Mario Gabelli’s Gabelli Asset –



Sony (+14%, 2.9% of net assets as of December 31, 2021), was a major contributor to fourth quarter returns as the company continued to benefit from its focus on attractive end markets, including games, music and sensors. With a focus on inflation, some holdings with pricing power or the ability to act as inflation drivers have performed well. This included waste collection company Republic Services (+17%, 1.7%), distributor Genuine Parts (+16%, 1.6%) and distilled spirits makers Diageo (+14%, 1.9 %) and Brown Forman (+10%, 2.2%). ). Several industrial companies including Ametek (+19%, 3.2%) and ITT (+19%, 0.9%) advanced on the expectation of strong economic growth in 2022. Finally, Edgewell Personal Care (+26 %, 0.8%) finally saw demand for shavers stabilize and its operational improvements materialize.

Media stocks were tested for a variety of reasons in the fourth quarter. ViacomCBS (-20%, 0.6%), Grupo Televisa (-15%, 0.3%) and The Walt Disney Company (-8%, 1.0%) came under varying degrees of pressure due to increasing the level of investment required to compete in the new world of streaming. The American cable operator Comcast Corp. (-10%, 1.9%) fell after revealing that broadband subscriber growth would slow more than expected. Paypal Holdings (-28%, 0.3%) was caught in a downdraft for payments providers as new technologies threaten existing competitive moats. Finally, Swedish Match (-9%, 2.3%) suffered from headlines early in the quarter suggesting that its smokeless tobacco products would be subject to a new nicotine tax in the United States, a proposal removed by the continued.


Average annual returns until December 31, 2021 (a)

Total returns and average annual returns reflect changes in share prices, reinvestment of distributions and are net of fees.

Returns for periods less than one year are not annualized.

Gabelli Asset Fund


1 year

5 years

10 years

15 years old

Since the creation


Class I (GABIX) (b)







S&P 500 Index (c)



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Deere & Co. (2.6% of net assets as of December 31, 2021) (OF, financial) (DE – $342.89 – NYSE), headquartered in Moline, Illinois, is one of the world’s leading manufacturers of agricultural, construction and forestry machinery. Its dominant position in the North American agricultural equipment markets optimally positions the company for what is expected to be an increase in demand for agricultural equipment both in the short term given the dynamics of the cycle and at long term, as global population and income growth drive crops. demand in the decades to come. Its premium product portfolio and strong balance sheet position it well to thrive as its end markets recover. Additionally, DE is a leader in “Precision Ag” technologies that improve farmer productivity through cloud and AI-based enhancements to age-old farming techniques.

Newmont Corp. (1.3%) (NMS, financial) (NEM – $62.02 – NYSE) is the world’s largest gold mining company by volume, producing approximately 6.5 million ounces in 2021. Newmont aims to maintain production through internal expansion projects as some mines run out. This low-capital model will allow the company to pay increasingly large dividends if the price of gold remains at current levels or appreciates.

Swedish Match AB (2.3%) (OSTO: SWMA, financial) (SWMA – $7.97/SEK 72.02 – Stockholm Stock Exchange) manufactures tobacco products which include snus and snuff, chewing tobacco, cigars and lights. The company has benefited from the growth of the smokeless tobacco market in Scandinavia and the United States, as public smoking bans and health concerns drive consumers to seek alternative tobacco products to cigarettes. The company offers a fast-growing tobacco-free nicotine pouch product called ZYN which is growing rapidly in the United States as well as around the world. In September, the company announced its intention to spin off its cigar business via a spin-off to shareholders, with the transaction expected to be completed in the second half of 2022. Post-split, we believe Swedish Match could be an attractive takeover candidate. . for a global tobacco company that wants to increase its presence in the smoke-free segment.

When it comes to specific stocks in the Funds’ portfolios, a favorable earnings outlook does not necessarily translate into higher stock prices, but it does express a positive trend that we believe will develop over time. The individual securities mentioned are not necessarily representative of a Fund’s entire portfolio. For the holdings discussed, the percentage of the Fund’s net assets and their share prices expressed in equivalent US dollars are presented as of December 31, 2021.

a Other classes of shares are available, with different characteristics. For more information, please contact your financial advisor or call 800-GABELLI.

b Returns would have been lower had Gabelli Funds, LLC (the “Advisor”) not reimbursed certain Fund expenses for periods prior to December 31, 1988. NAVs for Class AAA shares are used to calculate performance for the period preceding the issue. of Class I Shares on January 11, 2008. The actual return of Class I Shares would have been higher due to lower expenses associated with this class of shares. The Fund charges a redemption fee of 2% on shares sold or switched within seven days of purchase.

c The S&P 500 Index is a market capitalization-weighted index of 500 large-cap stocks commonly used to represent the US stock market. Dividends are considered reinvested. You cannot invest directly in an index. The S&P 500 index since its inception is February 28, 1986.

In the current prospectuses dated April 30, 2021, the expense ratio for Class I shares is 1.11%. Class I Shares have no sales charge.

Returns represent past performance and are not guarantees of future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Actual performance may be lower or higher than performance data shown. Visit for performance information at the end of the most recent month.


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