Mario Gabelli’s Gabelli Funds 13F Portfolio – Q2 2022 Update

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 8/12/2022. Please visit our Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio series to get an idea of their investment philosophy and the fund’s moves during Q1 2022.

Assets Under Management (AUM) is at around $35B. Their 13F portfolio is diversified with over 1400 positions in recent reports. Around 42 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 ~14% from $15.22B to $13.02B. The number of holdings decreased from 1435 to 1393. The top five holdings are at ~7% of the 13F assets: NextEra Energy, Microsoft, Alphabet, National Fuel Gas, and Mastercard.

Stake Increases:

NextEra Energy (NEE): NEE is currently the largest 13F position at 1.65% 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. Last five quarters had seen a ~10% trimming at prices between ~$71 and ~$93. This quarter saw a ~6% stake increase. The stock currently trades at $82.82.

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 few quarters have seen minor increases. The stock is now at ~$176 and the stake is at 0.74% of the portfolio.

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 six quarters have seen a similar increase at prices between ~$104 and ~$185 through consistent buying in most quarters. The stock is now at ~$121 and the stake is at 0.61% of the portfolio.

AES Corporation (AES): AES is a 0.60% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $25.27.

Honeywell International (HON): HON is a 0.59% 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 the last two quarters saw a marginal increase. The stock currently trades at ~$178.

Paramount Global (PARA): The 0.47% 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 ~$20.

Aerojet Rocketdyne (AJRD), CVS Health (CVS), Herc Holdings (HRI), and Mondelez International (MDLZ): These small (less than ~0.55% of the portfolio each) stakes were increased during the quarter.

Stake Decreases:

Microsoft Corp (MSFT): MSFT is a top-three 1.42% 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 six quarters have seen a ~4% trimming. The stock currently trades at ~$249.

Alphabet Inc. (GOOG): GOOG is currently the largest 13F position at 1.32% of the portfolio. It was established in 2016 at prices between ~$34 and ~$40. There has been minor selling since. Recent activity follows. Last six quarters have seen a ~8% trimming at prices between ~$87 and ~$150. The stock currently trades at ~$102.

National Fuel Gas (NFG): The 1.23% 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 ten quarters have seen a ~25% reduction at prices between ~$38 and ~$74. The stock currently trades at $65.82.

Mastercard Inc. (MA): The 1.20% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. Last six quarters have also seen a ~13% reduction at prices between ~$311 and ~$393. The stock currently trades at ~$301. They are harvesting gains.

Newmont Corporation (NEM): NEM is a 1.11% 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 two years have seen only minor adjustments. The stock currently trades at $44.53.

Apple Inc. (AAPL): AAPL is a long term 1.11% 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.

AMETEK Inc. (AME): AME is a ~1% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~40% selling at prices between ~$44 and ~$148. The stock is now at ~$121. They are harvesting gains.

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 36% selling at prices between ~$42 and ~$126. The stock currently trades at $68.24. They are harvesting gains.

Deere & Company (DE): DE is a 0.96% of the portfolio long-term stake. The last decade has seen consistent selling every year. The period since 2010 saw the original position reduced by ~75% at prices between ~$75 and ~$445. The stock is currently at ~$360. They are harvesting gains.

American Express (AXP): AXP is a 0.93% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. Last six quarters have also seen a ~16% reduction at prices between ~$114 and ~$198. The stock is now at ~$146.

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 have seen another ~22% reduction at prices between ~$55 and ~$125. The stock is now at ~$90.40.

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 six quarters have seen only minor adjustments. The stock is now at $94.92.

Liberty Global (LBTYK): LBTYK is a 0.60% 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 $17.84.

S&P Global Inc. (SPGI): SPGI is a 0.53% 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 last quarter at prices between ~$373 and ~$461. The stock currently trades at ~$324. This quarter saw marginal trimming.

Chevron Corp (CVX): CVX is a 0.45% long-term position that had seen consistent selling over the last several years. There was a ~17% selling this quarter at prices between ~$142 and ~$181. The stock currently trades at ~$158.

Bank of New York Mellon (BK), Brown-Forman (BF.B), CNH Industrial (CNHI), Evergy Inc. (EVRG), Eversource Energy (ES), Genuine Parts Company (GPC), Lennar Corporation (LEN.B), Mueller Industries (MLI), Meta Platforms (META), NVIDIA Corp (NVDA), PNM Resources (PNM), Republic Services (RSG), Southwest Gas Holdings (SWX), Verizon Communications Inc. (VZ), and WEC Energy Group (WEC): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

American Electric Power (AEP) and Berkshire Hathaway (BRK.B): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.

The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q2 2022: