- Quarter End AUM of $30.7 billion; Average AUM of $31.1 billion for the Second Quarter
- Operating Margin of 27.1% for the Second Quarter
- Second Quarter Fully Diluted EPS of $0.61 versus $0.58 in the Second Quarter of 2023
- $232.3 million in Cash, Cash Equivalents, Investments and no Debt
GREENWICH, Conn., Aug. 06, 2024 (GLOBE NEWSWIRE) -- GAMCO Investors, Inc. (“GAMI”) (OTCQX: GAMI) today reported its operating results for the quarter ended June 30, 2024.
Financial Highlights
| (In thousands, except percentages and per share data) | |||||||||||||
| Three Months Ended | |||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||
| U.S. GAAP | |||||||||||||
| Revenue | $ | 57,644 | $ | 56,945 | $ | 59,171 | |||||||
| Expenses | 41,994 | 41,597 | 42,679 | ||||||||||
| Operating income | 15,650 | 15,348 | 16,492 | ||||||||||
| Non-operating income | 2,535 | 4,372 | 3,281 | ||||||||||
| Net income | 15,017 | 15,810 | 14,613 | ||||||||||
| Diluted earnings per share | $ | 0.61 | $ | 0.64 | $ | 0.58 | |||||||
| Operating margin | 27.1 | % | 27.0 | % | 27.9 | % | |||||||
Giving Back to Society - $75 million since IPO
Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $75 million, including $48 million through the shareholder designated charitable contribution 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.
On August 6, 2024, the board of directors authorized the creation of a private foundation to continue our charitable giving program. The foundation will be funded with a $5.0 million contribution.
Revenue
| (In thousands) | Three Months Ended | ||||||
| June 30, 2024 | June 30, 2023 | ||||||
| Investment advisory and incentive fees | |||||||
| Funds | $ | 37,909 | $ | 37,480 | |||
| Institutional and Private Wealth Management | 15,377 | 15,222 | |||||
| SICAV | 4 | 1,704 | |||||
| Total | $ | 53,290 | $ | 54,406 | |||
| Distribution fees and other income | 4,354 | 4,765 | |||||
| Total revenue | $ | 57,644 | $ | 59,171 | |||
The quarter over quarter increase in Funds and Institutional and Private Wealth Management revenues was primarily the result of higher average equity assets under management. The drop in SICAV revenues reflects a change in the revenue share for the merger arbitrage SICAV (an open-end fund available to non-U.S. shareholders). The change better aligns the economics with the responsibilities of managing the fund.
Expenses
| (In thousands) | Three Months Ended | ||||||
| June 30, 2024 | June 30, 2023 | ||||||
| Compensation | $ | 29,006 | $ | 28,056 | |||
| Management fee | 2,021 | 2,197 | |||||
| Distribution costs | 5,709 | 6,369 | |||||
| Other operating expenses | 5,258 | 6,057 | |||||
| Total expenses | $ | 41,994 | $ | 42,679 | |||
- The higher compensation expense in the second quarter of 2024 reflected $1.5 million higher stock-based compensation, partially offset by $0.4 million lower variable compensation.
- The $0.2 million decrease in management fee is attributable to the lower pre-management fee income of $1.8 million; and,
- Other operating expenses this quarter were lower versus the second quarter of 2023 reflecting the change in the agreement for merger arbitrage SICAV.
Operating Margin
The operating margin, which represents the ratio of operating income to revenue, was 27.1% for the second quarter of 2024 compared with 27.9% for the second quarter of 2023.
Non-Operating Income
| (In thousands) | Three Months Ended | ||||||||
| June 30, 2024 | June 30, 2023 | ||||||||
| Gain / (loss) from investments, net | $ | 99 | $ | 1,616 | |||||
| Interest and dividend income | 2,726 | 1,958 | |||||||
| Interest expense | (290 | ) | (293 | ) | |||||
| Total non-operating income | $ | 2,535 | $ | 3,281 | |||||
Non-operating income decreased $0.7 million for the quarter, reflecting the lower mark-to-market values on our investment portfolio for the quarter offset by increased interest and dividend income due to higher interest rates.
Other Financial Highlights
The effective income tax rate for the second quarter of 2024 was 17.4% versus 26.1% for the second quarter of 2023. The lower effective income tax rate for the 2024 second quarter reflects reversals of uncertain tax accruals from prior periods.
Cash, cash equivalents, and investments were $232.3 million with no debt at June 30, 2024.
Assets Under Management
| (In millions) | As of | |||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||
| Mutual Funds | $ | 8,035 | $ | 8,235 | $ | 8,271 | ||||
| Closed-end Funds | 7,052 | 7,313 | 7,195 | |||||||
| Institutional & PWM (a) (b) | 10,436 | 11,146 | 11,035 | |||||||
| SICAV (c) | 9 | 9 | 590 | |||||||
| Total Equities | 25,532 | 26,703 | 27,091 | |||||||
| 100% U.S. Treasury Money Market Fund | 5,159 | 4,965 | 3,596 | |||||||
| Institutional & PWM Fixed Income | 32 | 32 | 32 | |||||||
| Total Treasuries & Fixed Income | 5,191 | 4,997 | 3,628 | |||||||
| Total Assets Under Management | $ | 30,723 | $ | 31,700 | $ | 30,719 | ||||
| (a) Includes $297, $345, and $441 of AUM subadvised for Teton Advisors, Inc. at June 30, 2024, March 31, 2024, and June 30, 2023, respectively. | ||||||||||
| (b) Includes $223, $225, and $230 of 100% U.S. Treasury Money Market Fund AUM at June 30, 2024, March 31, 2024, and June 30, 2023, respectively. | ||||||||||
| (c) Includes $0, $0, and $579 of the SICAV AUM subadvised by Associated Capital Group, Inc. at June 30, 2024, March 31, 2024, and June 30, 2023, respectively. | ||||||||||
Assets under management on June 30, 2024 were $30.7 billion, a decrease of 3.1% from the $31.7 billion on March 31, 2024. The quarter’s decrease consisted of net market depreciation of $391 million, net outflows of $455 million, and distributions, net of reinvestments, of $131 million.
100% U.S. Treasury Money Market Fund
Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on June 30, 2024 were $5.2 billion, up from $5.0 billion at March 31, 2024.
Assets Under Administration
| (In millions) | As of | ||||||
| June 30, 2024 | March 31, 2024 | ||||||
| Teton-Keeley Funds (a) | $ | 880 | $ | 952 | |||
| SICAV | 468 | 580 | |||||
| Total Assets Under Administration | $ | 1,348 | $ | 1,532 | |||
| (a) Includes $297 and $345 of AUM subadvised for Teton Advisors, Inc. at June 30, 2024 and March 31, 2024, respectively. | |||||||
AUA on June 30, 2024 were $1.3 billion, as compared to $1.5 billion at March 31, 2024.
Mutual Funds
Assets under management in Mutual Funds on June 30, 2024 were $8.0 billion, a decrease of 2.4% from the $8.2 billion at March 31, 2024. The quarterly change was attributed to:
- Distributions, net of reinvestment, of $5 million;
- Net outflows of $169 million; and
- Net market depreciation of $26 million.
Closed-end Funds
Assets under management in Closed-end Funds on June 30, 2024 were $7.1 billion, a decrease of 3.6% from the $7.3 billion on March 31, 2024. The quarterly change was comprised of:
- Distributions, net of reinvestment, of $126 million;
- Net outflows of $46 million, including the redemption of $37 million of preferred shares, the repurchase of $12 million of common stock less the issuance of $3 million preferred shares; and
- Net market depreciation of $89 million.
Institutional & PWM
Assets under management in Institutional & PWM on June 30, 2024 were $10.4 billion, a decrease of 6.4% from the $11.1 billion on March 31, 2024. The quarterly change was due to:
- Net market depreciation of $342 million; and
- Net outflows of $368 million.
SICAV
Assets under management in the SICAV on June 30, 2024 of $9 million, were the same as March 31, 2024.
Balance Sheet Information
As of June 30, 2024, cash and cash equivalents were $181.9 million plus investments of $50.4 million, compared with cash and cash equivalents of $166.0 million and investments of $38.9 million as of December 31, 2023. As of June 30, 2024, stockholders’ equity was $192.4 million compared to $181.0 million as of December 31, 2023.
Return to Shareholders
During the second quarter of 2024, GAMI paid a dividend of $0.04 per share for a total of $1.0 million, a special dividend of $0.20 per share for a total of $5.0 million, and purchased 249,991 shares for $5.8 million at an average investment of $23.15 per share. From July 1, 2024 to August 6, 2024, the Company has purchased 76,996 shares at an average investment of $25.54 per share. On August 6, 2024, the board of directors increased the buyback authorization by 500,000 shares to 1,212,932 shares.
On August 6, 2024, GAMI’s board of directors declared a regular quarterly dividend of $0.04 per share, which is payable on September 24, 2024, to class A and class B shareholders of record on September 10, 2024.
Symposiums/Conferences
- On April 4th, we hosted the 10th Annual Waste & Environmental Services Symposium. The conference featured presentations by senior management of several leading companies, with a focus on the themes of waste, water treatment, and the environment.
- On May 3rd, GAMCO hosted its 18th annual Omaha Research Trip in conjunction with the Berkshire Hathaway Annual Meeting. This Value Investor Conference attracted a record number of participants with Gabelli portfolio managers anchoring panels with noted Berkshire experts and regional CEOs.
- On May 9th and 10th, we hosted our 39th GAMCO client meeting in New York City. We presented our annual Gabelli Prize in honor of Graham & Dodd, Murray, and Greenwald for Value Investing to Fidelity Management & Research Company’s Vice Chairman, Peter S. Lynch.
- On June 6th, we hosted the 16th Annual Media & Entertainment Symposium highlighted by a sports investing panel.
- At the June 26th and 27th Morningstar Conference, Gabelli Funds was a Principal Sponsor at Navy Pier in Chicago featuring keynote presentations by portfolio managers Tony Bancroft (Gabelli Commercial Aerospace & Defense ETF NYSE:GCAD) and John Belton (Gabelli Growth Innovators ETF NYSE: GGRW).
- We are hosting the following in the third quarter 2024:
- 30th Aerospace & Defense Symposium (September 5th)
- 2nd PFAS Symposium (September 26th)
- 30th Aerospace & Defense Symposium (September 5th)
- We are hosting the following in the fourth quarter of 2024:
- Rule 852(b)(6) Conference (October 25th)
- 48th Automotive Aftermarket Symposium (November 4th and 5th)
- 6th Healthcare Symposiums (November 15th)
- Rule 852(b)(6) Conference (October 25th)
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, offshore investors, 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.
GAMI offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed semi-transparent ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.
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
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.
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||
| (in thousands, except per share data) | |||||||||||||
| Three Months Ended | |||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||
| Revenue: | |||||||||||||
| Investment advisory and incentive fees | $ | 53,290 | $ | 52,472 | $ | 54,406 | |||||||
| Distribution fees and other income | 4,354 | 4,473 | 4,765 | ||||||||||
| Total revenue | 57,644 | 56,945 | 59,171 | ||||||||||
| Expenses: | |||||||||||||
| Compensation | 29,006 | 28,554 | 28,056 | ||||||||||
| Management fee | 2,021 | 2,191 | 2,197 | ||||||||||
| Distribution costs | 5,709 | 5,950 | 6,369 | ||||||||||
| Other operating expenses | 5,258 | 4,902 | 6,057 | ||||||||||
| Total expenses | 41,994 | 41,597 | 42,679 | ||||||||||
| Operating income | 15,650 | 15,348 | 16,492 | ||||||||||
| Non-operating income: | |||||||||||||
| Gain from investments, net | 99 | 1,632 | 1,616 | ||||||||||
| Interest and dividend income | 2,726 | 3,033 | 1,958 | ||||||||||
| Interest expense | (290 | ) | (293 | ) | (293 | ) | |||||||
| Total non-operating income | 2,535 | 4,372 | 3,281 | ||||||||||
| Income before provision for income taxes | 18,185 | 19,720 | 19,773 | ||||||||||
| Provision for income taxes | 3,168 | 3,910 | 5,160 | ||||||||||
| Net income | $ | 15,017 | $ | 15,810 | $ | 14,613 | |||||||
| Earnings per share attributable to common | |||||||||||||
| stockholders: | |||||||||||||
| Basic | $ | 0.61 | $ | 0.64 | $ | 0.58 | |||||||
| Diluted | $ | 0.61 | $ | 0.64 | $ | 0.58 | |||||||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 24,442 | 24,808 | 25,358 | ||||||||||
| Diluted | 24,442 | 24,808 | 25,358 | ||||||||||
| Shares outstanding | 24,335 | 24,585 | 25,313 | ||||||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Financial Condition (Unaudited) | ||||||||||
| (in thousands) | ||||||||||
| June 30, | December 31, | June 30, | ||||||||
| 2024 | 2023 | 2023 | ||||||||
| Assets | ||||||||||
| Cash and cash equivalents | $ | 76,093 | $ | 61,801 | $ | 149,153 | ||||
| Short-term investments in U.S. Treasury Bills | 99,061 | 99,025 | - | |||||||
| Investments in securities | 30,606 | 19,998 | 21,476 | |||||||
| Seed capital investments | 26,475 | 24,044 | 22,995 | |||||||
| Receivable from brokers | 3,244 | 4,562 | 2,078 | |||||||
| Other receivables | 19,009 | 21,178 | 20,155 | |||||||
| Deferred tax asset and income tax receivable | 8,822 | 8,927 | 13,650 | |||||||
| Other assets | 10,546 | 9,896 | 11,538 | |||||||
| Total assets | $ | 273,856 | $ | 249,431 | $ | 241,045 | ||||
| Liabilities and stockholders' equity | ||||||||||
| Income taxes payable | $ | 120 | $ | 17 | $ | - | ||||
| Compensation payable | 36,395 | 23,399 | 36,147 | |||||||
| Accrued expenses and other liabilities | 44,912 | 45,036 | 43,473 | |||||||
| Total liabilities | 81,427 | 68,452 | 79,620 | |||||||
| Stockholders' equity | 192,429 | 180,979 | 161,425 | |||||||
| Total liabilities and stockholders' equity | $ | 273,856 | $ | 249,431 | $ | 241,045 | ||||
| Shares outstanding | 24,335 | 24,906 | 25,313 | |||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||
| By investment vehicle | ||||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Three Months Ended | % Changed From | |||||||||||||||||||
| June 30, | March 31, | June 30, | March 31, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Equities: | ||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||
| Beginning of period assets | $ | 8,235 | $ | 7,973 | $ | 8,288 | ||||||||||||||
| Inflows | 189 | 176 | 168 | |||||||||||||||||
| Outflows | (359 | ) | (432 | ) | (423 | ) | ||||||||||||||
| Net inflows (outflows) | (170 | ) | (256 | ) | (255 | ) | ||||||||||||||
| Market appreciation (depreciation) | (26 | ) | 523 | 242 | ||||||||||||||||
| Fund distributions, net of reinvestment | (4 | ) | (5 | ) | (4 | ) | ||||||||||||||
| Total increase (decrease) | (200 | ) | 262 | (17 | ) | |||||||||||||||
| Assets under management, end of period | $ | 8,035 | $ | 8,235 | $ | 8,271 | -2.4 | % | -2.9 | % | ||||||||||
| Percentage of total assets under management | 26.2 | % | 26.0 | % | 26.9 | % | ||||||||||||||
| Average assets under management | $ | 8,095 | $ | 7,965 | $ | 8,165 | 1.6 | % | -0.9 | % | ||||||||||
| Closed-end Funds | ||||||||||||||||||||
| Beginning of period assets | $ | 7,313 | $ | 7,097 | $ | 7,155 | ||||||||||||||
| Inflows | 3 | 41 | 1 | |||||||||||||||||
| Outflows | (48 | ) | (103 | ) | (24 | ) | ||||||||||||||
| Net inflows (outflows) | (45 | ) | (62 | ) | (23 | ) | ||||||||||||||
| Market appreciation (depreciation) | (89 | ) | 404 | 191 | ||||||||||||||||
| Fund distributions, net of reinvestment | (127 | ) | (126 | ) | (128 | ) | ||||||||||||||
| Total increase (decrease) | (261 | ) | 216 | 40 | ||||||||||||||||
| Assets under management, end of period | 7,052 | $ | 7,313 | $ | 7,195 | -3.6 | % | -2.0 | % | |||||||||||
| Percentage of total assets under management | 23.0 | % | 23.1 | % | 23.4 | % | ||||||||||||||
| Average assets under management | $ | 7,166 | $ | 7,060 | $ | 7,117 | 1.5 | % | 0.7 | % | ||||||||||
| Institutional & PWM | ||||||||||||||||||||
| Beginning of period assets | $ | 11,146 | $ | 10,738 | $ | 10,764 | ||||||||||||||
| Inflows | 125 | 66 | 66 | |||||||||||||||||
| Outflows | (493 | ) | (428 | ) | (297 | ) | ||||||||||||||
| Net inflows (outflows) | (368 | ) | (362 | ) | (231 | ) | ||||||||||||||
| Market appreciation (depreciation) | (342 | ) | 770 | 502 | ||||||||||||||||
| Total increase (decrease) | (710 | ) | 408 | 271 | ||||||||||||||||
| Assets under management, end of period | $ | 10,436 | $ | 11,146 | $ | 11,035 | -6.4 | % | -5.4 | % | ||||||||||
| Percentage of total assets under management | 34.0 | % | 35.2 | % | 35.9 | % | ||||||||||||||
| Average assets under management | $ | 10,775 | $ | 10,798 | $ | 10,628 | -0.2 | % | 1.4 | % | ||||||||||
| SICAV | ||||||||||||||||||||
| Beginning of period assets | $ | 9 | $ | 631 | $ | 824 | ||||||||||||||
| Inflows | - | - | 48 | |||||||||||||||||
| Outflows | - | (2 | ) | (269 | ) | |||||||||||||||
| Net inflows (outflows) | - | (2 | ) | (221 | ) | |||||||||||||||
| Market appreciation (depreciation) | - | - | (13 | ) | ||||||||||||||||
| Reclassification to AUA | - | (620 | ) | - | ||||||||||||||||
| Total increase (decrease) | - | (622 | ) | (234 | ) | |||||||||||||||
| Assets under management, end of period | $ | 9 | $ | 9 | $ | 590 | 0.0 | % | -98.5 | % | ||||||||||
| Percentage of total assets under management | 0.0 | % | 0.0 | % | 1.9 | % | ||||||||||||||
| Average assets under management | $ | 9 | $ | 10 | $ | 683 | -10.0 | % | -98.7 | % | ||||||||||
| Total Equities | ||||||||||||||||||||
| Beginning of period assets | $ | 26,703 | $ | 26,439 | $ | 27,031 | ||||||||||||||
| Inflows | 317 | 283 | 283 | |||||||||||||||||
| Outflows | (900 | ) | (965 | ) | (1,013 | ) | ||||||||||||||
| Net inflows (outflows) | (583 | ) | (682 | ) | (730 | ) | ||||||||||||||
| Market appreciation (depreciation) | (457 | ) | 1,697 | 922 | ||||||||||||||||
| Fund distributions, net of reinvestment | (131 | ) | (131 | ) | (132 | ) | ||||||||||||||
| Reclassification to AUA | - | (620 | ) | - | ||||||||||||||||
| Total increase (decrease) | (1,171 | ) | 264 | 60 | ||||||||||||||||
| Assets under management, end of period | $ | 25,532 | $ | 26,703 | $ | 27,091 | -4.4 | % | -5.8 | % | ||||||||||
| Percentage of total assets under management | 83.1 | % | 84.2 | % | 88.2 | % | ||||||||||||||
| Average assets under management | $ | 26,045 | $ | 25,833 | $ | 26,593 | 0.8 | % | -2.1 | % | ||||||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||
| By investment vehicle - continued | ||||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Three Months Ended | % Changed From | |||||||||||||||||||
| June 30, | March 31, | June 30, | March 31, | June 30, | ||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Fixed Income: | ||||||||||||||||||||
| 100% U.S. Treasury fund | ||||||||||||||||||||
| Beginning of period assets | $ | 4,965 | $ | 4,615 | $ | 3,609 | ||||||||||||||
| Inflows | 1,290 | 1,605 | 931 | |||||||||||||||||
| Outflows | (1,162 | ) | (1,315 | ) | (988 | ) | ||||||||||||||
| Net inflows (outflows) | 128 | 290 | (57 | ) | ||||||||||||||||
| Market appreciation (depreciation) | 66 | 60 | 44 | |||||||||||||||||
| Total increase (decrease) | 194 | 350 | (13 | ) | ||||||||||||||||
| Assets under management, end of period | $ | 5,159 | $ | 4,965 | $ | 3,596 | 3.9 | % | 43.5 | % | ||||||||||
| Percentage of total assets under management | 16.8 | % | 16.2 | % | 11.7 | % | ||||||||||||||
| Average assets under management | $ | 5,064 | $ | 4,832 | $ | 3,618 | 4.8 | % | 40.0 | % | ||||||||||
| 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 | $ | 4,997 | $ | 4,647 | $ | 3,641 | ||||||||||||||
| Inflows | 1,290 | 1,605 | 931 | |||||||||||||||||
| Outflows | (1,162 | ) | (1,315 | ) | (988 | ) | ||||||||||||||
| Net inflows (outflows) | 128 | 290 | (57 | ) | ||||||||||||||||
| Market appreciation (depreciation) | 66 | 60 | 44 | |||||||||||||||||
| Total increase (decrease) | 194 | 350 | (13 | ) | ||||||||||||||||
| Assets under management, end of period | $ | 5,191 | $ | 4,997 | $ | 3,628 | 3.9 | % | 43.1 | % | ||||||||||
| Percentage of total assets under management | 16.9 | % | 15.8 | % | 11.8 | % | ||||||||||||||
| Average assets under management | $ | 5,096 | $ | 4,864 | $ | 3,650 | 4.8 | % | 39.6 | % | ||||||||||
| Total AUM | ||||||||||||||||||||
| Beginning of period assets | $ | 31,700 | $ | 31,086 | $ | 30,672 | ||||||||||||||
| Inflows | 1,607 | 1,888 | 1,214 | |||||||||||||||||
| Outflows | (2,062 | ) | (2,280 | ) | (2,001 | ) | ||||||||||||||
| Net inflows (outflows) | (455 | ) | (392 | ) | (787 | ) | ||||||||||||||
| Market appreciation (depreciation) | (391 | ) | 1,757 | 966 | ||||||||||||||||
| Fund distributions, net of reinvestment | (131 | ) | (131 | ) | (132 | ) | ||||||||||||||
| Reclassification to AUA | - | (620 | ) | - | ||||||||||||||||
| Total increase (decrease) | (977 | ) | 614 | 47 | ||||||||||||||||
| Assets under management, end of period | $ | 30,723 | $ | 31,700 | $ | 30,719 | -3.1 | % | 0.0 | % | ||||||||||
| Average assets under management | $ | 31,141 | $ | 30,697 | $ | 30,243 | 1.4 | % | 3.0 | % | ||||||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||
| Assets Under Management | |||||||||||||
| By investment vehicle | |||||||||||||
| (in millions) | |||||||||||||
| Six Months Ended | |||||||||||||
| June 30, | June 30, | ||||||||||||
| 2024 | 2023 | % Change | |||||||||||
| Equities: | |||||||||||||
| Mutual Funds | |||||||||||||
| Beginning of period assets | $ | 7,973 | $ | 8,140 | |||||||||
| Inflows | 365 | 410 | |||||||||||
| Outflows | (791 | ) | (801 | ) | |||||||||
| Net inflows (outflows) | (426 | ) | (391 | ) | |||||||||
| Market appreciation (depreciation) | 497 | 530 | |||||||||||
| Fund distributions, net of reinvestment | (9 | ) | (8 | ) | |||||||||
| Total increase (decrease) | 62 | 131 | |||||||||||
| Assets under management, end of period | $ | 8,035 | $ | 8,271 | -2.9 | % | |||||||
| Percentage of total assets under management | 26.2 | % | 26.9 | % | |||||||||
| Average assets under management | $ | 8,030 | $ | 8,227 | -2.4 | % | |||||||
| Closed-end Funds | |||||||||||||
| Beginning of period assets | $ | 7,097 | $ | 7,046 | |||||||||
| Inflows | 44 | 25 | |||||||||||
| Outflows | (151 | ) | (39 | ) | |||||||||
| Net inflows (outflows) | (107 | ) | (14 | ) | |||||||||
| Market appreciation (depreciation) | 315 | 424 | |||||||||||
| Fund distributions, net of reinvestment | (253 | ) | (261 | ) | |||||||||
| Total increase (decrease) | (45 | ) | 149 | ||||||||||
| Assets under management, end of period | $ | 7,052 | $ | 7,195 | -2.0 | % | |||||||
| Percentage of total assets under management | 23.0 | % | 23.4 | % | |||||||||
| Average assets under management | $ | 7,113 | $ | 7,164 | -0.7 | % | |||||||
| Institutional & PWM | |||||||||||||
| Beginning of period assets | $ | 10,738 | $ | 10,714 | |||||||||
| Inflows | 191 | 127 | |||||||||||
| Outflows | (921 | ) | (855 | ) | |||||||||
| Net inflows (outflows) | (730 | ) | (728 | ) | |||||||||
| Market appreciation (depreciation) | 428 | 1,049 | |||||||||||
| Total increase (decrease) | (302 | ) | 321 | ||||||||||
| Assets under management, end of period | $ | 10,436 | $ | 11,035 | -5.4 | % | |||||||
| Percentage of total assets under management | 34.0 | % | 35.9 | % | |||||||||
| Average assets under management | $ | 10,787 | $ | 10,876 | -0.8 | % | |||||||
| SICAV | |||||||||||||
| Beginning of period assets | $ | 631 | $ | 867 | |||||||||
| Inflows | - | 172 | |||||||||||
| Outflows | (2 | ) | (445 | ) | |||||||||
| Net inflows (outflows) | (2 | ) | (273 | ) | |||||||||
| Market appreciation (depreciation) | - | (4 | ) | ||||||||||
| Reclassification to AUA | (620 | ) | - | ||||||||||
| Total increase (decrease) | (622 | ) | (277 | ) | |||||||||
| Assets under management, end of period | $ | 9 | $ | 590 | -98.5 | % | |||||||
| Percentage of total assets under management | 0.0 | % | 1.9 | % | |||||||||
| Average assets under management | $ | 9 | $ | 769 | -98.8 | % | |||||||
| Total Equities | |||||||||||||
| Beginning of period assets | $ | 26,439 | $ | 26,767 | |||||||||
| Inflows | 600 | 734 | |||||||||||
| Outflows | (1,865 | ) | (2,140 | ) | |||||||||
| Net inflows (outflows) | (1,265 | ) | (1,406 | ) | |||||||||
| Market appreciation (depreciation) | 1,240 | 1,999 | |||||||||||
| Fund distributions, net of reinvestment | (262 | ) | (269 | ) | |||||||||
| Reclassification to AUA | (620 | ) | - | ||||||||||
| Total increase (decrease) | (907 | ) | 324 | ||||||||||
| Assets under management, end of period | $ | 25,532 | $ | 27,091 | -5.8 | % | |||||||
| Percentage of total assets under management | 83.1 | % | 88.2 | % | |||||||||
| Average assets under management | $ | 25,939 | $ | 27,036 | -4.1 | % | |||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||
| Assets Under Management | |||||||||||||
| By investment vehicle - continued | |||||||||||||
| (in millions) | |||||||||||||
| Six Months Ended | |||||||||||||
| June 30, | June 30, | ||||||||||||
| 2024 | 2023 | % Change | |||||||||||
| Fixed Income: | |||||||||||||
| 100% U.S. Treasury fund | |||||||||||||
| Beginning of period assets | $ | 4,615 | $ | 2,462 | |||||||||
| Inflows | 2,895 | 2,776 | |||||||||||
| Outflows | (2,477 | ) | (1,720 | ) | |||||||||
| Net inflows (outflows) | 418 | 1,056 | |||||||||||
| Market appreciation (depreciation) | 126 | 78 | |||||||||||
| Total increase (decrease) | 544 | 1,134 | |||||||||||
| Assets under management, end of period | $ | 5,159 | $ | 3,596 | 43.5 | % | |||||||
| Percentage of total assets under management | 16.8 | % | 11.7 | % | |||||||||
| Average assets under management | $ | 4,948 | $ | 3,433 | 44.1 | % | |||||||
| 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 | $ | 4,647 | $ | 2,494 | |||||||||
| Inflows | 2,895 | 2,776 | |||||||||||
| Outflows | (2,477 | ) | (1,720 | ) | |||||||||
| Net inflows (outflows) | 418 | 1,056 | |||||||||||
| Market appreciation (depreciation) | 126 | 78 | |||||||||||
| Total increase (decrease) | 544 | 1,134 | |||||||||||
| Assets under management, end of period | $ | 5,191 | $ | 3,628 | 43.1 | % | |||||||
| Percentage of total assets under management | 16.9 | % | 11.8 | % | |||||||||
| Average assets under management | $ | 4,980 | $ | 3,465 | 43.7 | % | |||||||
| Total AUM | |||||||||||||
| Beginning of period assets | $ | 31,086 | $ | 29,261 | |||||||||
| Inflows | 3,495 | 3,510 | |||||||||||
| Outflows | (4,342 | ) | (3,860 | ) | |||||||||
| Net inflows (outflows) | (847 | ) | (350 | ) | |||||||||
| Market appreciation (depreciation) | 1,366 | 2,077 | |||||||||||
| Fund distributions, net of reinvestment | (262 | ) | (269 | ) | |||||||||
| Reclassification to AUA | (620 | ) | - | ||||||||||
| Total increase (decrease) | (363 | ) | 1,458 | ||||||||||
| Assets under management, end of period | $ | 30,723 | $ | 30,719 | 0.0 | % | |||||||
| Average assets under management | $ | 30,919 | $ | 30,501 | 1.4 | % | |||||||
191 Mason Street
Greenwich, CT 06830
GABELLI.COM
Contact:
Kieran Caterina
Chief Accounting Officer
(914) 921-5149
For further information please visit:
www.gabelli.com
