SONY - Tracking Mario Gabelli's Gabelli Funds 13F Portfolio - Q2 2023 Update

2023-08-23 01:53:49 ET

Summary

• Gabelli Funds' 13F portfolio value remained steady at $13.20B this quarter.
• Top five holdings are NextEra Energy, Microsoft, Mastercard, AMETEK, and Genuine Parts Company.
• Stake increases include American Express, National Fuel Gas, Diageo plc, Amazon, and several others. Stake decreases include NextEra Energy, Microsoft Corp, Mastercard Inc, and several others.

This article is part of 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 8/14/2023. Please visit our Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q1 2023.

GAMCO’s ( GAMI ) ( GGN ) ( GNT ) Assets Under Management ((AUM)) is at around $35B. Their 13F portfolio is diversified with over 1200 positions in recent reports. Around 40 of them are sized above 0.5% of the portfolio and they are the focus of this article.

This quarter, Gabelli Funds’ ( GAB ) ( GDV ) ( GUT ) ( GGT ) ( GLU ) ( GRX ) ( GCV ) 13F portfolio value remained almost steady at $13.20B. The top five holdings are at ~7% of the 13F assets: NextEra Energy, Microsoft, Mastercard, AMETEK, and Genuine Parts Company.

Stake Increases:

American Express ( AXP ) : AXP is a 1.11% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. The seven quarters through Q3 2022 saw a ~17% further reduction at prices between ~$114 and ~$198. The stock is now at ~$159. The last three quarters saw only minor adjustments.

National Fuel Gas ( NFG ) : The ~1% 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. The ten quarters through Q2 2022 saw a ~25% reduction at prices between ~$38 and ~$74. The stock currently trades at $52.73. The last four quarters have seen only minor adjustments.

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. The stock is now at ~$167 and the stake is at 0.76% of the portfolio. The last several quarters saw only minor adjustments.

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. The six quarters through Q2 2022 had seen a similar increase at prices between ~$104 and ~$185 through consistent buying in most quarters. The stock is now at ~$134 and the stake is at 0.70% of the portfolio. The last two quarters saw minor increases.

CNH Industrial (CNHI), Herc Holdings (HRI), Madison Square Garden Sports (MSGS), Meta Platforms (META), Southwest Gas Holdings (SWX), and Textron Inc. (TXT): These very small (less than ~0.75% of the portfolio each) stakes saw minor increases this quarter.

Stake Decreases:

NextEra Energy ( NEE ) : NEE is currently the largest 13F position at 1.60% of the portfolio. It 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. The five quarters through Q1 2022 had seen a ~10% trimming at prices between ~$71 and ~$93. The two quarters through Q3 2022 saw a ~16% stake increase at prices between ~$69 and ~$91. The stock currently trades at $67.52. There was minor trimming in the last three quarters.

Microsoft Corp ( MSFT ) : MSFT is a 1.57% long-term stake. The 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. There was a ~10% reduction last quarter at prices between ~$222 and ~$288. The stock currently trades at ~$322. This quarter saw a ~3% trimming.

Mastercard Inc. ( MA ) : The 1.42% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. 2021-22 timeframe also saw a ~17% reduction at prices between ~$283 and ~$393. The stock currently trades at ~$398. They are harvesting gains. There was marginal trimming in the last two quarters.

AMETEK Inc. ( AME ) : AME is a 1.31% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~50% selling at prices between ~$44 and ~$162. The stock is now at ~$155. They are harvesting gains.

Genuine Parts Company (GPC): GPC is a 1.21% of the portfolio stake built in 2011 in the high-50s price-range. Recent activity follows. The last two years saw a ~10% trimming. The stock is now at ~$153.

Alphabet Inc. ( GOOG ) : GOOG is currently at 1.20% of the portfolio. It was established in 2016 at prices between ~$34 and ~$40. The position has wavered. Recent activity follows. The seven quarters through Q3 2022 saw a ~20% trimming at prices between ~$87 and ~$150. That was followed with a ~40% reduction next quarter at prices between ~$83.50 and ~$105. The last quarter saw the stake rebuilt at prices between ~$87 and ~$109. The stock currently trades at ~$130. There was a minor ~2% trimming this quarter.

Deere & Company ( DE ) : DE is a 1.18% of the portfolio long-term stake. The period since 2010 saw the original position reduced by ~80% at prices between ~$75 and ~$445. The stock is currently at ~$385. They are harvesting gains. There was a ~4% trimming this quarter.

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 an ~11% selling at prices between ~$36 and ~$63. The period since 2018 has seen another ~27% reduction at prices between ~$55 and ~$129. The stock is now at ~$118.

Apple Inc. ( AAPL ) : AAPL is a long term 1.14% 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 had been minor. There was a one-third reduction over the last three quarters at prices between ~$126 and ~$175. The stock currently trades at ~$177. This quarter saw marginal trimming.

Sony Group ( SONY ) : The ~1% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Since 2019, there have been a 44% selling at prices between ~$53 and ~$126. The stock currently trades at ~$82. They are harvesting gains.

Newmont Corporation ( NEM ) : NEM is a 0.77% 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. The last three years have seen only minor adjustments. The stock currently trades at $38.60.

Honeywell International ( HON ) : HON is a 0.65% 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. 2021 had also seen minor trimming while H1 2022 saw a marginal increase. The stock currently trades at ~$186. There was minor trimming in the last four quarters.

Crane Company ( CR ) : The 0.58% 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. The stock is now at $85.77. The last several quarters saw minor trimming.

American Electric Power (AEP), Aerojet Rocketdyne (AJRD), Bank of New York Mellon (BK), Berkshire Hathaway (BRK.B), Brown Forman (BF.B), Evergy, Inc. (EVRG), Eversource Energy (ES), Exxon Mobil (XOM), Lennar Corporation (LEN.B), Mondelez International (MDLZ), Mueller Industries (MLI), O’Reilly Automotive (ORLY), PNM Resources (PNM), Republic Services (RSG), WEC Energy Group (WEC), and Xylem Inc. (XYL): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

AES Corporation (AES) : AES is a 0.59% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $17.96.

The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q2 2023:

Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q1 2023 and Q2 2023.

For further details see: