Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q2 2024 Update (OTCMKTS:GAMI)

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 08/13/2024. 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 2024.

GAMCO’s (OTC:GAMI) (NYSE:GGN) (NYSE:GNT) Assets Under Management (AUM) is at around $35B. Their 13F portfolio is diversified with over 1100 positions in recent reports. Around 35 of them are sized above ~0.5% of the portfolio and they are the focus of this article.

This quarter, Gabelli Funds’ (NYSE:GAB) (NYSE:GDV) (NYSE:GUT) (NYSE:GGT) (NYSE:GLU) (NYSE:GRX) (NYSE:GCV) 13F portfolio value decreased ~3% from $13.57B to $13.17B. The top five holdings are at ~8% of the 13F assets: Microsoft, Nvidia, Alphabet, and Lennar.

Stake Increases:

Nvidia Corp (NVDA): NVDA is a 1.55% of the portfolio position first purchased in Q3 2017 in the low-single-digit price range. The position has seen incremental buying in most quarters since. The stock currently trades at ~$123. There was a marginal increase in the last two quarters.

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 $58.91. There was a minor ~4% stake increase in the last quarter and a marginal further increase this quarter.

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 ~$178 and the stake is at ~1% of the portfolio. The three quarters through Q3 2023 saw minor increases while in the last two quarters there was minor trimming. This quarter saw a marginal increase.

CNH Industrial (CNH), Exxon Mobil (XOM), Madison Square Garden Sports (MSGS), and KKR & Co. (KKR): These positions (less than ~1% of the portfolio each) were increased during the quarter.

Stake Decreases:

Microsoft Corp. (MSFT): MSFT is a 1.94% 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 during Q1 2023 at prices between ~$222 and ~$288. The stock currently trades at ~$421. The last five quarters also saw minor trimming.

Alphabet Inc. (GOOG): GOOG is currently at 1.44% 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 in the next quarter at prices between ~$83.50 and ~$105. Q1 2023 saw the stake rebuilt at prices between ~$87 and ~$109. The stake was decreased by 15% in the last quarter at prices between ~$133 and ~$155. The stock currently trades at ~$163. There was marginal trimming this quarter.

Mastercard Inc. (MA): The 1.39% 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 ~$469. The last six quarters also saw trimming. They are harvesting gains.

Ametek Inc. (AME): AME is a 1.29% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~55% selling at prices between ~$44 and ~$165. The stock is now at ~$163. They are harvesting gains.

American Express (AXP): AXP is a 1.26% 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 ~$250. The last several quarters also saw further selling. They are harvesting gains.

NextEra Energy (NEE): NEE is now at 1.26% 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. There was a ~11% selling during Q3 2023 at prices between ~$57 and ~$75. The stock currently trades at $77.41. The last three quarters also saw minor trimming.

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. The period since 2018 has seen another ~39% reduction at prices between ~$55 and ~$134. The stock is now at ~$138.

Genuine Parts Company (GPC): GPC is a 0.94% of the portfolio stake built in 2011 in the high-50s price-range. Recent activity follows. The three years saw a ~16% trimming. The stock is now at ~$139.

Newmont Corporation (NEM): NEM is a 0.92% 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. Q4 2023 saw a ~27% stake increase at prices between ~$34 and ~$42. The stock currently trades at $49.31. The last quarter saw a ~4% increase while this quarter there was similar trimming.

Crane Holdings Company (CR): The 0.92% 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 ~$151. The last several quarters saw minor trimming.

Deere & Company (DE): DE is a 0.87% 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 ~$373. The last five quarters have also seen a ~25% trimming. They are harvesting gains.

Sony Group (SONY): The 0.86% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Since 2019, there have been a 58% selling at prices between ~$53 and ~$126. The stock currently trades at $88.46. They are harvesting gains.

Apple Inc. (AAPL): AAPL is a long term 0.79% 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. There was another one-third reduction over the three quarters through Q1 2023 at prices between ~$126 and ~$175. The stake was decreased by 32% during the last quarter at prices between ~$169 and ~$195. The stock currently trades at ~$225. There was marginal trimming this quarter.

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 ~$130 and the stake is at 0.58% of the portfolio. 2023 saw minor increases while the last two quarters have seen minor trimming.

Honeywell International (HON): HON is a 0.55% 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 ~$199. There was minor trimming in the five quarters through Q3 2023 and that was followed by a ~15% selling in the last three quarters.

Lennar Holdings (LEN.B), Republic Services (RSG), Mueller Industries (MLI), Meta Platforms (META), Eli Lilly (LLY), Bank of New York Mellon (BK), Berkshire Hathaway (BRK.A), O’Reilly Automotive (ORLY), JPMorgan Chase (JPM), Textron Inc. (TXT), Southwest Gas Holdings (SWX), and Herc Holdings (HRI): These positions (less than ~1.5% of the portfolio each) were reduced during the quarter.

The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q2 2024:

Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q1 2024 and Q2 2024.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.