Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q1 2022 Update (NYSE:GBL)

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This article is first in a series that provides an ongoing analysis of the changes made to Gabelli Funds’ 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 5/18/2022.

GAMCO Investors (NYSE:GBL) (formerly Gabelli Asset Management) was founded by Mario Gabelli in 1976. The company had an IPO in 1999. The firm includes two businesses: GAMCO Asset Management which manages the institutional and separate accounts and Gabelli Funds which includes a number of ETFs, Mutual Funds, and Closed End Funds.

Assets Under Management (AuM) is at around $35B. Their 13F portfolio is diversified with over 1400 positions in recent reports. Around 38 of them are sized above 0.5% of the portfolio and they are the focus of this article.

This quarter, Gabelli Funds’ 13F portfolio decreased ~4% from $15.84B to $15.22B. The number of holdings increased from 1430 to 1435. The top five holdings are at ~7% of the 13F assets: Alphabet, Microsoft, NextEra Energy, Newmont, and Apple.

Stake Increases:

Newmont Corp. (NEM): NEM is a 1.34% of the portfolio long-term stake that has been in the portfolio for well over a decade. The position has wavered. Recent activity follows. Q2 2020 saw a ~12% selling at prices between ~$47 and ~$68. Last seven quarters have seen only minor adjustments. The stock currently trades at $57.94.

Amazon.com (AMZN): AMZN is a very long-term stake. The original position was sold down in 2011 and rebuilt in the 2013-14 timeframe in the mid-teens price-range. The stake has wavered. Recent activity follows. 2020 saw a ~10% stake increase at prices between ~$89 and ~$170. Last five quarters have seen a similar increase at prices between ~$150 and ~$185 through consistent buying in most quarters. The stock is now at ~$109 and the stake is at 0.78% of the portfolio.

Diageo plc (DEO): DEO was a fairly large stake that has been sold down over the last decade through minor trimming in most quarters. Recent activity follows. 2020 saw a ~12% selling at prices between ~$110 and ~$171. Last five quarters have seen only minor adjustments. The stock is now at ~$172 and the stake is at 0.72% of the portfolio.

Crane Holdings Company (CR): The 0.61% of the portfolio CR stake is a long-term position. The sizing peaked at ~1.35M shares in 2011 but has seen selling since. Recent activity follows. There was a ~13% selling in 2020 at prices between ~$40 and ~$88. Last five quarters have seen only minor adjustments. The stock is now at $89.86.

Liberty Global (LBTYK): LBTYK is a 0.61% of the portfolio stake. The bulk of the current stake was built in 2014 at prices between ~$30 and ~$40. It was sold down by ~30% next year at prices between ~$33 and ~$43. Last major activity was a ~16% stake increase in H2 2021 at prices between ~$25 and ~$30. The stock is now at $21.74.

Paramount Global (PARA): The 0.60% of the portfolio position in PARA has been in the portfolio for well over a decade. The bulk of the current position was purchased in 2019 at prices between ~$36 and ~$53. There was a ~10% trimming next year at prices between ~$12 and ~$41. That was followed with a one-third selling in Q1 2021 at prices between ~$36 and ~$97. Since then, the activity has been minor. The stock currently trades at ~$25.

Honeywell International (HON): HON is a 0.56% of the portfolio long-term stake that has seen selling since 2015. The 2016-2019 timeframe saw a combined ~55% reduction at prices between ~$104 and ~$182. Next year saw another ~38% selling at prices between ~$113 and ~$215. Last four quarters had also seen minor trimming while this quarter there was a marginal increase. The stock currently trades at ~$174.

S&P Global Inc. (SPGI): SPGI is a 0.55% of the portfolio long-term stake. The position had been sold down through consistent trimming. The 2016-2020 timeframe saw a ~38% reduction at prices between ~$85 and ~$365. Recent activity follows. There was a ~10% stake increase in Q1 2021 at prices between ~$306 and ~$363. That was followed with a ~8% increase this quarter at prices between ~$373 and ~$461. The stock currently trades at ~$346.

Chevron Corp (CVX): The 0.51% CVX position saw a ~3% stake increase this quarter at prices between ~$119 and ~$171. It is a long-term position that had seen consistent selling over the last several years. The stock currently trades at ~$139.

Stake Decreases:

Alphabet Inc. (GOOG): GOOG is currently the largest 13F position at 1.48% of the portfolio. It was established in 2016 at prices between ~$675 and ~$800. There has been minor selling since. Recent activity follows. Last five quarters have seen a ~5% trimming at prices between ~$1735 and ~$3000. The stock currently trades at ~$2297.

Microsoft Corp. (MSFT): MSFT is a top-three 1.48% long-term stake. Last major activity was in the 2011-12 timeframe when there was a ~20% reduction in the high-20s. There has been minor selling since. Last five quarters have seen a ~3% trimming. The stock currently trades at ~$254.

NextEra Energy (NEE): The top-three 1.46% NEE stake was built during 2011 in the low-teens price range. The next several years saw minor trimming at higher prices. 2020 saw an about turn: ~250% stake increase at prices between ~$48 and ~$77. Last five quarters have seen a ~10% trimming at prices between ~$71 and ~$93. The stock currently trades at ~$80.

Apple Inc. (AAPL): AAPL is a long term top-five 1.24% of the portfolio stake. 2016 saw a ~50% stake increase in the mid-20s price range. 2017-2019 timeframe saw a ~60% reduction at prices between ~$30 and ~$74. Since then, the activity has been minor. The stock currently trades at ~$146.

Mastercard Inc. (MA): The 1.17% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. Last five quarters have also seen a ~12% reduction at prices between ~$315 and ~$395. The stock currently trades at ~$323. They are harvesting gains.

Deere & Company (DE): DE is a 1.17% of the portfolio long-term stake. The last decade has seen consistent selling every year. The period saw the original position reduced by ~75% at prices between ~$75 and ~$435. The stock is currently at ~$296. They are harvesting gains.

National Fuel Gas (NFG): The 1.10% of the portfolio NFG stake was built in the 2011-12 timeframe at prices between ~$43 and ~$75. The stake had seen minor trimming since. Last two years have seen a ~24% reduction at prices between ~$35 and ~$70. The stock currently trades at $65.33.

American Express (AXP): AXP is a 1.10% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. Last five quarters have also seen a ~11% reduction at prices between ~$115 and ~$195. The stock is now at ~$139.

Sony Group (SONY): The ~1% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Last four years have seen a ~50% selling at prices between ~$40 and ~$130. The stock currently trades at ~$82. They are harvesting gains.

AMETEK, Inc. (AME): AME is a ~1% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Last six years have seen a ~45% selling at prices between ~$45 and ~$145. The stock is now at ~$110. They are harvesting gains.

GATX Corp. (GATX): GATX has been in the portfolio for well over a decade. 2011 saw a roughly one-third stake increase at prices between ~$31 and ~$44. The 2014-16 timeframe saw a ~11% selling at prices between ~$36 and ~$63. Last four years have seen another ~25% reduction at prices between ~$55 and ~$125. The stock is now at ~$91.

Bank of New York Mellon (BK), Berkshire Hathaway (BRK.B), Brown-Forman (BF.B), CNH Industrial (CNHI), Evergy, Inc. (EVRG), Eversource Energy (ES), Genuine Parts Company (GPC), Herc Holdings (HRI), Lennar Holdings (LEN.B), Meta Platforms (META), Mueller Industries (MLI), NVIDIA Corp (NVDA), PNM Resources (PNM), Republic Services (RSG), Southwest Gas Holdings (SWX), Verizon (VZ), and Xylem Inc. (XYL): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.

Kept Steady:

AES Corporation (AES): AES is a 0.63% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $21.07.

The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q1 2022:

Mario Gabelli - Gabelli Fund Management's Q1 2022 13F Report Q/Q Comparison

Mario Gabelli – Gabelli Fund Management’s Q1 2022 13F Report Q/Q Comparison (John Vincent (author))



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