,007 |
|
|
-9.8 |
% |
|
-7.1 |
% |
|
Non-operating income (loss) |
|
6,199 |
|
|
|
303 |
|
|
|
3,553 |
|
|
1945.9 |
% |
|
74.5 |
% |
|
Net income |
|
|
16,560 |
|
|
|
13,137 |
|
|
|
21,396 |
|
|
26.1 |
% |
|
-22.6 |
% |
|
Diluted earnings per share |
|
$ |
0.66 |
|
|
$ |
0.52 |
|
|
$ |
0.83 |
|
|
26.9 |
% |
|
-20.5 |
% |
|
Operating margin |
|
|
27.6 |
% |
|
|
29.5 |
% |
|
|
27.6 |
% |
|
(190)
bps |
|
|
0 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Giving Back to Society - $74 million
since IPO
Since our initial public offering in February
1999, our firm’s combined charitable donations total approximately
$74 million, including $48 million through the shareholder
designated charitable contribution (“SDCC”) program. Based on the
program created by Warren Buffett at Berkshire Hathaway, our
corporate charitable giving is unique in that the recipients of
GAMI’s charitable contributions are chosen directly by our
shareholders, rather than by our corporate officers. Since its
inception in 2013, GAMI shareholders have designated charitable
gifts to approximately 350 charitable organizations.
Revenue
(In thousands) |
|
Three Months Ended |
|
|
|
|
|
|
|
December 31,2023 |
|
December 31, 2022 |
|
$ Change |
|
% Change |
|
Investment advisory and incentive fees |
|
|
|
|
|
|
|
|
|
Fund revenues |
|
$ |
37,748 |
|
$ |
37,369 |
|
$ |
379 |
|
|
1.0 |
% |
|
Institutional and Private Wealth Management |
|
|
13,712 |
|
|
13,826 |
|
|
(114 |
) |
|
-0.8 |
% |
|
SICAV |
|
|
1,541 |
|
|
5,436 |
|
|
(3,895 |
) |
|
-71.7 |
% |
|
Total |
|
$ |
53,001 |
|
$ |
56,631 |
|
$ |
(3,630 |
) |
|
-6.4 |
% |
|
Distribution fees and other income |
|
|
4,312 |
|
|
4,971 |
|
|
(659 |
) |
|
-13.3 |
% |
|
Total revenue |
|
$ |
57,313 |
|
$ |
61,602 |
|
$ |
(4,289 |
) |
|
-7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Incentive fees earned during the fourth quarter
of 2023 was $1.9 million versus $3.3 million during the fourth
quarter of 2022. The remainder of the year over year decline
reflects a modest drop in average equity AUM at December 31, 2023
from December 31, 2022.
Expenses
(In thousands) |
|
Three Months Ended |
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
$ Change |
|
% Change |
|
Compensation |
|
$ |
27,316 |
|
$ |
28,420 |
|
$ |
(1,104 |
) |
|
-3.9 |
% |
|
Management fee |
|
|
2,444 |
|
|
2,283 |
|
|
161 |
|
|
7.1 |
% |
|
Distribution costs |
|
|
5,848 |
|
|
5,460 |
|
|
388 |
|
|
7.1 |
% |
|
Other operating expenses |
|
|
5,909 |
|
|
8,432 |
|
|
(2,523 |
) |
|
-29.9 |
% |
|
Total expenses |
|
$ |
41,517 |
|
$ |
44,595 |
|
$ |
(3,078 |
) |
|
-6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
- The lower compensation expense in
the fourth quarter reflected lower variable compensation ($0.8
million), lower fixed compensation ($0.2 million), and lower
stock-based compensation ($0.1 million).
- Higher pre-management fee income of
$1.6 million resulted in a $0.2 million increase in management
fee.
- Distribution costs were higher
based on slightly higher expense reimbursements in open-end funds;
and,
- The lower other operating expenses
this quarter versus the fourth quarter of 2022 are due to the
absence of subadvisory performance fees for the merger arbitrage
SICAV in 2023.
Operating Margin
The operating margin, which represents the ratio
of operating income to revenue, was 27.6% for the fourth quarter of
2023 compared with 29.5% for the third quarter of 2023.
Non-Operating Income
(In thousands) |
|
Three Months Ended |
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
$ Change |
|
% Change |
|
Gain / (loss) from investments, net |
|
$ |
3,529 |
|
|
$ |
(3,354 |
) |
|
$ |
6,883 |
|
|
-205.2 |
% |
|
Interest and dividend income |
|
|
2,951 |
|
|
|
7,198 |
|
|
|
(4,247 |
) |
|
-59.0 |
% |
|
Interest expense |
|
|
(281 |
) |
|
|
(291 |
) |
|
|
10 |
|
|
-3.4 |
% |
|
Total non-operating income / (loss) |
|
$ |
6,199 |
|
|
$ |
3,553 |
|
|
$ |
2,646 |
|
|
74.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income increased for the quarter,
reflecting the higher mark to market values on our investment
portfolio for the quarter and the higher earnings on our cash and
cash equivalents balances.
Other financial highlights
The effective income tax rate for the fourth
quarter of 2023 was 24.7% versus a credit for the fourth quarter of
2023.
Cash and cash equivalents were $166.0 million at
December 31, 2023.
Assets Under Management
(In millions) |
|
As of |
|
% Change |
|
|
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
September 30, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds |
|
$ |
7,973 |
|
$ |
7,546 |
|
$ |
8,140 |
|
5.7 |
% |
|
-2.1 |
% |
|
Closed-end Funds |
|
|
7,097 |
|
|
6,727 |
|
|
7,046 |
|
5.5 |
% |
|
0.7 |
% |
|
Institutional & PWM (a) (b) |
|
|
10,738 |
|
|
10,034 |
|
|
10,714 |
|
7.0 |
% |
|
0.2 |
% |
|
SICAV (c) |
|
|
631 |
|
|
622 |
|
|
867 |
|
1.4 |
% |
|
-27.2 |
% |
|
Total Equities |
|
|
26,439 |
|
|
24,929 |
|
|
26,767 |
|
6.1 |
% |
|
-1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
100% U.S. Treasury Money Market Fund |
|
|
4,615 |
|
|
4,217 |
|
|
2,462 |
|
9.4 |
% |
|
87.4 |
% |
|
Institutional & PWM Fixed Income |
|
|
32 |
|
|
32 |
|
|
32 |
|
0.0 |
% |
|
0.0 |
% |
|
Total Treasuries & Fixed Income |
|
|
4,647 |
|
|
4,249 |
|
|
2,494 |
|
9.4 |
% |
|
86.3 |
% |
|
Total Assets Under Management |
|
$ |
31,086 |
|
$ |
29,178 |
|
$ |
29,261 |
|
6.5 |
% |
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes $370, $401, and $467 of AUM subadvised for Teton
Advisors, Inc. at December 31, 2023, September 30, 2023, and
December 31, 2022, respectively. |
|
(b) Includes $227, $230, and $223 of 100% U.S. Treasury Money
Market Fund AUM at December 31, 2023, September 30, 2023, and
December 31, 2022, respectively. |
|
(c) Includes $620, $613, and $856 of the SICAV AUM subadvised by
Associated Capital Group, Inc. at December 31, 2023, September 30,
2023, and December 31, 2022, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets under management on December 31, 2023
were $31.1 billion, an increase of 6.5% from the $29.2 billion on
September 30, 2023 reflecting general market trends. The quarter’s
increase consisted of market appreciation of $2.4 billion, net
outflows of $345 million and distributions, net of reinvestments,
of $146 million.
100% U.S. Treasury Money Market Fund
Assets under management in our 100% U.S.
Treasury Money Market Fund (GABXX) on December 31, 2023 were $4.6
billion, up from $2.5 billion at December 31, 2022.
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/37834f82-c694-4d5d-b235-a8d50ee6f543
The Gabelli Growth Fund – Up 45.4% For 2023
Howard Ward, CFA, the CIO of Growth Investing,
commented on The Gabelli Growth Fund’s 2023 performance: “The stars
aligned for growth stocks in 2023. Valuations were depressed after
a tough 2022 courtesy of rapidly rising interest rates. Earnings
got a boost as many companies that had over invested during the
pandemic cut costs, both labor and capital spending. Technology
spending, which has been in a secular upturn, accelerated on the
excitement generated by artificial intelligence breakthroughs and
demand for leading edge cybersecurity solutions. Additionally,
e-commerce continued to gain share over bricks and mortar and
electric vehicles gained share on gasoline-powered vehicles. As
inflation cooled and prospects for lower interest rates improved,
growth stocks, especially technology driven growth stocks, led the
stock market higher. We owned and continue to own positions in the
so-called Magnificent 7-stocks (Mag 7), consisting of Nvidia,
Microsoft, Apple, Amazon, Alphabet, Meta Platforms, and Tesla. Over
half of the fund’s assets are invested in technology centric
companies. The fund’s annual return of 45.4% was helped by the Mag
7 and other technology holdings such as ServiceNow and CrowdStrike.
Other outsized gainers included Eli Lilly (boosted by the success
of Mounjaro and Zepbound for type 2 diabetes and weight loss,
respectively) and Chipotle Mexican Grill.”
The Gabelli Small Cap Growth Fund
We utilize our own in-house team of over 40
industry equity analysts and portfolio managers to pick the stocks
in the fund, using our bottom-up research-intensive process and,
more importantly, our accumulated and compounded knowledge of
selected industry sectors. We use GAPIC – gather, array, project,
interpret, and communicate data daily. We have consistently applied
our Private Market Value with a Catalyst approach to help generate
our superior returns.
ETFs
The firm launched its first active ETF, the
Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January
2021 to extend the tax benefits of owning exchange traded funds to
our investors. Since the initial launch, the Gabelli platform has
steadily grown the differentiated suite of ETFs. In 2023, Gabelli
Growth Innovators (NYSE: GGRW), managed by Howard Ward, generated a
42.2% total return, while the Gabelli Financial Services
Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a
38.9% total return. We are pleased with the client adoption
progress and excited about this growth area of the market and
positioning of these unique funds supported by our investment team.
To accelerate the growth of these funds, each of the funds (with
the exception of GGRW) have fee and expense waivers for at least
the first $25 million of assets, where LOPP has a fee and expense
waiver for the first $100 million of assets under
management.
Mutual Funds
Assets under management in Mutual Funds on
December 31, 2023 were $8.0 billion, an increase of 5.7% from the
$7.5 billion at September 30, 2023. The quarterly change was
attributed to:
- Distributions, net of reinvestment,
of $19 million;
- Market appreciation of $744
million; and
- Net outflows of $298 million.
Closed-end Funds
Assets under management in Closed-end Funds on
December 31, 2023 were $7.1 billion, an increase of 5.5% from the
$6.7 billion on September 30, 2023. The quarterly change was
comprised of:
- Distributions, net of reinvestment,
of $127 million;
- Market appreciation of $544
million; and
- Net outflows consisting of the
issuance of $16 million preferred, the redemption of $43 million of
preferred shares, and $20 million of common stock repurchased by
the Funds.
Institutional & PWM
Assets under management in Institutional &
PWM on December 31, 2023 were $10.7 billion, an increase of 7.0%
from the $10.0 billion on September 30, 2023. The quarterly change
was due to:
- Net outflows of $308 million;
and
- Market appreciation of $1.0
billion.
SICAV
Assets under management in SICAV on December 31,
2023 were $631 million, an increase from the $622 million on
September 30, 2023. The quarterly change was comprised as
follows:
- Net outflows of $28 million;
and
- Market appreciation of $37
million.
Balance Sheet
Information
As of December 31, 2023, cash and cash
equivalents were $166.0 million and investments were $38.9 million,
compared with cash and cash equivalents of $79.7 million and
investments of $89.8 million as of December 31, 2022. As of
December 31, 2023, stockholders’ equity was $181.0 million compared
to $139.1 million as of December 31, 2022.
Return to Shareholders
During the fourth quarter, GAMI paid a dividend
of $0.04 per share for a total of $1.0 million and purchased
246,820 shares for $4.7 million at an average investment of $18.96
per share. On November 7, 2023, the Board of Directors increased
the buyback authorization by 500,000 shares. From January 1, 2024
to February 6, 2024, the Company has purchased 48,200 shares
at an average investment of $18.65 per share.
On February 6, 2024, GAMI’s board of directors
declared a regular quarterly dividend of $0.04 per share, which is
payable on March 26, 2024, to class A and class B shareholders of
record on March 12, 2024.
Symposiums
- On October 30th and 31st, we hosted our 47th Annual Automotive
Symposium in Las Vegas. The symposium featured presentations from
senior management of leading automotive and electric vehicle
suppliers.
- On November 17th, we hosted our Fifth Annual Healthcare
Symposium in conjunction with Columbia Business School.
About GAMCO Investors, Inc.
GAMI is best known for its research-driven value
approach to equity investing (known as PMV with a CatalystTM). GAMI
conducts its investment advisory business principally through two
subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end
funds, 5 actively managed semi-transparent ETFs, and a SICAV) and
GAMCO Asset Management Inc. (approximately 1,400 institutional and
private wealth separate accounts). GAMI serves a broad client base
including institutions, intermediaries, private wealth, and direct
retail investors. In recent years, GAMI has successfully integrated
new teams of RIAs by providing attractive compensation arrangements
and extensive research capabilities.
Gabelli Funds offers a wide range of solutions
for clients across Value and Growth Equity, SRI, Convertibles,
sector-focused strategies including Gold and Utilities, Merger
Arbitrage, and U.S. Treasury Money Market Fixed Income.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Our disclosure and analysis in this press
release, which do not present historical information, contain
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements convey our current expectations or forecasts of future
events. You can identify these statements because they do not
relate strictly to historical or current facts. They use words such
as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” and other words and terms of similar meaning. They also
appear in any discussion of future operating or financial
performance. In particular, these include statements relating to
future actions, future performance of our products, expenses, the
outcome of any legal proceedings, and financial
results. Although we believe that we are basing our
expectations and beliefs on reasonable assumptions within the
bounds of what we currently know about our business and operations,
the economy, and other conditions, there can be no assurance that
our actual results will not differ materially from what we expect
or believe. Therefore, you should proceed with caution in
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance.
Forward-looking statements involve a number of
known and unknown risks, uncertainties and other important factors,
some of which are listed below, that are difficult to predict and
could cause actual results and outcomes to differ materially from
any future results or outcomes expressed or implied by such
forward-looking statements. Some of the factors that may cause our
actual results to differ from our expectations include risks
associated with the duration and scope of the ongoing coronavirus
pandemic resulting in volatile market conditions, a decline in the
securities markets that adversely affect our assets under
management, negative performance of our products, the failure to
perform as required under our investment management agreements, and
a general downturn in the economy that negatively impacts our
operations. We also direct your attention to the more specific
discussions of these and other risks, uncertainties and other
important factors contained in our Annual Report and other public
filings. Other factors that could cause our actual results to
differ may emerge from time to time, and it is not possible for us
to predict all of them. We do not undertake to update publicly any
forward-looking statements if we subsequently learn that we are
unlikely to achieve our expectations whether as a result of new
information, future developments or otherwise, except as may be
required by law.
Gabelli Funds, LLC is a registered investment
adviser with the Securities and Exchange Commission and is a wholly
owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).
Investors should carefully consider the
investment objectives, risks, charges and expenses of the Fund
before investing. The prospectus, which contains more complete
information about this and other matters, should be read carefully
before investing. To obtain a prospectus, please call 800 GABELLI
or visit www.gabelli.com
The Gabelli active ETFs are different from
traditional ETFs. Traditional ETFs tell the public what assets they
hold each day. These ETFs will not. This may create additional
risks for your investment. For example:
- You may have to pay more money to trade the ETFs shares. These
ETFs will provide less information to traders, who tend to charge
more for trades when they have less information.
- The price you pay to buy ETF shares on an exchange may not
match the value of the ETF’s portfolio. The same is true when you
sell shares. These price differences may be greater for these ETFs
compared to other ETFs because it provides less information to
traders.
- These additional risks may be even greater in bad or uncertain
market conditions. The differences between these ETFs and other
ETFs may also have advantages. By keeping certain information about
these ETFs secret, these ETFs may face less risk that other traders
can predict or copy its investment strategy. This may improve these
ETFs’ performance. If other traders are able to copy or predict
these ETFs’ investment strategies, however, this may hurt these
ETFs’ performance. For additional information regarding the unique
attributes and risks of these ETFs, see the ActiveShares
prospectus/registration statement.
- Financial services companies operate in heavily regulated
industries, which are subject to change. The underlying
securities are subject to credit and interest rate sensitivity
risk, which could affect earnings. Additionally, since financial
services firms are correlated to GDP, a decline in the economic
environment could impact profitability.
GABF
Financial services companies operate in heavily
regulated industries, which are subject to change. The underlying
securities are subject to credit and interest rate sensitivity
risk, which could impact earnings. Additionally, since financial
services firms are correlated to GDP, a decline in the economic
environment could impact profitability.
GGRW
Securities of growth companies may be more
volatile since such companies usually invest a high portion of
earnings in their business, and they may lack the dividends of
value stocks that can cushion stock prices in a falling market.
Money Market Fund
Investment in the fund is neither guaranteed nor
insured by the Federal Deposit Insurance Corporation or any
government agency. Although the fund seeks to preserve the value of
your investment at $1.00 per share, it cannot guarantee it will do
so. The fund’s sponsor has no legal obligation to provide financial
support to the fund, and you should not expect that the sponsor
will provide financial support to the fund at any time. You could
lose money by investing in the fund.
Small Cap
Small capitalization stocks are subject to
significant price fluctuations and business risks. The stocks of
smaller companies may trade less frequently and experience more
abrupt price movements than stocks of larger companies; therefore,
investing in this sector involves special challenges.
Growth
As of December 31, 2023, GAMI and affiliates
owned less than one percent of all stocks mentioned in the Growth
Fund.
Returns represent past performance and do not guarantee
future results. Investment returns and the principal value of an
investment will fluctuate. When shares are redeemed, they may be
worth more or less than their original cost. Current performance
may be lower or higher than the performance data presented.
Visit www.gabelli.com for
performance information as of the most recent month
end.
GAMCO Investors, Inc. and
Subsidiaries |
|
|
|
Condensed Consolidated Statements of Operations
(Unaudited) |
|
(in thousands, except per share
data) |
|
|
|
|
|
Three Months Ended |
|
% Change From |
|
|
|
December 31,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
September 30,2023 |
|
December 31,2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Investment advisory and incentive fees |
|
$ |
53,001 |
|
|
$ |
54,767 |
|
|
$ |
56,631 |
|
|
|
|
|
|
Distribution fees and other income |
|
|
4,312 |
|
|
|
4,708 |
|
|
|
4,971 |
|
|
|
|
|
|
Total revenue |
|
|
57,313 |
|
|
|
59,475 |
|
|
|
61,602 |
|
|
-3.6 |
% |
|
-7.0 |
% |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
27,316 |
|
|
|
28,192 |
|
|
|
28,420 |
|
|
|
|
|
|
Management fee |
|
|
2,444 |
|
|
|
1,980 |
|
|
|
2,283 |
|
|
|
|
|
|
Distribution costs |
|
|
5,848 |
|
|
|
5,992 |
|
|
|
5,460 |
|
|
|
|
|
|
Other operating expenses |
|
|
5,909 |
|
|
|
5,790 |
|
|
|
8,432 |
|
|
|
|
|
|
Total expenses |
|
|
41,517 |
|
|
|
41,954 |
|
|
|
44,595 |
|
|
-1.0 |
% |
|
-6.9 |
% |
|
Operating income |
|
|
15,796 |
|
|
|
17,521 |
|
|
|
17,007 |
|
|
-9.8 |
% |
|
-7.1 |
% |
|
Non-operating income (loss): |
|
|
|
|
|
|
|
|
|
|
|
Gain / (loss) from investments, net |
|
|
3,529 |
|
|
|
(1,952 |
) |
|
|
(3,354 |
) |
|
|
|
|
|
Interest and dividend income |
|
|
2,951 |
|
|
|
2,542 |
|
|
|
7,198 |
|
|
|
|
|
|
Interest expense |
|
|
(281 |
) |
|
|
(287 |
) |
|
|
(291 |
) |
|
|
|
|
|
Total non-operating income / (loss) |
|
|
6,199 |
|
|
|
303 |
|
|
|
3,553 |
|
|
1945.9 |
% |
|
74.5 |
% |
|
Income before provision for income taxes |
|
|
21,995 |
|
|
|
17,824 |
|
|
|
20,560 |
|
|
23.4 |
% |
|
7.0 |
% |
|
Provision for income taxes |
|
|
5,435 |
|
|
|
4,687 |
|
|
|
(836 |
) |
|
|
|
|
|
Net income |
|
$ |
16,560 |
|
|
$ |
13,137 |
|
|
$ |
21,396 |
|
|
26.1 |
% |
|
-22.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to common |
|
|
|
|
|
|
|
|
|
|
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.66 |
|
|
$ |
0.52 |
|
|
$ |
0.83 |
|
|
26.9 |
% |
|
-20.5 |
% |
|
Diluted |
|
$ |
0.66 |
|
|
$ |
0.52 |
|
|
$ |
0.83 |
|
|
26.9 |
% |
|
-20.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
25,038 |
|
|
|
25,224 |
|
|
|
25,648 |
|
|
|
|
|
|
Diluted |
|
|
25,038 |
|
|
|
25,224 |
|
|
|
25,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
|
24,906 |
|
|
|
25,153 |
|
|
|
25,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAMCO Investors, Inc. and Subsidiaries |
|
|
|
|
|
Condensed Consolidated Statements of Financial Condition
(Unaudited) |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
2023 |
|
2022 |
|
Assets |
|
|
|
|
|
Cash, cash equivalents, and U.S. Treasury Bills |
|
$ |
61,801 |
|
$ |
66,381 |
|
Investments in securities |
|
|
119,023 |
|
|
84,742 |
|
Seed capital investments |
|
|
24,044 |
|
|
18,347 |
|
Receivable from brokers |
|
|
4,562 |
|
|
1,932 |
|
Other receivables |
|
|
21,178 |
|
|
25,839 |
|
Deferred tax asset and income tax receivable |
|
|
8,927 |
|
|
16,701 |
|
Other assets |
|
|
9,896 |
|
|
9,879 |
|
Total assets |
|
$ |
249,431 |
|
$ |
223,821 |
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
Payable for investments purchased |
|
$ |
- |
|
$ |
2,980 |
|
Income taxes payable |
|
|
17 |
|
|
- |
|
Compensation payable |
|
|
23,399 |
|
|
33,919 |
|
Accrued expenses and other liabilities |
|
|
45,036 |
|
|
47,868 |
|
Total liabilities |
|
|
68,452 |
|
|
84,767 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
180,979 |
|
|
139,054 |
|
Total liabilities and stockholders' equity |
|
$ |
249,431 |
|
$ |
223,821 |
|
|
|
|
|
|
|
Shares outstanding |
|
|
24,906 |
|
|
25,680 |
|
|
|
|
|
|
|
GAMCO Investors, Inc. and
Subsidiaries |
|
Assets Under
Management |
|
|
|
|
|
|
|
By investment vehicle |
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
% Changed From |
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
2022 |
|
Equities: |
|
|
|
|
|
|
|
|
|
|
|
Mutual Funds |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
7,546 |
|
|
$ |
8,271 |
|
|
$ |
7,689 |
|
|
|
|
|
|
|
Inflows |
|
|
153 |
|
|
|
146 |
|
|
|
145 |
|
|
|
|
|
|
|
Outflows |
|
|
(451 |
) |
|
|
(363 |
) |
|
|
(436 |
) |
|
|
|
|
|
|
Net inflows (outflows) |
|
|
(298 |
) |
|
|
(217 |
) |
|
|
(291 |
) |
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
744 |
|
|
|
(503 |
) |
|
|
770 |
|
|
|
|
|
|
|
Fund distributions, net of reinvestment |
|
|
(19 |
) |
|
|
(5 |
) |
|
|
(28 |
) |
|
|
|
|
|
|
Total increase (decrease) |
|
|
427 |
|
|
|
(725 |
) |
|
|
451 |
|
|
|
|
|
|
Assets under management, end of period |
|
$ |
7,973 |
|
|
$ |
7,546 |
|
|
$ |
8,140 |
|
|
5.7 |
% |
|
-2.1 |
% |
|
Percentage of total assets under management |
|
|
25.6 |
% |
|
|
25.9 |
% |
|
|
27.8 |
% |
|
|
|
|
|
Average assets under management |
|
$ |
7,593 |
|
|
$ |
8,100 |
|
|
$ |
8,159 |
|
|
-6.3 |
% |
|
-6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed-end Funds |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
6,727 |
|
|
$ |
7,195 |
|
|
$ |
6,580 |
|
|
|
|
|
|
|
Inflows |
|
|
16 |
|
|
|
- |
|
|
|
15 |
|
|
|
|
|
|
|
Outflows |
|
|
(63 |
) |
|
|
(29 |
) |
|
|
(101 |
) |
|
|
|
|
|
|
Net inflows (outflows) |
|
|
(47 |
) |
|
|
(29 |
) |
|
|
(86 |
) |
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
544 |
|
|
|
(312 |
) |
|
|
676 |
|
|
|
|
|
|
|
Fund distributions, net of reinvestment |
|
|
(127 |
) |
|
|
(127 |
) |
|
|
(124 |
) |
|
|
|
|
|
|
Total increase (decrease) |
|
|
370 |
|
|
|
(468 |
) |
|
|
466 |
|
|
|
|
|
|
Assets under management, end of period |
|
|
7,097 |
|
|
$ |
6,727 |
|
|
$ |
7,046 |
|
|
5.5 |
% |
|
0.7 |
% |
|
Percentage of total assets under management |
|
|
22.8 |
% |
|
|
23.1 |
% |
|
|
24.1 |
% |
|
|
|
|
|
Average assets under management |
|
$ |
6,785 |
|
|
$ |
7,124 |
|
|
$ |
7,031 |
|
|
-4.8 |
% |
|
-3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional & PWM |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
10,034 |
|
|
$ |
11,035 |
|
|
$ |
9,832 |
|
|
|
|
|
|
|
Inflows |
|
|
63 |
|
|
|
51 |
|
|
|
106 |
|
|
|
|
|
|
|
Outflows |
|
|
(371 |
) |
|
|
(513 |
) |
|
|
(458 |
) |
|
|
|
|
|
|
Net inflows (outflows) |
|
|
(308 |
) |
|
|
(462 |
) |
|
|
(352 |
) |
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
1,012 |
|
|
|
(539 |
) |
|
|
1,234 |
|
|
|
|
|
|
|
Total increase (decrease) |
|
|
704 |
|
|
|
(1,001 |
) |
|
|
882 |
|
|
|
|
|
|
Assets under management, end of period |
|
$ |
10,738 |
|
|
$ |
10,034 |
|
|
$ |
10,714 |
|
|
7.0 |
% |
|
0.2 |
% |
|
Percentage of total assets under management |
|
|
34.5 |
% |
|
|
34.4 |
% |
|
|
36.6 |
% |
|
|
|
|
|
Average assets under management |
|
$ |
10,005 |
|
|
$ |
10,928 |
|
|
$ |
10,884 |
|
|
-8.4 |
% |
|
-8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SICAV |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
622 |
|
|
$ |
590 |
|
|
$ |
785 |
|
|
|
|
|
|
|
Inflows |
|
|
82 |
|
|
|
103 |
|
|
|
94 |
|
|
|
|
|
|
|
Outflows |
|
|
(110 |
) |
|
|
(68 |
) |
|
|
(90 |
) |
|
|
|
|
|
|
Net inflows (outflows) |
|
|
(28 |
) |
|
|
35 |
|
|
|
4 |
|
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
37 |
|
|
|
(3 |
) |
|
|
78 |
|
|
|
|
|
|
|
Total increase (decrease) |
|
|
9 |
|
|
|
32 |
|
|
|
82 |
|
|
|
|
|
|
Assets under management, end of period |
|
$ |
631 |
|
|
$ |
622 |
|
|
$ |
867 |
|
|
1.4 |
% |
|
-27.2 |
% |
|
Percentage of total assets under management |
|
|
2.0 |
% |
|
|
2.1 |
% |
|
|
3.0 |
% |
|
|
|
|
|
Average assets under management |
|
$ |
628 |
|
|
$ |
610 |
|
|
$ |
835 |
|
|
3.0 |
% |
|
-24.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equities |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
24,929 |
|
|
$ |
27,091 |
|
|
$ |
24,886 |
|
|
|
|
|
|
|
Inflows |
|
|
314 |
|
|
|
300 |
|
|
|
360 |
|
|
|
|
|
|
|
Outflows |
|
|
(995 |
) |
|
|
(973 |
) |
|
|
(1,085 |
) |
|
|
|
|
|
|
Net inflows (outflows) |
|
|
(681 |
) |
|
|
(673 |
) |
|
|
(725 |
) |
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
2,337 |
|
|
|
(1,357 |
) |
|
|
2,758 |
|
|
|
|
|
|
|
Fund distributions, net of reinvestment |
|
|
(146 |
) |
|
|
(132 |
) |
|
|
(152 |
) |
|
|
|
|
|
|
Total increase (decrease) |
|
|
1,510 |
|
|
|
(2,162 |
) |
|
|
1,881 |
|
|
|
|
|
|
Assets under management, end of period |
|
$ |
26,439 |
|
|
$ |
24,929 |
|
|
$ |
26,767 |
|
|
6.1 |
% |
|
-1.2 |
% |
|
Percentage of total assets under management |
|
|
85.1 |
% |
|
|
85.4 |
% |
|
|
91.5 |
% |
|
|
|
|
|
Average assets under management |
|
$ |
25,011 |
|
|
$ |
26,762 |
|
|
$ |
26,909 |
|
|
-6.5 |
% |
|
-7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAMCO Investors, Inc. and
Subsidiaries |
|
|
|
Assets Under
Management |
|
|
|
|
|
By investment vehicle -
continued |
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
% Changed From |
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
2022 |
|
Fixed Income: |
|
|
|
|
|
|
|
|
|
|
|
100% U.S. Treasury fund |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
4,217 |
|
|
$ |
3,596 |
|
|
$ |
2,715 |
|
|
|
|
|
|
|
Inflows |
|
|
1,424 |
|
|
|
1,297 |
|
|
|
1,340 |
|
|
|
|
|
|
|
Outflows |
|
|
(1,088 |
) |
|
|
(728 |
) |
|
|
(1,615 |
) |
|
|
|
|
|
|
Net inflows (outflows) |
|
|
336 |
|
|
|
569 |
|
|
|
(275 |
) |
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
62 |
|
|
|
52 |
|
|
|
22 |
|
|
|
|
|
|
|
Total increase (decrease) |
|
|
398 |
|
|
|
621 |
|
|
|
(253 |
) |
|
|
|
|
|
Assets under management, end of period |
|
$ |
4,615 |
|
|
$ |
4,217 |
|
|
$ |
2,462 |
|
|
9.4 |
% |
|
87.4 |
% |
|
Percentage of total assets under management |
|
|
14.8 |
% |
|
|
14.5 |
% |
|
|
8.4 |
% |
|
|
|
|
|
Average assets under management |
|
$ |
4,418 |
|
|
$ |
3,995 |
|
|
$ |
2,554 |
|
|
10.6 |
% |
|
73.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional & PWM Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
32 |
|
|
$ |
32 |
|
|
$ |
32 |
|
|
|
|
|
|
|
Inflows |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Outflows |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Net inflows (outflows) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Total increase (decrease) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
Assets under management, end of period |
|
$ |
32 |
|
|
$ |
32 |
|
|
$ |
32 |
|
|
0.0 |
% |
|
0.0 |
% |
|
Percentage of total assets under management |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
|
|
|
Average assets under management |
|
$ |
32 |
|
|
$ |
32 |
|
|
$ |
32 |
|
|
0.0 |
% |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Treasuries & Fixed Income |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
4,249 |
|
|
$ |
3,628 |
|
|
$ |
2,747 |
|
|
|
|
|
|
|
Inflows |
|
|
1,424 |
|
|
|
1,297 |
|
|
|
1,340 |
|
|
|
|
|
|
|
Outflows |
|
|
(1,088 |
) |
|
|
(728 |
) |
|
|
(1,615 |
) |
|
|
|
|
|
|
Net inflows (outflows) |
|
|
336 |
|
|
|
569 |
|
|
|
(275 |
) |
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
62 |
|
|
|
52 |
|
|
|
22 |
|
|
|
|
|
|
|
Total increase (decrease) |
|
|
398 |
|
|
|
621 |
|
|
|
(253 |
) |
|
|
|
|
|
Assets under management, end of period |
|
$ |
4,647 |
|
|
$ |
4,249 |
|
|
$ |
2,494 |
|
|
9.4 |
% |
|
86.3 |
% |
|
Percentage of total assets under management |
|
|
14.9 |
% |
|
|
14.6 |
% |
|
|
8.5 |
% |
|
|
|
|
|
Average assets under management |
|
$ |
4,450 |
|
|
$ |
4,027 |
|
|
$ |
2,586 |
|
|
10.5 |
% |
|
72.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AUM |
|
|
|
|
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
29,178 |
|
|
$ |
30,719 |
|
|
$ |
27,633 |
|
|
|
|
|
|
|
Inflows |
|
|
1,738 |
|
|
|
1,597 |
|
|
|
1,700 |
|
|
|
|
|
|
|
Outflows |
|
|
(2,083 |
) |
|
|
(1,701 |
) |
|
|
(2,700 |
) |
|
|
|
|
|
|
Net inflows (outflows) |
|
|
(345 |
) |
|
|
(104 |
) |
|
|
(1,000 |
) |
|
|
|
|
|
|
Market appreciation (depreciation) |
|
|
2,399 |
|
|
|
(1,305 |
) |
|
|
2,780 |
|
|
|
|
|
|
|
Fund distributions, net of reinvestment |
|
|
(146 |
) |
|
|
(132 |
) |
|
|
(152 |
) |
|
|
|
|
|
|
Total increase (decrease) |
|
|
1,908 |
|
|
|
(1,541 |
) |
|
|
1,628 |
|
|
|
|
|
|
Assets under management, end of period |
|
$ |
31,086 |
|
|
$ |
29,178 |
|
|
$ |
29,261 |
|
|
6.5 |
% |
|
6.2 |
% |
|
Average assets under management |
|
$ |
29,461 |
|
|
$ |
30,789 |
|
|
$ |
29,495 |
|
|
-4.3 |
% |
|
-0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAMCO Investors, Inc. and
Subsidiaries |
|
|
|
Assets Under Management |
|
|
|
By investment vehicle |
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
Equities: |
|
|
|
|
|
|
|
Mutual Funds |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
8,140 |
|
|
$ |
10,249 |
|
|
|
|
|
Inflows |
|
|
711 |
|
|
|
890 |
|
|
|
|
|
Outflows |
|
|
(1,616 |
) |
|
|
(1,593 |
) |
|
|
|
|
Net inflows (outflows) |
|
|
(905 |
) |
|
|
(703 |
) |
|
|
|
|
Market appreciation (depreciation) |
|
|
772 |
|
|
|
(1,365 |
) |
|
|
|
|
Fund distributions, net of reinvestment |
|
|
(34 |
) |
|
|
(41 |
) |
|
|
|
|
Total increase (decrease) |
|
|
(167 |
) |
|
|
(2,109 |
) |
|
|
|
Assets under management, end of period |
|
$ |
7,973 |
|
|
$ |
8,140 |
|
|
-2.1 |
% |
|
Percentage of total assets under management |
|
|
25.6 |
% |
|
|
27.8 |
% |
|
|
|
Average assets under management |
|
$ |
8,035 |
|
|
$ |
8,875 |
|
|
-9.5 |
% |
|
|
|
|
|
|
|
|
|
|
Closed-end Funds |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
7,046 |
|
|
$ |
8,656 |
|
|
|
|
|
Inflows |
|
|
41 |
|
|
|
135 |
|
|
|
|
|
Outflows |
|
|
(130 |
) |
|
|
(401 |
) |
|
|
|
|
Net inflows (outflows) |
|
|
(89 |
) |
|
|
(266 |
) |
|
|
|
|
Market appreciation (depreciation) |
|
|
654 |
|
|
|
(828 |
) |
|
|
|
|
Fund distributions, net of reinvestment |
|
|
(514 |
) |
|
|
(516 |
) |
|
|
|
|
Total increase (decrease) |
|
|
51 |
|
|
|
(1,610 |
) |
|
|
|
Assets under management, end of period |
|
$ |
7,097 |
|
|
$ |
7,046 |
|
|
0.7 |
% |
|
Percentage of total assets under management |
|
|
22.8 |
% |
|
|
24.1 |
% |
|
|
|
Average assets under management |
|
$ |
7,058 |
|
|
$ |
7,508 |
|
|
-6.0 |
% |
|
|
|
|
|
|
|
|
|
|
Institutional & PWM |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
10,714 |
|
|
$ |
13,497 |
|
|
|
|
|
Inflows |
|
|
241 |
|
|
|
358 |
|
|
|
|
|
Outflows |
|
|
(1,739 |
) |
|
|
(1,568 |
) |
|
|
|
|
Net inflows (outflows) |
|
|
(1,498 |
) |
|
|
(1,210 |
) |
|
|
|
|
Market appreciation (depreciation) |
|
|
1,522 |
|
|
|
(1,573 |
) |
|
|
|
|
Total increase (decrease) |
|
|
24 |
|
|
|
(2,783 |
) |
|
|
|
Assets under management, end of period |
|
$ |
10,738 |
|
|
$ |
10,714 |
|
|
0.2 |
% |
|
Percentage of total assets under management |
|
|
34.5 |
% |
|
|
36.6 |
% |
|
|
|
Average assets under management |
|
$ |
10,670 |
|
|
$ |
11,566 |
|
|
-7.7 |
% |
|
|
|
|
|
|
|
|
|
|
SICAV |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
867 |
|
|
$ |
831 |
|
|
|
|
|
Inflows |
|
|
357 |
|
|
|
537 |
|
|
|
|
|
Outflows |
|
|
(624 |
) |
|
|
(459 |
) |
|
|
|
|
Net inflows (outflows) |
|
|
(267 |
) |
|
|
78 |
|
|
|
|
|
Market appreciation (depreciation) |
|
|
31 |
|
|
|
(42 |
) |
|
|
|
|
Total increase (decrease) |
|
|
(236 |
) |
|
|
36 |
|
|
|
|
Assets under management, end of period |
|
$ |
631 |
|
|
$ |
867 |
|
|
-27.2 |
% |
|
Percentage of total assets under management |
|
|
2.0 |
% |
|
|
3.0 |
% |
|
|
|
Average assets under management |
|
$ |
694 |
|
|
$ |
862 |
|
|
-19.5 |
% |
|
|
|
|
|
|
|
|
|
|
Total Equities |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
26,767 |
|
|
$ |
33,233 |
|
|
|
|
|
Inflows |
|
|
1,350 |
|
|
|
1,920 |
|
|
|
|
|
Outflows |
|
|
(4,109 |
) |
|
|
(4,021 |
) |
|
|
|
|
Net inflows (outflows) |
|
|
(2,759 |
) |
|
|
(2,101 |
) |
|
|
|
|
Market appreciation (depreciation) |
|
|
2,979 |
|
|
|
(3,808 |
) |
|
|
|
|
Fund distributions, net of reinvestment |
|
|
(548 |
) |
|
|
(557 |
) |
|
|
|
|
Total increase (decrease) |
|
|
(328 |
) |
|
|
(6,466 |
) |
|
|
|
Assets under management, end of period |
|
$ |
26,439 |
|
|
$ |
26,767 |
|
|
-1.2 |
% |
|
Percentage of total assets under management |
|
|
85.1 |
% |
|
|
91.5 |
% |
|
|
|
Average assets under management |
|
$ |
26,457 |
|
|
$ |
28,811 |
|
|
-8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAMCO Investors, Inc. and
Subsidiaries |
|
|
|
Assets Under Management |
|
|
|
|
|
|
|
By investment vehicle - continued |
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
Fixed Income: |
|
|
|
|
|
|
|
100% U.S. Treasury fund |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
2,462 |
|
|
$ |
1,717 |
|
|
|
|
|
Inflows |
|
|
5,498 |
|
|
|
5,048 |
|
|
|
|
|
Outflows |
|
|
(3,536 |
) |
|
|
(4,339 |
) |
|
|
|
|
Net inflows (outflows) |
|
|
1,962 |
|
|
|
709 |
|
|
|
|
|
Market appreciation (depreciation) |
|
|
191 |
|
|
|
36 |
|
|
|
|
|
Total increase (decrease) |
|
|
2,153 |
|
|
|
745 |
|
|
|
|
Assets under management, end of period |
|
$ |
4,615 |
|
|
$ |
2,462 |
|
|
87.4 |
% |
|
Percentage of total assets under management |
|
|
14.8 |
% |
|
|
8.4 |
% |
|
|
|
Average assets under management |
|
$ |
3,823 |
|
|
$ |
2,154 |
|
|
77.5 |
% |
|
|
|
|
|
|
|
|
|
|
Institutional & PWM Fixed Income |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
32 |
|
|
$ |
32 |
|
|
|
|
|
Inflows |
|
|
- |
|
|
|
- |
|
|
|
|
|
Outflows |
|
|
- |
|
|
|
- |
|
|
|
|
|
Net inflows (outflows) |
|
|
- |
|
|
|
- |
|
|
|
|
|
Market appreciation (depreciation) |
|
|
- |
|
|
|
- |
|
|
|
|
|
Total increase (decrease) |
|
|
- |
|
|
|
- |
|
|
|
|
Assets under management, end of period |
|
$ |
32 |
|
|
$ |
32 |
|
|
0.0 |
% |
|
Percentage of total assets under management |
|
|
0.1 |
% |
|
|
0.1 |
% |
|
|
|
Average assets under management |
|
$ |
32 |
|
|
$ |
32 |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
Total Treasuries & Fixed Income |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
2,494 |
|
|
$ |
1,749 |
|
|
|
|
|
Inflows |
|
|
5,498 |
|
|
|
5,048 |
|
|
|
|
|
Outflows |
|
|
(3,536 |
) |
|
|
(4,339 |
) |
|
|
|
|
Net inflows (outflows) |
|
|
1,962 |
|
|
|
709 |
|
|
|
|
|
Market appreciation (depreciation) |
|
|
191 |
|
|
|
36 |
|
|
|
|
|
Total increase (decrease) |
|
|
2,153 |
|
|
|
745 |
|
|
|
|
Assets under management, end of period |
|
$ |
4,647 |
|
|
$ |
2,494 |
|
|
86.3 |
% |
|
Percentage of total assets under management |
|
|
14.9 |
% |
|
|
8.5 |
% |
|
|
|
Average assets under management |
|
$ |
3,855 |
|
|
$ |
2,186 |
|
|
76.3 |
% |
|
|
|
|
|
|
|
|
|
|
Total AUM |
|
|
|
|
|
|
|
Beginning of period assets |
|
$ |
29,261 |
|
|
$ |
34,982 |
|
|
|
|
|
Inflows |
|
|
6,848 |
|
|
|
6,968 |
|
|
|
|
|
Outflows |
|
|
(7,645 |
) |
|
|
(8,360 |
) |
|
|
|
|
Net inflows (outflows) |
|
|
(797 |
) |
|
|
(1,392 |
) |
|
|
|
|
Market appreciation (depreciation) |
|
|
3,170 |
|
|
|
(3,772 |
) |
|
|
|
|
Fund distributions, net of reinvestment |
|
|
(548 |
) |
|
|
(557 |
) |
|
|
|
|
Total increase (decrease) |
|
|
1,825 |
|
|
|
(5,721 |
) |
|
|
|
Assets under management, end of period |
|
$ |
31,086 |
|
|
$ |
29,261 |
|
|
6.2 |
% |
|
Average assets under management |
|
$ |
30,312 |
|
|
$ |
30,997 |
|
|
-2.2 |
% |
|
|
|
|
|
|
|
|
|
|
Contact: |
Kieran Caterina |
|
Chief Accounting Officer(914)
921-5149 |
|
|
|
For further information please
visit |
|
www.gabelli.com |
Gabelli ETFs Tru (NYSE:GABF)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gabelli ETFs Tru (NYSE:GABF)
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From Oct 2023 to Oct 2024