- Quarter End AUM of
$29.2 billion ; Average AUM of$30.8 billion - Operating Margin of 29.5%
- Third Quarter Fully Diluted EPS
$0.52 versus$0.58 for Second Quarter 2023 and$0.36 in the Third Quarter of 2022
Financial Highlights
(In thousands, except percentages and per share data) | |||||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Revenue | $ | 59,475 | $ | 59,171 | $ | 61,918 | 0.5 | % | -3.9 | % | |||||||||
Expenses | 41,954 | 42,679 | 43,917 | -1.7 | % | -4.5 | % | ||||||||||||
Operating income | 17,521 | 16,492 | 18,001 | 6.2 | % | -2.7 | % | ||||||||||||
Non-operating income (loss) | 303 | 3,281 | (2,441 | ) | -90.8 | % | n/m | ||||||||||||
Net income | 13,137 | 14,613 | 9,427 | -10.1 | % | 39.4 | % | ||||||||||||
Diluted earnings per share | $ | 0.52 | $ | 0.58 | $ | 0.36 | -10.3 | % | 44.4 | % | |||||||||
Operating margin | 29.5 | % | 27.9 | % | 29.1 | % | 160 bps | 40 bps | |||||||||||
Giving Back to Society -
Since our initial public offering in
Revenue
(In thousands) | Three Months Ended | |||||||||||||
2023 | 2023 | $ Change | % Change | |||||||||||
Investment advisory and incentive fees | ||||||||||||||
Fund revenues | $ | 37,755 | $ | 37,480 | $ | 275 | 0.7 | % | ||||||
Institutional and | 15,457 | 15,222 | 235 | 1.5 | % | |||||||||
SICAV | 1,555 | 1,704 | (149 | ) | -8.7 | % | ||||||||
Total | $ | 54,767 | $ | 54,406 | $ | 361 | 0.7 | % | ||||||
Distribution fees and other income | 4,708 | 4,765 | (57 | ) | -1.2 | % | ||||||||
Total revenue | $ | 59,475 | $ | 59,171 | $ | 304 | 0.5 | % | ||||||
The modest quarter over quarter increase in revenues was primarily the result of higher average assets under management in Funds and Institutional Private Wealth Management offset by lower average assets under management in the SICAV.
Expenses
(In thousands) | Three Months Ended | |||||||||||||
2023 | 2023 | $ Change | % Change | |||||||||||
Compensation | $ | 28,192 | $ | 28,056 | $ | 136 | 0.5 | % | ||||||
Management fee | 1,980 | 2,197 | (217 | ) | -9.9 | % | ||||||||
Distribution costs | 5,992 | 6,369 | (377 | ) | -5.9 | % | ||||||||
Other operating expenses | 5,790 | 6,057 | (267 | ) | -4.4 | % | ||||||||
Total expenses | $ | 41,954 | $ | 42,679 | $ | (725 | ) | -1.7 | % | |||||
- Higher stock-based compensation expense (
$0.4 million ) for the third quarter, offset partially by lower salaries ($0.3 million ), resulted in the slight increase in compensation expense. - The management fee was
$0.2 million lower, based on lower pre-management fee income of$2.2 million . - Lower average assets under management in open-end equity fund resulted in lower distribution costs; and,
- Other operating expenses decreased from the second quarter of 2023.
Operating Margin
The operating margin, which represents the ratio of operating income to revenue, was 29.5% for the third quarter of 2023 compared with 27.9% for the second quarter of 2023.
Non-Operating Income
(In thousands) | Three Months Ended | |||||||||||||||
2023 | 2023 | $ Change | % Change | |||||||||||||
Gain / (loss) from investments, net | $ | (1,952 | ) | $ | 1,616 | $ | (3,568 | ) | -220.8 | % | ||||||
Interest and dividend income | 2,542 | 1,958 | 584 | 29.8 | % | |||||||||||
Interest expense | (287 | ) | (293 | ) | 6 | -2.0 | % | |||||||||
Total non-operating income / (loss) | $ | 303 | $ | 3,281 | $ | (2,978 | ) | -90.8 | % | |||||||
Non-operating income was lower for the quarter, reflecting the lower mark to market values on our investment portfolio for the quarter offset in part by the higher earnings on our cash and cash equivalents balances.
Income Taxes
A reconciliation of the company’s statutory federal income tax rate and the effective income tax rate is summarized in the following table:
Three Months Ended | ||||||||
2023 | 2023 | |||||||
21.0 | % | 21.0 | % | |||||
State income tax, net of federal benefit | 2.3 | 2.7 | ||||||
Other | 3.0 | 2.4 | ||||||
Effective income tax rate | 26.3 | % | 26.1 | % | ||||
Assets Under Management
(In millions) | As of | |||||||||
2023 | 2023 | % Change | ||||||||
Mutual Funds | $ | 7,546 | $ | 8,271 | -8.8 | % | ||||
Closed-end Funds | 6,727 | 7,195 | -6.5 | % | ||||||
Institutional & PWM (a) (b) | 10,034 | 11,035 | -9.1 | % | ||||||
SICAV (c) | 622 | 590 | 5.4 | % | ||||||
24,929 | 27,091 | -8.0 | % | |||||||
100% | 4,217 | 3,596 | 17.3 | % | ||||||
Institutional & PWM Fixed Income | 32 | 32 | 0.0 | % | ||||||
Total Treasuries & Fixed Income | 4,249 | 3,628 | 17.1 | % | ||||||
Total Assets Under Management | $ | 29,178 | $ | 30,719 | -5.0 | % | ||||
(a) Includes | ||||||||||
(b) Includes | ||||||||||
(c) Includes $613 and $579 of the SICAV AUM subadvised by Associated Capital Group, Inc. at | ||||||||||
Assets under management on
100%
Assets under management in our 100%
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/df3b8402-cc51-4028-80ac-92eca71c9e04
Mutual Funds
Assets under management in Mutual Funds on
- Net outflows of
$217 million ; - Market depreciation of
$503 million ; and - Distributions, net of reinvestment, of
$5 million .
Closed-end Funds
Assets under management in Closed-end Funds on
- Net outflows of
$29 million , consisting of the put of$16 million of preferred shares and$13 million of common stock repurchased by the Funds; - Market depreciation of
$312 million ; and - Distributions, net of reinvestment, of
$127 million .
Institutional & PWM
Assets under management in Institutional & PWM on
- Net outflows of
$462 million ; and - Market depreciation of
$539 million .
SICAV
Assets under management in SICAV on
- Net inflows of
$35 million ; and - Market depreciation of
$3 million .
Balance Sheet Information
As of
Return to Shareholders
During the third quarter, GAMI paid a dividend of
On
About
GAMI is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst™). GAMI conducts its investment advisory business principally through two subsidiaries:
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
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.
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
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Revenue: | |||||||||||||||||||
Investment advisory and incentive fees | $ | 54,767 | $ | 54,406 | $ | 56,215 | |||||||||||||
Distribution fees and other income | 4,708 | 4,765 | 5,703 | ||||||||||||||||
Total revenue | 59,475 | 59,171 | 61,918 | 0.5 | % | -3.9 | % | ||||||||||||
Expenses: | |||||||||||||||||||
Compensation | 28,192 | 28,056 | 29,539 | ||||||||||||||||
Management fee | 1,980 | 2,197 | 1,730 | ||||||||||||||||
Distribution costs | 5,992 | 6,369 | 6,599 | ||||||||||||||||
Other operating expenses | 5,790 | 6,057 | 6,049 | ||||||||||||||||
Total expenses | 41,954 | 42,679 | 43,917 | -1.7 | % | -4.5 | % | ||||||||||||
Operating income | 17,521 | 16,492 | 18,001 | 6.2 | % | -2.7 | % | ||||||||||||
Non-operating income (loss): | |||||||||||||||||||
Gain / (loss) from investments, net | (1,952 | ) | 1,616 | (2,686 | ) | ||||||||||||||
Interest and dividend income | 2,542 | 1,958 | 893 | ||||||||||||||||
Interest expense | (287 | ) | (293 | ) | (648 | ) | |||||||||||||
Total non-operating income / (loss) | 303 | 3,281 | (2,441 | ) | -90.8 | % | -112.4 | % | |||||||||||
Income before provision for income taxes | 17,824 | 19,773 | 15,560 | -9.9 | % | 14.6 | % | ||||||||||||
Provision for income taxes | 4,687 | 5,160 | 6,133 | ||||||||||||||||
Net income | $ | 13,137 | $ | 14,613 | $ | 9,427 | -10.1 | % | 39.4 | % | |||||||||
Earnings per share attributable to common | |||||||||||||||||||
stockholders: | |||||||||||||||||||
Basic | $ | 0.52 | $ | 0.58 | $ | 0.36 | -10.3 | % | 44.4 | % | |||||||||
Diluted | $ | 0.52 | $ | 0.58 | $ | 0.36 | -10.3 | % | 44.4 | % | |||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 25,224 | 25,358 | 26,152 | ||||||||||||||||
Diluted | 25,224 | 25,358 | 26,370 | ||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Nine Months Ended | |||||||||||||
2023 | 2022 | % Change | |||||||||||
Revenue: | |||||||||||||
Investment advisory and incentive fees | $ | 164,168 | $ | 180,225 | |||||||||
Distribution fees and other income | 14,384 | 16,919 | |||||||||||
Total revenue | 178,552 | 197,144 | -9.4 | % | |||||||||
Expenses: | |||||||||||||
Compensation | 85,434 | 82,812 | |||||||||||
Management fee | 6,213 | 3,407 | |||||||||||
Distribution costs | 18,834 | 20,416 | |||||||||||
Other operating expenses | 17,660 | 18,282 | |||||||||||
Total expenses | 128,141 | 124,917 | 2.6 | % | |||||||||
Operating income | 50,411 | 72,227 | -30.2 | % | |||||||||
Non-operating income (loss): | |||||||||||||
Gain / (loss) from investments, net | 225 | (9,891 | ) | ||||||||||
Interest and dividend income | 6,161 | 1,537 | |||||||||||
Interest expense | (878 | ) | (2,235 | ) | |||||||||
Total non-operating income / (loss) | 5,508 | (10,589 | ) | -152.0 | % | ||||||||
Income before provision for income taxes | 55,919 | 61,638 | -9.3 | % | |||||||||
Provision for income taxes | 12,272 | 17,471 | |||||||||||
Net income | $ | 43,647 | $ | 44,167 | -1.2 | % | |||||||
Earnings per share attributable to common | |||||||||||||
stockholders: | |||||||||||||
Basic | $ | 1.72 | $ | 1.68 | 2.4 | % | |||||||
Diluted | $ | 1.72 | $ | 1.66 | 3.6 | % | |||||||
Weighted average shares outstanding: | |||||||||||||
Basic | 25,369 | 26,319 | |||||||||||
Diluted | 25,369 | 26,604 | |||||||||||
Condensed Consolidated Statements of Financial Condition (Unaudited) | ||||||||||
(in thousands) | ||||||||||
2023 | 2022 | 2022 | ||||||||
Assets | ||||||||||
Cash, cash equivalents, and | $ | 125,181 | $ | 66,381 | $ | 112,274 | ||||
Investments in securities | 71,933 | 84,742 | 28,744 | |||||||
Seed capital investments | 22,361 | 18,347 | 17,464 | |||||||
Receivable from brokers | 1,958 | 1,932 | 3,241 | |||||||
Other receivables | 20,218 | 25,839 | 22,569 | |||||||
Deferred tax asset and income tax receivable | 10,844 | 16,701 | 10,216 | |||||||
Other assets | 9,735 | 9,879 | 10,718 | |||||||
Total assets | $ | 262,230 | $ | 223,821 | $ | 205,226 | ||||
Liabilities and stockholders' equity | ||||||||||
Payable for investments purchased | $ | - | $ | 2,980 | $ | - | ||||
Income taxes payable | - | - | 750 | |||||||
Compensation payable | 47,548 | 33,919 | 37,932 | |||||||
Accrued expenses and other liabilities | 44,560 | 47,868 | 45,094 | |||||||
Total liabilities | 92,108 | 84,767 | 83,776 | |||||||
Stockholders' equity | 170,122 | 139,054 | 121,450 | |||||||
Total liabilities and stockholders' equity | $ | 262,230 | $ | 223,821 | $ | 205,226 | ||||
Shares outstanding | 25,153 | 25,680 | 25,904 | |||||||
Assets Under Management | |||||||||||||||||||
By investment vehicle | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Three Months Ended | % Changed From | ||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Equities: | |||||||||||||||||||
Mutual Funds | |||||||||||||||||||
Beginning of period assets | $ | 8,271 | $ | 8,288 | $ | 8,354 | |||||||||||||
Inflows | 146 | 168 | 189 | ||||||||||||||||
Outflows | (363 | ) | (423 | ) | (367 | ) | |||||||||||||
Net inflows (outflows) | (217 | ) | (255 | ) | (178 | ) | |||||||||||||
Market appreciation (depreciation) | (503 | ) | 242 | (482 | ) | ||||||||||||||
Fund distributions, net of reinvestment | (5 | ) | (4 | ) | (5 | ) | |||||||||||||
Total increase (decrease) | (725 | ) | (17 | ) | (665 | ) | |||||||||||||
Assets under management, end of period | $ | 7,546 | $ | 8,271 | $ | 7,689 | -8.8 | % | -1.9 | % | |||||||||
Percentage of total assets under management | 25.9 | % | 26.9 | % | 27.8 | % | |||||||||||||
Average assets under management | $ | 8,100 | $ | 8,165 | $ | 8,571 | -0.8 | % | -5.5 | % | |||||||||
Closed-end Funds | |||||||||||||||||||
Beginning of period assets | $ | 7,195 | $ | 7,155 | $ | 7,036 | |||||||||||||
Inflows | - | 1 | 25 | ||||||||||||||||
Outflows | (29 | ) | (24 | ) | (43 | ) | |||||||||||||
Net inflows (outflows) | (29 | ) | (23 | ) | (18 | ) | |||||||||||||
Market appreciation (depreciation) | (312 | ) | 191 | (312 | ) | ||||||||||||||
Fund distributions, net of reinvestment | (127 | ) | (128 | ) | (126 | ) | |||||||||||||
Total increase (decrease) | (468 | ) | 40 | (456 | ) | ||||||||||||||
Assets under management, end of period | $ | 6,727 | $ | 7,195 | $ | 6,580 | -6.5 | % | 2.2 | % | |||||||||
Percentage of total assets under management | 23.1 | % | 23.4 | % | 23.8 | % | |||||||||||||
Average assets under management | $ | 7,124 | $ | 7,117 | $ | 7,234 | 0.1 | % | -1.5 | % | |||||||||
Institutional & PWM | |||||||||||||||||||
Beginning of period assets | $ | 11,035 | $ | 10,764 | $ | 10,569 | |||||||||||||
Inflows | 51 | 66 | 64 | ||||||||||||||||
Outflows | (513 | ) | (297 | ) | (426 | ) | |||||||||||||
Net inflows (outflows) | (462 | ) | (231 | ) | (362 | ) | |||||||||||||
Market appreciation (depreciation) | (539 | ) | 502 | (375 | ) | ||||||||||||||
Total increase (decrease) | (1,001 | ) | 271 | (737 | ) | ||||||||||||||
Assets under management, end of period | $ | 10,034 | $ | 11,035 | $ | 9,832 | -9.1 | % | 2.1 | % | |||||||||
Percentage of total assets under management | 34.4 | % | 35.9 | % | 35.6 | % | |||||||||||||
Average assets under management | $ | 10,928 | $ | 10,628 | $ | 10,878 | 2.8 | % | 0.5 | % | |||||||||
SICAV | |||||||||||||||||||
Beginning of period assets | $ | 590 | $ | 824 | $ | 886 | |||||||||||||
Inflows | 103 | 48 | 78 | ||||||||||||||||
Outflows | (68 | ) | (269 | ) | (146 | ) | |||||||||||||
Net inflows (outflows) | 35 | (221 | ) | (68 | ) | ||||||||||||||
Market appreciation (depreciation) | (3 | ) | (13 | ) | (33 | ) | |||||||||||||
Total increase (decrease) | 32 | (234 | ) | (101 | ) | ||||||||||||||
Assets under management, end of period | $ | 622 | $ | 590 | $ | 785 | 5.4 | % | -20.8 | % | |||||||||
Percentage of total assets under management | 2.1 | % | 1.9 | % | 2.8 | % | |||||||||||||
Average assets under management | $ | 610 | $ | 683 | $ | 851 | -10.7 | % | -28.3 | % | |||||||||
Beginning of period assets | $ | 27,091 | $ | 27,031 | $ | 26,845 | |||||||||||||
Inflows | 300 | 283 | 356 | ||||||||||||||||
Outflows | (973 | ) | (1,013 | ) | (982 | ) | |||||||||||||
Net inflows (outflows) | (673 | ) | (730 | ) | (626 | ) | |||||||||||||
Market appreciation (depreciation) | (1,357 | ) | 922 | (1,202 | ) | ||||||||||||||
Fund distributions, net of reinvestment | (132 | ) | (132 | ) | (131 | ) | |||||||||||||
Total increase (decrease) | (2,162 | ) | 60 | (1,959 | ) | ||||||||||||||
Assets under management, end of period | $ | 24,929 | $ | 27,091 | $ | 24,886 | -8.0 | % | 0.2 | % | |||||||||
Percentage of total assets under management | 85.4 | % | 88.2 | % | 90.1 | % | |||||||||||||
Average assets under management | $ | 26,762 | $ | 26,593 | $ | 27,534 | 0.6 | % | -2.8 | % | |||||||||
Assets Under Management | |||||||||||||||||||
By investment vehicle - continued | |||||||||||||||||||
(in millions) | |||||||||||||||||||
Three Months Ended | % Changed From | ||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Fixed Income: | |||||||||||||||||||
100% | |||||||||||||||||||
Beginning of period assets | $ | 3,596 | $ | 3,609 | $ | 1,836 | |||||||||||||
Inflows | 1,297 | 931 | 1,705 | ||||||||||||||||
Outflows | (728 | ) | (988 | ) | (838 | ) | |||||||||||||
Net inflows (outflows) | 569 | (57 | ) | 867 | |||||||||||||||
Market appreciation (depreciation) | 52 | 44 | 12 | ||||||||||||||||
Total increase (decrease) | 621 | (13 | ) | 879 | |||||||||||||||
Assets under management, end of period | $ | 4,217 | $ | 3,596 | $ | 2,715 | 17.3 | % | 55.3 | % | |||||||||
Percentage of total assets under management | 14.5 | % | 11.7 | % | 9.8 | % | |||||||||||||
Average assets under management | $ | 3,995 | $ | 3,618 | $ | 2,433 | 10.4 | % | 64.2 | % | |||||||||
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 | $ | 3,628 | $ | 3,641 | $ | 1,868 | |||||||||||||
Inflows | 1,297 | 931 | 1,705 | ||||||||||||||||
Outflows | (728 | ) | (988 | ) | (838 | ) | |||||||||||||
Net inflows (outflows) | 569 | (57 | ) | 867 | |||||||||||||||
Market appreciation (depreciation) | 52 | 44 | 12 | ||||||||||||||||
Total increase (decrease) | 621 | (13 | ) | 879 | |||||||||||||||
Assets under management, end of period | $ | 4,249 | $ | 3,628 | $ | 2,747 | 17.1 | % | 54.7 | % | |||||||||
Percentage of total assets under management | 14.6 | % | 11.8 | % | 9.9 | % | |||||||||||||
Average assets under management | $ | 4,027 | $ | 3,650 | $ | 2,465 | 10.3 | % | 63.4 | % | |||||||||
Total AUM | |||||||||||||||||||
Beginning of period assets | $ | 30,719 | $ | 30,672 | $ | 28,713 | |||||||||||||
Inflows | 1,597 | 1,214 | 2,061 | ||||||||||||||||
Outflows | (1,701 | ) | (2,001 | ) | (1,820 | ) | |||||||||||||
Net inflows (outflows) | (104 | ) | (787 | ) | 241 | ||||||||||||||
Market appreciation (depreciation) | (1,305 | ) | 966 | (1,190 | ) | ||||||||||||||
Fund distributions, net of reinvestment | (132 | ) | (132 | ) | (131 | ) | |||||||||||||
Total increase (decrease) | (1,541 | ) | 47 | (1,080 | ) | ||||||||||||||
Assets under management, end of period | $ | 29,178 | $ | 30,719 | $ | 27,633 | -5.0 | % | 5.6 | % | |||||||||
Average assets under management | $ | 30,789 | $ | 30,243 | $ | 29,999 | 1.8 | % | 2.6 | % | |||||||||
Assets Under Management | |||||||||||||
By investment vehicle | |||||||||||||
(in millions) | |||||||||||||
Nine Months Ended | |||||||||||||
2023 | 2022 | % Change | |||||||||||
Equities: | |||||||||||||
Mutual Funds | |||||||||||||
Beginning of period assets | $ | 8,140 | $ | 10,249 | |||||||||
Inflows | 556 | 745 | |||||||||||
Outflows | (1,164 | ) | (1,157 | ) | |||||||||
Net inflows (outflows) | (608 | ) | (412 | ) | |||||||||
Market appreciation (depreciation) | 27 | (2,135 | ) | ||||||||||
Fund distributions, net of reinvestment | (13 | ) | (13 | ) | |||||||||
Total increase (decrease) | (594 | ) | (2,560 | ) | |||||||||
Assets under management, end of period | $ | 7,546 | $ | 7,689 | -1.9 | % | |||||||
Percentage of total assets under management | 25.9 | % | 27.8 | % | |||||||||
Average assets under management | $ | 8,185 | $ | 9,117 | -10.2 | % | |||||||
Closed-end Funds | |||||||||||||
Beginning of period assets | $ | 7,046 | $ | 8,656 | |||||||||
Inflows | 25 | 120 | |||||||||||
Outflows | (68 | ) | (300 | ) | |||||||||
Net inflows (outflows) | (43 | ) | (180 | ) | |||||||||
Market appreciation (depreciation) | 112 | (1,504 | ) | ||||||||||
Fund distributions, net of reinvestment | (388 | ) | (392 | ) | |||||||||
Total increase (decrease) | (319 | ) | (2,076 | ) | |||||||||
Assets under management, end of period | $ | 6,727 | $ | 6,580 | 2.2 | % | |||||||
Percentage of total assets under management | 23.1 | % | 23.8 | % | |||||||||
Average assets under management | $ | 7,150 | $ | 7,669 | -6.8 | % | |||||||
Institutional & PWM | |||||||||||||
Beginning of period assets | $ | 10,714 | $ | 13,497 | |||||||||
Inflows | 178 | 252 | |||||||||||
Outflows | (1,368 | ) | (1,110 | ) | |||||||||
Net inflows (outflows) | (1,190 | ) | (858 | ) | |||||||||
Market appreciation (depreciation) | 510 | (2,807 | ) | ||||||||||
Total increase (decrease) | (680 | ) | (3,665 | ) | |||||||||
Assets under management, end of period | $ | 10,034 | $ | 9,832 | 2.1 | % | |||||||
Percentage of total assets under management | 34.4 | % | 35.6 | % | |||||||||
Average assets under management | $ | 10,893 | $ | 11,795 | -7.6 | % | |||||||
SICAV | |||||||||||||
Beginning of period assets | $ | 867 | $ | 831 | |||||||||
Inflows | 275 | 443 | |||||||||||
Outflows | (513 | ) | (369 | ) | |||||||||
Net inflows (outflows) | (238 | ) | 74 | ||||||||||
Market appreciation (depreciation) | (7 | ) | (120 | ) | |||||||||
Total increase (decrease) | (245 | ) | (46 | ) | |||||||||
Assets under management, end of period | $ | 622 | $ | 785 | -20.8 | % | |||||||
Percentage of total assets under management | 2.1 | % | 2.8 | % | |||||||||
Average assets under management | $ | 716 | $ | 871 | -17.8 | % | |||||||
Beginning of period assets | $ | 26,767 | $ | 33,233 | |||||||||
Inflows | 1,034 | 1,560 | |||||||||||
Outflows | (3,113 | ) | (2,936 | ) | |||||||||
Net inflows (outflows) | (2,079 | ) | (1,376 | ) | |||||||||
Market appreciation (depreciation) | 642 | (6,566 | ) | ||||||||||
Fund distributions, net of reinvestment | (401 | ) | (405 | ) | |||||||||
Total increase (decrease) | (1,838 | ) | (8,347 | ) | |||||||||
Assets under management, end of period | $ | 24,929 | $ | 24,886 | 0.2 | % | |||||||
Percentage of total assets under management | 85.4 | % | 90.1 | % | |||||||||
Average assets under management | $ | 26,944 | $ | 29,452 | -8.5 | % | |||||||
Assets Under Management | |||||||||||||
By investment vehicle - continued | |||||||||||||
(in millions) | |||||||||||||
Nine Months Ended | |||||||||||||
2023 | 2022 | % Change | |||||||||||
Fixed Income: | |||||||||||||
100% | |||||||||||||
Beginning of period assets | $ | 2,462 | $ | 1,717 | |||||||||
Inflows | 4,073 | 3,708 | |||||||||||
Outflows | (2,448 | ) | (2,724 | ) | |||||||||
Net inflows (outflows) | 1,625 | 984 | |||||||||||
Market appreciation (depreciation) | 130 | 14 | |||||||||||
Total increase (decrease) | 1,755 | 998 | |||||||||||
Assets under management, end of period | $ | 4,217 | $ | 2,715 | 55.3 | % | |||||||
Percentage of total assets under management | 14.5 | % | 9.8 | % | |||||||||
Average assets under management | $ | 3,622 | $ | 2,020 | 79.3 | % | |||||||
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 | $ | 2,494 | $ | 1,749 | |||||||||
Inflows | 4,073 | 3,708 | |||||||||||
Outflows | (2,448 | ) | (2,724 | ) | |||||||||
Net inflows (outflows) | 1,625 | 984 | |||||||||||
Market appreciation (depreciation) | 130 | 14 | |||||||||||
Total increase (decrease) | 1,755 | 998 | |||||||||||
Assets under management, end of period | $ | 4,249 | $ | 2,747 | 54.7 | % | |||||||
Percentage of total assets under management | 14.6 | % | 9.9 | % | |||||||||
Average assets under management | $ | 3,654 | $ | 2,052 | 78.1 | % | |||||||
Total AUM | |||||||||||||
Beginning of period assets | $ | 29,261 | $ | 34,982 | |||||||||
Inflows | 5,107 | 5,268 | |||||||||||
Outflows | (5,561 | ) | (5,660 | ) | |||||||||
Net inflows (outflows) | (454 | ) | (392 | ) | |||||||||
Market appreciation (depreciation) | 772 | (6,552 | ) | ||||||||||
Fund distributions, net of reinvestment | (401 | ) | (405 | ) | |||||||||
Total increase (decrease) | (83 | ) | (7,349 | ) | |||||||||
Assets under management, end of period | $ | 29,178 | $ | 27,633 | 5.6 | % | |||||||
Average assets under management | $ | 30,598 | $ | 31,504 | -2.9 | % | |||||||
Contact: | |
Chief Accounting Officer | |
(914) 921-5149 | |
For further information please visit | |
www.gabelli.com |
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Gabelli U.S. Treasury Money Market Fund
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