- Gabelli Funds’ 13F portfolio value decreased from $15.84B to $15.22B this quarter.
- They increased Paramount Global and S&P Global while decreasing PNM Resources.
- The top five positions are Alphabet, Microsoft, NextEra Energy, Newmont, and Apple, and they add up to ~7% of the portfolio.
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 ( 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:
For further details see:
Tracking Mario Gabelli's Gabelli Funds 13F Portfolio - Q1 2022 Update