- Quarter End AUM of $32.2 billion; Average AUM of $31.6 billion for the Third Quarter
- Third Quarter Fully Diluted EPS of $0.69 versus $0.52 in the Third Quarter of 2023
- $261.0 million in Cash, Cash Equivalents, Seed Capital, and Investments and no Debt
GREENWICH, Conn., Nov. 07, 2024 (GLOBE NEWSWIRE) -- GAMCO Investors, Inc. (“GAMI”) (OTCQX: GAMI) today reported its operating results for the quarter ended September 30, 2024.
Financial Highlights
| (In thousands, except percentages and per share data) | |||||||||||||
| Three Months Ended | |||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||
| U.S. GAAP | |||||||||||||
| Revenue | $ | 57,546 | $ | 57,644 | $ | 59,475 | |||||||
| Expenses | 35,917 | 41,994 | 41,954 | ||||||||||
| Operating income | 21,629 | 15,650 | 17,521 | ||||||||||
| Non-operating income | 1,027 | 2,535 | 303 | ||||||||||
| Net income | 16,834 | 15,017 | 13,137 | ||||||||||
| Diluted earnings per share | $ | 0.69 | $ | 0.61 | $ | 0.52 | |||||||
| Operating margin | 37.6 | % | 27.1 | % | 29.5 | % | |||||||
Giving Back to Society - $75 million since IPO
Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 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, GAMI’s board of directors authorized the creation of a private foundation to continue our charitable giving program with an initial contribution of $5 million.
Revenue
| (In thousands) | Three Months Ended | ||||||
| September 30, 2024 | September 30, 2023 | ||||||
| Investment advisory and incentive fees | |||||||
| Funds | $ | 38,847 | $ | 37,755 | |||
| Institutional and Private Wealth Management | 14,977 | 15,457 | |||||
| SICAV | 5 | 1,555 | |||||
| Total | $ | 53,829 | $ | 54,767 | |||
| Distribution fees and other income | 3,717 | 4,708 | |||||
| Total revenue | $ | 57,546 | $ | 59,475 | |||
The quarter over quarter increase in Funds revenues was primarily the result of higher average assets under management while the decrease in Institutional and Private Wealth Management revenues was primarily the result of lower beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.
Expenses
| (In thousands) | Three Months Ended | ||||||
| September 30, 2024 | September 30, 2023 | ||||||
| Compensation | $ | 22,566 | $ | 28,192 | |||
| Management fee | 2,517 | 1,980 | |||||
| Distribution costs | 6,033 | 5,992 | |||||
| Other operating expenses | 4,801 | 5,790 | |||||
| Total expenses | $ | 35,917 | $ | 41,954 | |||
- The lower compensation expense in the third quarter of 2024 reflected $5.5 million of waived compensation.
- The $0.5 million increase in management fee is attributable to the higher pre-management fee income of $5.4 million; and,
- Other operating expenses this quarter were lower versus the third quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.
Operating Margin
The operating margin, which represents the ratio of operating income to revenue, was 37.6% for the third quarter of 2024 compared with 29.5% for the third quarter of 2023.
Non-Operating Income
| (In thousands) | Three Months Ended | ||||||||
| September 30, 2024 | September 30, 2023 | ||||||||
| Gain / (loss) from investments, net | $ | 3,370 | $ | (1,952 | ) | ||||
| Interest and dividend income | 2,947 | 2,542 | |||||||
| Interest expense | (290 | ) | (287 | ) | |||||
| Charitable giving contribution | (5,000 | ) | - | ||||||
| Total non-operating income | $ | 1,027 | $ | 303 | |||||
Non-operating income increased $0.7 million for the quarter, reflecting the higher mark-to-market values on our investment portfolio for the quarter and an increase in interest and dividend income. This was offset by the $5 million contribution to the private foundation to support our ongoing charitable giving program.
Other Financial Highlights
The effective income tax rate for the third quarter of 2024 was 25.7% versus 26.3% for the third quarter of 2023.
Cash, cash equivalents, and investments were $261.0 million with no debt at September 30, 2024.
Assets Under Management
| (In millions) | As of | |||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||
| Mutual Funds | $ | 8,440 | $ | 8,035 | $ | 7,546 | ||||
| Closed-end Funds | 7,459 | 7,052 | 6,727 | |||||||
| Institutional & PWM (a) (b) | 10,984 | 10,436 | 10,034 | |||||||
| SICAV (c) | 9 | 9 | 622 | |||||||
| Total Equities | 26,892 | 25,532 | 24,929 | |||||||
| 100% U.S. Treasury Money Market Fund | 5,268 | 5,159 | 4,217 | |||||||
| Institutional & PWM Fixed Income | 32 | 32 | 32 | |||||||
| Total Treasuries & Fixed Income | 5,300 | 5,191 | 4,249 | |||||||
| Total Assets Under Management | $ | 32,192 | $ | 30,723 | $ | 29,178 | ||||
| (a) Includes $278, $297, and $401 of AUM subadvised for Teton Advisors, Inc. at September 30, 2024, June 30, 2024, | ||||||||||
| and September 30, 2023, respectively. | ||||||||||
| (b) Includes $212, $223, and $230 of 100% U.S. Treasury Money Market Fund AUM at September 30, 2024, June 30, | ||||||||||
| 2024, and September 30, 2023, respectively. | ||||||||||
| (c) Includes $0, $0, and $613 of the SICAV AUM subadvised by Associated Capital Group, Inc. at September 30, 2024, | ||||||||||
| June 30, 2024, and September 30, 2023, respectively. | ||||||||||
Assets under management on September 30, 2024 were $32.2 billion, an increase of 4.9% from the $30.7 billion on June 30, 2024. The quarter’s increase consisted of net market appreciation of $2.1 billion, net outflows of $493 million, and distributions, net of reinvestments, of $133 million.
100% U.S. Treasury Money Market Fund
Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on September 30, 2024 were $5.3 billion, up from $5.2 billion at June 30, 2024.
Mutual Funds
Assets under management in Mutual Funds on September 30, 2024 were $8.4 billion, an increase of 5.0% from the $8.0 billion at June 30, 2024. The quarterly change was attributed to:
- Distributions, net of reinvestment, of $7 million;
- Net outflows of $240 million; and
- Net market appreciation of $652 million.
Closed-end Funds
Assets under management in Closed-end Funds on September 30, 2024 were $7.5 billion, an increase of 5.6% from the $7.1 billion on June 30, 2024. The quarterly change was comprised of:
- Distributions, net of reinvestment, of $126 million;
- Net outflows of $7 million, including the redemption of $2 million of preferred shares, the repurchase of $30 million of common stock less the issuance of $25 million common shares; and
- Net market appreciation of $540 million.
Subsequent to quarter end, the Gabelli Utility Trust completed a $58 million rights offering. In October, The Gabelli Dividend & Income Trust raised $150 million in Series M 4.8% puttable/callable preferred shares with a December 26, 2026 mandatory redemption.
Institutional & PWM
Assets under management in Institutional & PWM on September 30, 2024 were $11.0 billion, an increase of 5.8% from the $10.4 billion on June 30, 2024. The quarterly change was due to:
- Net market appreciation of $834 million; and
- Net outflows of $286 million.
SICAV
Assets under management in the SICAV on September 30, 2024 were $9 million, the same as June 30, 2024.
Assets Under Administration
| (In millions) | As of | ||||||
| September 30, 2024 | June 30, 2024 | ||||||
| Teton-Keeley Funds (a) | $ | 883 | $ | 880 | |||
| SICAV | 431 | 468 | |||||
| Total Assets Under Administration | $ | 1,314 | $ | 1,348 | |||
| (a) Includes $278 and $297 of AUM subadvised for Teton Advisors, Inc. | |||||||
| at September 30, 2024 and June 30, 2024, respectively. | |||||||
AUA on September 30, 2024 were $1.3 billion, consistent with the $1.3 billion at June 30, 2024.
Balance Sheet Information
As of September 30, 2024, cash, cash equivalents, and U.S Treasury Bills were $201.4 million and investments were $59.6 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of September 30, 2024, stockholders’ equity was $155.3 million (net of the $50.5 million $2.00 per share dividend) compared to $181.0 million as of December 31, 2023.
Return to Shareholders
During the third quarter of 2024, GAMI paid a dividend of $0.04 per share for a total of $1.0 million and repurchased 100,476 shares for $2.5 million at an average investment of $25.30 per share. On September 19, 2024, GAMI’s board of directors declared a special dividend of $2.00 per share payable on November 4, 2024 to class A and class B shareholders of record on September 30, 2024. During the third quarter, GAMI accrued special dividends of $50.5 million to be paid on November 4, 2024. From October 1, 2024 to November 7, 2024, the Company has repurchased 23,686 shares at an average investment of $24.24 per share.
On November 7, 2024, GAMI’s board of directors declared a regular quarterly dividend of $0.04 per share, which is payable on December 31, 2024 to class A and class B shareholders of record on December 17, 2024.
Symposiums/Conferences
- On September 5th, we hosted the 30th Annual Aerospace & Defense Symposium. The conference featured presentations by senior management of eighteen companies operating in the aerospace eco-system.
- On September 26th, GAMCO hosted its 2nd annual PFAS Symposium featuring presentations from regulators, the industry association and management from private and public companies.
- We are hosting the following symposiums and conferences in the fourth quarter of 2024:
- 48th Automotive Aftermarket Symposium (November 4th and 5th)
- 6th Healthcare Symposium (November 15th)
- 2nd Section 852(b)(6) Conference (December 5th)
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 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. As we stated in the past, GAMI continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.
GAMI offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed 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 | |||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||
| Revenue: | |||||||||||||
| Investment advisory and incentive fees | $ | 53,829 | $ | 53,290 | $ | 54,767 | |||||||
| Distribution fees and other income | 3,717 | 4,354 | 4,708 | ||||||||||
| Total revenue | 57,546 | 57,644 | 59,475 | ||||||||||
| Expenses: | |||||||||||||
| Compensation | 22,566 | 29,006 | 28,192 | ||||||||||
| Management fee | 2,517 | 2,021 | 1,980 | ||||||||||
| Distribution costs | 6,033 | 5,709 | 5,992 | ||||||||||
| Other operating expenses | 4,801 | 5,258 | 5,790 | ||||||||||
| Total expenses | 35,917 | 41,994 | 41,954 | ||||||||||
| Operating income | 21,629 | 15,650 | 17,521 | ||||||||||
| Non-operating income: | |||||||||||||
| Gain / (loss) from investments, net | 3,370 | 99 | (1,952 | ) | |||||||||
| Interest and dividend income | 2,947 | 2,726 | 2,542 | ||||||||||
| Interest expense | (290 | ) | (290 | ) | (287 | ) | |||||||
| Charitable giving contribution | (5,000 | ) | - | - | |||||||||
| Total non-operating income | 1,027 | 2,535 | 303 | ||||||||||
| Income before provision for income taxes | 22,656 | 18,185 | 17,824 | ||||||||||
| Provision for income taxes | 5,822 | 3,168 | 4,687 | ||||||||||
| Net income | $ | 16,834 | $ | 15,017 | $ | 13,137 | |||||||
| Earnings per share attributable to common | |||||||||||||
| stockholders: | |||||||||||||
| Basic | $ | 0.69 | $ | 0.61 | $ | 0.52 | |||||||
| Diluted | $ | 0.69 | $ | 0.61 | $ | 0.52 | |||||||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 24,263 | 24,442 | 25,224 | ||||||||||
| Diluted | 24,263 | 24,442 | 25,224 | ||||||||||
| Shares outstanding | 24,235 | 24,335 | 25,153 | ||||||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Financial Condition (Unaudited) | ||||||||||
| (in thousands) | ||||||||||
| September 30, | December 31, | September 30, | ||||||||
| 2024 | 2023 | 2023 | ||||||||
| Assets | ||||||||||
| Cash and cash equivalents | $ | 102,296 | $ | 61,801 | $ | 125,181 | ||||
| Short-term investments in U.S. Treasury Bills | 99,096 | 99,025 | 49,158 | |||||||
| Investments in securities | 31,179 | 19,998 | 22,775 | |||||||
| Seed capital investments | 28,424 | 24,044 | 22,361 | |||||||
| Receivable from brokers | 2,901 | 4,562 | 1,958 | |||||||
| Other receivables | 19,541 | 21,178 | 20,218 | |||||||
| Deferred tax asset and income tax receivable | 7,801 | 8,927 | 10,844 | |||||||
| Other assets | 10,132 | 9,896 | 9,735 | |||||||
| Total assets | $ | 301,370 | $ | 249,431 | $ | 262,230 | ||||
| Liabilities and stockholders' equity | ||||||||||
| Income taxes payable | $ | 40 | $ | 17 | $ | - | ||||
| Compensation payable | 44,522 | 23,399 | 47,548 | |||||||
| Dividends payable | 48,469 | - | - | |||||||
| Accrued expenses and other liabilities | 53,023 | 45,036 | 44,560 | |||||||
| Total liabilities | 146,054 | 68,452 | 92,108 | |||||||
| Stockholders' equity | 155,316 | 180,979 | 170,122 | |||||||
| Total liabilities and stockholders' equity | $ | 301,370 | $ | 249,431 | $ | 262,230 | ||||
| Shares outstanding | 24,235 | 24,906 | 25,153 | |||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||||||||
| Assets Under Management | |||||||||||||||||||
| By investment vehicle | |||||||||||||||||||
| (in millions) | |||||||||||||||||||
| Three Months Ended | % Changed From | ||||||||||||||||||
| September 30, | June 30, | September 30, | June 30, | September 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Equities: | |||||||||||||||||||
| Mutual Funds | |||||||||||||||||||
| Beginning of period assets | $ | 8,035 | $ | 8,235 | $ | 8,271 | |||||||||||||
| Inflows | 175 | 189 | 146 | ||||||||||||||||
| Outflows | (415 | ) | (359 | ) | (363 | ) | |||||||||||||
| Net inflows (outflows) | (240 | ) | (170 | ) | (217 | ) | |||||||||||||
| Market appreciation (depreciation) | 652 | (26 | ) | (503 | ) | ||||||||||||||
| Fund distributions, net of reinvestment | (7 | ) | (4 | ) | (5 | ) | |||||||||||||
| Total increase (decrease) | 405 | (200 | ) | (725 | ) | ||||||||||||||
| Assets under management, end of period | $ | 8,440 | $ | 8,035 | $ | 7,546 | 5.0 | % | 11.8 | % | |||||||||
| Percentage of total assets under management | 26.2 | % | 26.2 | % | 25.9 | % | |||||||||||||
| Average assets under management | $ | 8,177 | $ | 8,095 | $ | 8,100 | 1.0 | % | 1.0 | % | |||||||||
| Closed-end Funds | |||||||||||||||||||
| Beginning of period assets | $ | 7,052 | $ | 7,313 | $ | 7,195 | |||||||||||||
| Inflows | 25 | 3 | - | ||||||||||||||||
| Outflows | (32 | ) | (48 | ) | (29 | ) | |||||||||||||
| Net inflows (outflows) | (7 | ) | (45 | ) | (29 | ) | |||||||||||||
| Market appreciation (depreciation) | 540 | (89 | ) | (312 | ) | ||||||||||||||
| Fund distributions, net of reinvestment | (126 | ) | (127 | ) | (127 | ) | |||||||||||||
| Total increase (decrease) | 407 | (261 | ) | (468 | ) | ||||||||||||||
| Assets under management, end of period | 7,459 | $ | 7,052 | $ | 6,727 | 5.8 | % | 10.9 | % | ||||||||||
| Percentage of total assets under management | 23.2 | % | 23.0 | % | 23.1 | % | |||||||||||||
| Average assets under management | $ | 7,260 | $ | 7,166 | $ | 7,124 | 1.3 | % | 1.9 | % | |||||||||
| Institutional & PWM | |||||||||||||||||||
| Beginning of period assets | $ | 10,436 | $ | 11,146 | $ | 11,035 | |||||||||||||
| Inflows | 87 | 125 | 51 | ||||||||||||||||
| Outflows | (373 | ) | (493 | ) | (513 | ) | |||||||||||||
| Net inflows (outflows) | (286 | ) | (368 | ) | (462 | ) | |||||||||||||
| Market appreciation (depreciation) | 834 | (342 | ) | (539 | ) | ||||||||||||||
| Total increase (decrease) | 548 | (710 | ) | (1,001 | ) | ||||||||||||||
| Assets under management, end of period | $ | 10,984 | $ | 10,436 | $ | 10,034 | 5.3 | % | 9.5 | % | |||||||||
| Percentage of total assets under management | 34.1 | % | 34.0 | % | 34.4 | % | |||||||||||||
| Average assets under management | $ | 10,905 | $ | 10,775 | $ | 10,928 | 1.2 | % | -0.2 | % | |||||||||
| SICAV | |||||||||||||||||||
| Beginning of period assets | $ | 9 | $ | 9 | $ | 590 | |||||||||||||
| Inflows | - | - | 103 | ||||||||||||||||
| Outflows | - | - | (68 | ) | |||||||||||||||
| Net inflows (outflows) | - | - | 35 | ||||||||||||||||
| Market appreciation (depreciation) | - | - | (3 | ) | |||||||||||||||
| Reclassification to AUA | - | - | - | ||||||||||||||||
| Total increase (decrease) | - | - | 32 | ||||||||||||||||
| Assets under management, end of period | $ | 9 | $ | 9 | $ | 622 | 0.0 | % | -98.6 | % | |||||||||
| Percentage of total assets under management | 0.0 | % | 0.0 | % | 2.1 | % | |||||||||||||
| Average assets under management | $ | 9 | $ | 9 | $ | 610 | 0.0 | % | -98.5 | % | |||||||||
| Total Equities | |||||||||||||||||||
| Beginning of period assets | $ | 25,532 | $ | 26,703 | $ | 27,091 | |||||||||||||
| Inflows | 287 | 317 | 300 | ||||||||||||||||
| Outflows | (820 | ) | (900 | ) | (973 | ) | |||||||||||||
| Net inflows (outflows) | (533 | ) | (583 | ) | (673 | ) | |||||||||||||
| Market appreciation (depreciation) | 2,026 | (457 | ) | (1,357 | ) | ||||||||||||||
| Fund distributions, net of reinvestment | (133 | ) | (131 | ) | (132 | ) | |||||||||||||
| Reclassification to AUA | - | - | - | ||||||||||||||||
| Total increase (decrease) | 1,360 | (1,171 | ) | (2,162 | ) | ||||||||||||||
| Assets under management, end of period | $ | 26,892 | $ | 25,532 | $ | 24,929 | 5.3 | % | 7.9 | % | |||||||||
| Percentage of total assets under management | 83.5 | % | 83.1 | % | 85.4 | % | |||||||||||||
| Average assets under management | $ | 26,351 | $ | 26,045 | $ | 26,762 | 1.2 | % | -1.5 | % | |||||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||||||||
| Assets Under Management | |||||||||||||||||||
| By investment vehicle - continued | |||||||||||||||||||
| (in millions) | |||||||||||||||||||
| Three Months Ended | % Changed From | ||||||||||||||||||
| September 30, | June 30, | September 30, | June 30, | September 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Fixed Income: | |||||||||||||||||||
| 100% U.S. Treasury fund | |||||||||||||||||||
| Beginning of period assets | $ | 5,159 | $ | 4,965 | $ | 3,596 | |||||||||||||
| Inflows | 1,245 | 1,290 | 1,297 | ||||||||||||||||
| Outflows | (1,205 | ) | (1,162 | ) | (728 | ) | |||||||||||||
| Net inflows (outflows) | 40 | 128 | 569 | ||||||||||||||||
| Market appreciation (depreciation) | 69 | 66 | 52 | ||||||||||||||||
| Total increase (decrease) | 109 | 194 | 621 | ||||||||||||||||
| Assets under management, end of period | $ | 5,268 | $ | 5,159 | $ | 4,217 | 2.1 | % | 24.9 | % | |||||||||
| Percentage of total assets under management | 16.4 | % | 16.0 | % | 14.5 | % | |||||||||||||
| Average assets under management | $ | 5,246 | $ | 5,064 | $ | 3,995 | 3.6 | % | 31.3 | % | |||||||||
| 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 | $ | 5,191 | $ | 4,997 | $ | 3,628 | |||||||||||||
| Inflows | 1,245 | 1,290 | 1,297 | ||||||||||||||||
| Outflows | (1,205 | ) | (1,162 | ) | (728 | ) | |||||||||||||
| Net inflows (outflows) | 40 | 128 | 569 | ||||||||||||||||
| Market appreciation (depreciation) | 69 | 66 | 52 | ||||||||||||||||
| Total increase (decrease) | 109 | 194 | 621 | ||||||||||||||||
| Assets under management, end of period | $ | 5,300 | $ | 5,191 | $ | 4,249 | 2.1 | % | 24.7 | % | |||||||||
| Percentage of total assets under management | 16.5 | % | 16.9 | % | 14.6 | % | |||||||||||||
| Average assets under management | $ | 5,278 | $ | 5,096 | $ | 4,027 | 3.6 | % | 31.1 | % | |||||||||
| Total AUM | |||||||||||||||||||
| Beginning of period assets | $ | 30,723 | $ | 31,700 | $ | 30,719 | |||||||||||||
| Inflows | 1,532 | 1,607 | 1,597 | ||||||||||||||||
| Outflows | (2,025 | ) | (2,062 | ) | (1,701 | ) | |||||||||||||
| Net inflows (outflows) | (493 | ) | (455 | ) | (104 | ) | |||||||||||||
| Market appreciation (depreciation) | 2,095 | (391 | ) | (1,305 | ) | ||||||||||||||
| Fund distributions, net of reinvestment | (133 | ) | (131 | ) | (132 | ) | |||||||||||||
| Reclassification to AUA | - | - | - | ||||||||||||||||
| Total increase (decrease) | 1,469 | (977 | ) | (1,541 | ) | ||||||||||||||
| Assets under management, end of period | $ | 32,192 | $ | 30,723 | $ | 29,178 | 4.8 | % | 10.3 | % | |||||||||
| Average assets under management | $ | 31,629 | $ | 31,141 | $ | 30,789 | 1.6 | % | 2.7 | % | |||||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||||
| Assets Under Management | ||||||||||||
| By investment vehicle | ||||||||||||
| (in millions) | ||||||||||||
| Nine Months Ended | ||||||||||||
| September 30, | September 30, | |||||||||||
| 2024 | 2023 | % Change | ||||||||||
| Equities: | ||||||||||||
| Mutual Funds | ||||||||||||
| Beginning of period assets | $ | 7,973 | $ | 8,140 | ||||||||
| Inflows | 540 | 556 | ||||||||||
| Outflows | (1,206 | ) | (1,164 | ) | ||||||||
| Net inflows (outflows) | (666 | ) | (608 | ) | ||||||||
| Market appreciation (depreciation) | 1,149 | 27 | ||||||||||
| Fund distributions, net of reinvestment | (16 | ) | (13 | ) | ||||||||
| Total increase (decrease) | 467 | (594 | ) | |||||||||
| Assets under management, end of period | $ | 8,440 | $ | 7,546 | 11.8 | % | ||||||
| Percentage of total assets under management | 26.2 | % | 25.9 | % | ||||||||
| Average assets under management | $ | 8,079 | $ | 8,185 | -1.3 | % | ||||||
| Closed-end Funds | ||||||||||||
| Beginning of period assets | $ | 7,097 | $ | 7,046 | ||||||||
| Inflows | 69 | 25 | ||||||||||
| Outflows | (183 | ) | (68 | ) | ||||||||
| Net inflows (outflows) | (114 | ) | (43 | ) | ||||||||
| Market appreciation (depreciation) | 855 | 112 | ||||||||||
| Fund distributions, net of reinvestment | (379 | ) | (388 | ) | ||||||||
| Total increase (decrease) | 362 | (319 | ) | |||||||||
| Assets under management, end of period | $ | 7,459 | $ | 6,727 | 10.9 | % | ||||||
| Percentage of total assets under management | 23.2 | % | 23.1 | % | ||||||||
| Average assets under management | $ | 7,162 | $ | 7,150 | 0.2 | % | ||||||
| Institutional & PWM | ||||||||||||
| Beginning of period assets | $ | 10,738 | $ | 10,714 | ||||||||
| Inflows | 278 | 178 | ||||||||||
| Outflows | (1,294 | ) | (1,368 | ) | ||||||||
| Net inflows (outflows) | (1,016 | ) | (1,190 | ) | ||||||||
| Market appreciation (depreciation) | 1,262 | 510 | ||||||||||
| Total increase (decrease) | 246 | (680 | ) | |||||||||
| Assets under management, end of period | $ | 10,984 | $ | 10,034 | 9.5 | % | ||||||
| Percentage of total assets under management | 34.1 | % | 34.4 | % | ||||||||
| Average assets under management | $ | 10,827 | $ | 10,893 | -0.6 | % | ||||||
| SICAV | ||||||||||||
| Beginning of period assets | $ | 631 | $ | 867 | ||||||||
| Inflows | - | 275 | ||||||||||
| Outflows | (2 | ) | (513 | ) | ||||||||
| Net inflows (outflows) | (2 | ) | (238 | ) | ||||||||
| Market appreciation (depreciation) | - | (7 | ) | |||||||||
| Reclassification to AUA | (620 | ) | - | |||||||||
| Total increase (decrease) | (622 | ) | (245 | ) | ||||||||
| Assets under management, end of period | $ | 9 | $ | 622 | -98.6 | % | ||||||
| Percentage of total assets under management | 0.0 | % | 2.1 | % | ||||||||
| Average assets under management | $ | 9 | $ | 716 | -98.7 | % | ||||||
| Total Equities | ||||||||||||
| Beginning of period assets | $ | 26,439 | $ | 26,767 | ||||||||
| Inflows | 887 | 1,034 | ||||||||||
| Outflows | (2,685 | ) | (3,113 | ) | ||||||||
| Net inflows (outflows) | (1,798 | ) | (2,079 | ) | ||||||||
| Market appreciation (depreciation) | 3,266 | 642 | ||||||||||
| Fund distributions, net of reinvestment | (395 | ) | (401 | ) | ||||||||
| Reclassification to AUA | (620 | ) | - | |||||||||
| Total increase (decrease) | 453 | (1,838 | ) | |||||||||
| Assets under management, end of period | $ | 26,892 | $ | 24,929 | 7.9 | % | ||||||
| Percentage of total assets under management | 83.5 | % | 85.4 | % | ||||||||
| Average assets under management | $ | 26,077 | $ | 26,944 | -3.2 | % | ||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||||
| Assets Under Management | ||||||||||||
| By investment vehicle - continued | ||||||||||||
| (in millions) | ||||||||||||
| Nine Months Ended | ||||||||||||
| September 30, | September 30, | |||||||||||
| 2024 | 2023 | % Change | ||||||||||
| Fixed Income: | ||||||||||||
| 100% U.S. Treasury fund | ||||||||||||
| Beginning of period assets | $ | 4,615 | $ | 2,462 | ||||||||
| Inflows | 4,140 | 4,073 | ||||||||||
| Outflows | (3,682 | ) | (2,448 | ) | ||||||||
| Net inflows (outflows) | 458 | 1,625 | ||||||||||
| Market appreciation (depreciation) | 195 | 130 | ||||||||||
| Total increase (decrease) | 653 | 1,755 | ||||||||||
| Assets under management, end of period | $ | 5,268 | $ | 4,217 | 24.9 | % | ||||||
| Percentage of total assets under management | 16.4 | % | 14.5 | % | ||||||||
| Average assets under management | $ | 5,048 | $ | 3,622 | 39.4 | % | ||||||
| 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 | 4,140 | 4,073 | ||||||||||
| Outflows | (3,682 | ) | (2,448 | ) | ||||||||
| Net inflows (outflows) | 458 | 1,625 | ||||||||||
| Market appreciation (depreciation) | 195 | 130 | ||||||||||
| Total increase (decrease) | 653 | 1,755 | ||||||||||
| Assets under management, end of period | $ | 5,300 | $ | 4,249 | 24.7 | % | ||||||
| Percentage of total assets under management | 16.5 | % | 14.6 | % | ||||||||
| Average assets under management | $ | 5,080 | $ | 3,654 | 39.0 | % | ||||||
| Total AUM | ||||||||||||
| Beginning of period assets | $ | 31,086 | $ | 29,261 | ||||||||
| Inflows | 5,027 | 5,107 | ||||||||||
| Outflows | (6,367 | ) | (5,561 | ) | ||||||||
| Net inflows (outflows) | (1,340 | ) | (454 | ) | ||||||||
| Market appreciation (depreciation) | 3,461 | 772 | ||||||||||
| Fund distributions, net of reinvestment | (395 | ) | (401 | ) | ||||||||
| Reclassification to AUA | (620 | ) | - | |||||||||
| Total increase (decrease) | 1,106 | (83 | ) | |||||||||
| Assets under management, end of period | $ | 32,192 | $ | 29,178 | 10.3 | % | ||||||
| Average assets under management | $ | 31,157 | $ | 30,598 | 1.8 | % | ||||||
| Contact: | Kieran Caterina |
| Chief Accounting Officer (914) 921-5149 | |
| For further information please visit | |
| www.gabelli.com |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b6709b3-88dc-4f94-aacf-68146f696eb6
