- Quarter End AUM of $31.7 billion; Average AUM of $30.7 billion for the First Quarter
- Operating Margin of 27.0% for the First Quarter
- First Quarter Fully Diluted EPS of $0.64 versus $0.62 in the First Quarter of 2023
- Gabelli U.S. Treasury Fund surpassed $5.0 billion of AUM in April
- $221.1 million in Cash, Cash Equivalents, and Investments with no Debt
- Declared Regular Quarterly Dividend of $0.04 per share and a Special Dividend of $0.20 per share
GREENWICH, Conn., May 08, 2024 (GLOBE NEWSWIRE) -- GAMCO Investors, Inc. (“GAMI”) (OTCQX: GAMI) today reported its operating results for the quarter ended March 31, 2024.
Financial Highlights
| (In thousands, except percentages and per share data) | |||||||||||||||||||
| Three Months Ended | % Change From | ||||||||||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | December 31, 2023 | March 31, 2023 | |||||||||||||||
| U.S. GAAP | |||||||||||||||||||
| Revenue | $ | 56,945 | $ | 57,313 | $ | 59,906 | -0.6 | % | -4.9 | % | |||||||||
| Expenses | 41,597 | 41,517 | 43,508 | 0.2 | % | -4.4 | % | ||||||||||||
| Operating income | 15,348 | 15,796 | 16,398 | -2.8 | % | -6.4 | % | ||||||||||||
| Non-operating income | 4,372 | 6,199 | 1,924 | -29.5 | % | 127.2 | % | ||||||||||||
| Net income | 15,810 | 16,560 | 15,897 | -4.5 | % | -0.5 | % | ||||||||||||
| Diluted earnings per share | $ | 0.64 | $ | 0.66 | $ | 0.62 | -3.0 | % | 3.2 | % | |||||||||
| Operating margin | 27.0 | % | 27.6 | % | 27.4 | % | (60) bps | (40) bps | |||||||||||
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.
Revenue
| (In thousands) | Three Months Ended | |||||||||||||
| March 31, 2024 | March 31, 2023 | $ Change | % Change | |||||||||||
| Investment advisory and incentive fees | ||||||||||||||
| Fund revenues | $ | 37,270 | $ | 37,467 | $ | (197 | ) | -0.5 | % | |||||
| Institutional and Private Wealth Management | 15,196 | 15,337 | (141 | ) | -0.9 | % | ||||||||
| SICAV | 6 | 2,191 | (2,185 | ) | -99.7 | % | ||||||||
| Total | $ | 52,472 | $ | 54,995 | $ | (2,523 | ) | -4.6 | % | |||||
| Distribution fees and other income | 4,473 | 4,911 | (438 | ) | -8.9 | % | ||||||||
| Total revenue | $ | 56,945 | $ | 59,906 | $ | (2,961 | ) | -4.9 | % | |||||
The modest quarter over quarter decline in Funds and Institutional and Private Wealth Management revenues was primarily the result of lower average equity assets under management in those areas. The decline in the SICAV revenues relates to a change in the agreement for the merger arbitrage SICAV.
Expenses
| (In thousands) | Three Months Ended | |||||||||||||
| March 31, 2024 | March 31, 2023 | $ Change | % Change | |||||||||||
| Compensation | $ | 28,554 | $ | 29,186 | $ | (632 | ) | -2.2 | % | |||||
| Management fee | 2,191 | 2,036 | 155 | 7.6 | % | |||||||||
| Distribution costs | 5,950 | 6,473 | (523 | ) | -8.1 | % | ||||||||
| Other operating expenses | 4,902 | 5,813 | (911 | ) | -15.7 | % | ||||||||
| Total expenses | $ | 41,597 | $ | 43,508 | $ | (1,911 | ) | -4.4 | % | |||||
- The lower compensation expense in the first quarter of 2024 reflected lower variable compensation ($1.0 million), partially offset by higher fixed compensation ($0.2 million) and stock-based compensation ($0.2 million).
- The $0.2 million increase in management fee is attributable to the higher pre-management fee income of $1.6 million.
- Lower open-end fund equity assets led to year over year decline in distribution costs; and,
- Other operating expenses this quarter were lower versus the first quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV.
Operating Margin
The operating margin, which represents the ratio of operating income to revenue, was 27.0% for the first quarter of 2024 compared with 27.4% for the first quarter of 2023.
Non-Operating Income
| (In thousands) | Three Months Ended | ||||||||||||||
| March 31, 2024 | March 31, 2023 | $ Change | % Change | ||||||||||||
| Gain / (loss) from investments, net | $ | 1,632 | $ | 561 | $ | 1,071 | 190.9 | % | |||||||
| Interest and dividend income | 3,033 | 1,661 | 1,372 | 82.6 | % | ||||||||||
| Interest expense | (293 | ) | (298 | ) | 5 | -1.7 | % | ||||||||
| Total non-operating income | $ | 4,372 | $ | 1,924 | $ | 2,448 | 127.2 | % | |||||||
Non-operating income increased $2.4 million for the quarter, reflecting the higher mark-to-market values on our investment portfolio for the quarter and the higher earnings on our cash and cash equivalents balances.
Other Financial Highlights
The effective income tax rate for the first quarter of 2024 was 19.8% versus 13.2% for the first quarter of 2023. The increase in the effective income tax rate for the first quarter of 2024 was due to decreased reversals of prior year uncertain tax accruals.
Cash, cash equivalents, and investments were $221.1 million with no debt at March 31, 2024.
Assets Under Management
| (In millions) | As of | % Change | ||||||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | December 31, 2023 | March 31, 2023 | ||||||||||||
| Mutual Funds | $ | 8,235 | $ | 7,973 | $ | 8,288 | 3.3 | % | -0.6 | % | ||||||
| Closed-end Funds | 7,313 | 7,097 | 7,155 | 3.0 | % | 2.2 | % | |||||||||
| Institutional & PWM (a) (b) | 11,146 | 10,738 | 10,764 | 3.8 | % | 3.5 | % | |||||||||
| SICAV (c) | 9 | 631 | 824 | -98.6 | % | -98.9 | % | |||||||||
| Total Equities | 26,703 | 26,439 | 27,031 | 1.0 | % | -1.2 | % | |||||||||
| 100% U.S. Treasury Money Market Fund | 4,965 | 4,615 | 3,609 | 7.6 | % | 37.6 | % | |||||||||
| Institutional & PWM Fixed Income | 32 | 32 | 32 | 0.0 | % | 0.0 | % | |||||||||
| Total Treasuries & Fixed Income | 4,997 | 4,647 | 3,641 | 7.5 | % | 37.2 | % | |||||||||
| Total Assets Under Management | $ | 31,700 | $ | 31,086 | $ | 30,672 | 2.0 | % | 3.4 | % | ||||||
| (a) Includes $345, $370, and $460 of AUM subadvised for Teton Advisors, Inc. at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. | ||||||||||||||||
| (b) Includes $225, $227, and $224 of 100% U.S. Treasury Money Market Fund AUM at March 31, 2024, December 31, 2023,and March 31, 2023, respectively. | ||||||||||||||||
| (c) Includes $0, $620, and $812 of the SICAV AUM subadvised by Associated Capital Group, Inc. at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. | ||||||||||||||||
Assets under management on March 31, 2024 were $31.7 billion, an increase of 2.0% from the $31.1 billion on December 31, 2023 reflecting general market trends. The quarter’s increase consisted of net market appreciation of $1.7 billion, net outflows of $422 million, distributions, net of reinvestments, of $131 million, and the reclassification of $620 million of SICAV AUM to assets under administration (“AUA”).
Assets Under Administration
| (In millions) | As of | % Change | ||||||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | December 31, 2023 | March 31, 2023 | ||||||||||||
| Mutual Funds | $ | 952 | $ | 964 | $ | 1,059 | -1.2 | % | -10.1 | % | ||||||
| SICAV | 580 | - | - | n/m | n/m | |||||||||||
| Total Assets Under Administration | $ | 1,532 | $ | 964 | $ | 1,059 | 58.9 | % | 44.7 | % | ||||||
AUA on March 31, 2024 were $1.5 billion, as compared to $964 million at December 31, 2023. The first quarter’s increase includes the reclassification of $620 million of SICAV assets from AUM to AUA.
100% U.S. Treasury Money Market Fund
Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on March 31, 2024 were $5.0 billion, up from $4.6 billion at December 31, 2023.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b193a1c9-10c8-4262-82c9-a013bf327546
Mutual Funds
Assets under management in Mutual Funds on March 31, 2024 were $8.2 billion, an increase of 3.3% from the $8.0 billion at December 31, 2023. The quarterly change was attributed to:
- Net outflows of $256 million;
- Net market appreciation of $523 million; and
- Distributions, net of reinvestment, of $5 million.
Closed-end Funds
Assets under management in Closed-end Funds on March 31, 2024 were $7.3 billion, an increase of 3.0% from the $7.1 billion on December 31, 2023. The quarterly change was comprised of:
- Net outflows of $62 million, consisting of the redemption of $90 million of preferred shares and $13 million of common stock repurchased by the Funds less the issuance of $41 million preferred shares;
- Net market appreciation of $404 million; and
- Distributions, net of reinvestment, of $126 million.
Institutional & PWM
Assets under management in Institutional & PWM on March 31, 2024 were $11.1 billion, an increase of 3.8% from the $10.7 billion on December 31, 2023. The quarterly change was due to:
- Net market appreciation of $770 million, offset by
- Net outflows of $362 million.
SICAV
Assets under management in SICAV on March 31, 2024 were $9 million, compared with the $631 million on December 31, 2023. The quarterly change was comprised as follows:
- Reclassification of $620 million to AUA; and
- Net outflows of $32 million; and
- Net market depreciation of $10 million.
Balance Sheet Information
As of March 31, 2024, cash and cash equivalents were $171.2 million and investments were $49.9 million, compared with cash and cash equivalents of $166.0 million and investments of $38.9 million as of December 31, 2023. As of March 31, 2024, stockholders’ equity was $189.3 million compared to $181.0 million as of December 31, 2023.
Return to Shareholders
During the first quarter of 2024, GAMI paid a dividend of $0.04 per share for a total of $1.0 million and purchased 321,089 shares for $6.4 million at an average investment of $19.92 per share. From April 1, 2024 to May 8, 2024, the Company has purchased 154,749 shares at an average investment of $22.19 per share. On May 7, 2024, the Board of Directors increased the buyback authorization by 500,000 shares to 885,170 shares.
On May 7, 2024, GAMI’s board of directors declared a regular quarterly dividend of $0.04 per share and a special dividend of $0.20 per share, which are payable on June 25, 2024, to class A and class B shareholders of record on June 11, 2024.
Symposiums
- On February 22nd, we hosted our 34th Annual Pump, Valve & Water Systems Symposium. The symposium focused on themes crucial to this industry, including infrastructure spending, resource security, conservation, and M&A.
- On March 14th, we hosted our 15th Annual Specialty Chemicals Symposium. The symposium featured presentations from senior management of leading specialty chemicals companies, with a focus on pricing power, margin recovery, interest rates, destocking, global supply chain, global demand trends, and the M&A environment.
- 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.
- In addition to the above, we hosted the following during 2023:
- 47th Automotive Aftermarket Symposium (October 30)
- 29th Aerospace & Defense Symposium (September 7)
- 17th Berkshire Hathaway Annual Meeting Research Trip (May 5)
- 15th Entertainment & Broadcasting Conference (June 3)
- 5th Healthcare Symposiums (November 17)
- 1st PFAS Symposium (September 28)
- 47th Automotive Aftermarket Symposium (October 30)
About GAMCO Investors, Inc.
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: 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 | % Change From | ||||||||||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | December 31, 2023 | March 31, 2023 | |||||||||||||||
| Revenue: | |||||||||||||||||||
| Investment advisory and incentive fees | $ | 52,472 | $ | 53,001 | $ | 54,995 | |||||||||||||
| Distribution fees and other income | 4,473 | 4,312 | 4,911 | ||||||||||||||||
| Total revenue | 56,945 | 57,313 | 59,906 | -0.6 | % | -4.9 | % | ||||||||||||
| Expenses: | |||||||||||||||||||
| Compensation | 28,554 | 27,316 | 29,186 | ||||||||||||||||
| Management fee | 2,191 | 2,444 | 2,036 | ||||||||||||||||
| Distribution costs | 5,950 | 5,848 | 6,473 | ||||||||||||||||
| Other operating expenses | 4,902 | 5,909 | 5,813 | ||||||||||||||||
| Total expenses | 41,597 | 41,517 | 43,508 | 0.2 | % | -4.4 | % | ||||||||||||
| Operating income | 15,348 | 15,796 | 16,398 | -2.8 | % | -6.4 | % | ||||||||||||
| Non-operating income: | |||||||||||||||||||
| Gain from investments, net | 1,632 | 3,529 | 561 | ||||||||||||||||
| Interest and dividend income | 3,033 | 2,951 | 1,661 | ||||||||||||||||
| Interest expense | (293 | ) | (281 | ) | (298 | ) | |||||||||||||
| Total non-operating income | 4,372 | 6,199 | 1,924 | -29.5 | % | 127.2 | % | ||||||||||||
| Income before provision for income taxes | 19,720 | 21,995 | 18,322 | -10.3 | % | 7.6 | % | ||||||||||||
| Provision for income taxes | 3,910 | 5,435 | 2,425 | ||||||||||||||||
| Net income | $ | 15,810 | $ | 16,560 | $ | 15,897 | -4.5 | % | -0.5 | % | |||||||||
| Earnings per share attributable to common | |||||||||||||||||||
| stockholders: | |||||||||||||||||||
| Basic | $ | 0.64 | $ | 0.66 | $ | 0.62 | -3.0 | % | 3.2 | % | |||||||||
| Diluted | $ | 0.64 | $ | 0.66 | $ | 0.62 | -3.0 | % | 3.2 | % | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||||
| Basic | 24,808 | 25,038 | 25,529 | ||||||||||||||||
| Diluted | 24,808 | 25,038 | 25,529 | ||||||||||||||||
| Shares outstanding | 24,585 | 24,906 | 25,398 | ||||||||||||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Financial Condition (Unaudited) | ||||||||||
| (in thousands) | ||||||||||
| March 31, | December 31, | March 31, | ||||||||
| 2024 | 2023 | 2023 | ||||||||
| Assets | ||||||||||
| Cash and cash equivalents | $ | 65,467 | $ | 61,801 | $ | 133,277 | ||||
| Investments in securities | 129,424 | 119,023 | 21,327 | |||||||
| Seed capital investments | 26,184 | 24,044 | 21,911 | |||||||
| Receivable from brokers | 1,111 | 4,562 | 1,558 | |||||||
| Other receivables | 23,576 | 21,178 | 21,439 | |||||||
| Deferred tax asset and income tax receivable | 8,384 | 8,927 | 12,871 | |||||||
| Other assets | 9,614 | 9,896 | 13,759 | |||||||
| Total assets | $ | 263,760 | $ | 249,431 | $ | 226,142 | ||||
| Liabilities and stockholders' equity | ||||||||||
| Income taxes payable | $ | 3,464 | $ | 17 | $ | 6 | ||||
| Compensation payable | 25,100 | 23,399 | 32,902 | |||||||
| Accrued expenses and other liabilities | 45,910 | 45,036 | 43,750 | |||||||
| Total liabilities | 74,474 | 68,452 | 76,658 | |||||||
| Stockholders' equity | 189,286 | 180,979 | 149,484 | |||||||
| Total liabilities and stockholders' equity | $ | 263,760 | $ | 249,431 | $ | 226,142 | ||||
| Shares outstanding | 24,585 | 24,906 | 25,398 | |||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||
| By investment vehicle | ||||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Three Months Ended | % Changed From | |||||||||||||||||||
| March 31, | December 31, | March 31, | December 31, | March 31, | ||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
| Equities: | ||||||||||||||||||||
| Mutual Funds | ||||||||||||||||||||
| Beginning of period assets | $ | 7,973 | $ | 7,546 | $ | 8,140 | ||||||||||||||
| Inflows | 176 | 153 | 242 | |||||||||||||||||
| Outflows | (432 | ) | (451 | ) | (378 | ) | ||||||||||||||
| Net inflows (outflows) | (256 | ) | (298 | ) | (136 | ) | ||||||||||||||
| Market appreciation (depreciation) | 523 | 744 | 288 | |||||||||||||||||
| Fund distributions, net of reinvestment | (5 | ) | (19 | ) | (4 | ) | ||||||||||||||
| Total increase (decrease) | 262 | 427 | 148 | |||||||||||||||||
| Assets under management, end of period | $ | 8,235 | $ | 7,973 | $ | 8,288 | 3.3 | % | -0.6 | % | ||||||||||
| Percentage of total assets under management | 25.5 | % | 24.7 | % | 27.0 | % | ||||||||||||||
| Average assets under management | $ | 7,965 | $ | 7,593 | $ | 8,292 | 4.9 | % | -3.9 | % | ||||||||||
| Closed-end Funds | ||||||||||||||||||||
| Beginning of period assets | $ | 7,097 | $ | 6,727 | $ | 7,046 | ||||||||||||||
| Inflows | 41 | 16 | 24 | |||||||||||||||||
| Outflows | (103 | ) | (63 | ) | (15 | ) | ||||||||||||||
| Net inflows (outflows) | (62 | ) | (47 | ) | 9 | |||||||||||||||
| Market appreciation (depreciation) | 404 | 544 | 233 | |||||||||||||||||
| Fund distributions, net of reinvestment | (126 | ) | (127 | ) | (133 | ) | ||||||||||||||
| Total increase (decrease) | 216 | 370 | 109 | |||||||||||||||||
| Assets under management, end of period | 7,313 | $ | 7,097 | $ | 7,155 | 3.0 | % | 2.2 | % | |||||||||||
| Percentage of total assets under management | 22.7 | % | 22.0 | % | 23.3 | % | ||||||||||||||
| Average assets under management | $ | 7,060 | $ | 6,785 | $ | 7,211 | 4.1 | % | -2.1 | % | ||||||||||
| Institutional & PWM | ||||||||||||||||||||
| Beginning of period assets | $ | 10,738 | $ | 10,034 | $ | 10,714 | ||||||||||||||
| Inflows | 66 | 63 | 61 | |||||||||||||||||
| Outflows | (428 | ) | (371 | ) | (558 | ) | ||||||||||||||
| Net inflows (outflows) | (362 | ) | (308 | ) | (497 | ) | ||||||||||||||
| Market appreciation (depreciation) | 770 | 1,012 | 547 | |||||||||||||||||
| Total increase (decrease) | 408 | 704 | 50 | |||||||||||||||||
| Assets under management, end of period | $ | 11,146 | $ | 10,738 | $ | 10,764 | 3.8 | % | 3.5 | % | ||||||||||
| Percentage of total assets under management | 34.5 | % | 33.3 | % | 35.1 | % | ||||||||||||||
| Average assets under management | $ | 10,798 | $ | 10,005 | $ | 11,126 | 7.9 | % | -2.9 | % | ||||||||||
| SICAV | ||||||||||||||||||||
| Beginning of period assets | $ | 631 | $ | 622 | $ | 867 | ||||||||||||||
| Inflows | - | 82 | 124 | |||||||||||||||||
| Outflows | (2 | ) | (110 | ) | (176 | ) | ||||||||||||||
| Net inflows (outflows) | (2 | ) | (28 | ) | (52 | ) | ||||||||||||||
| Market appreciation (depreciation) | - | 37 | 9 | |||||||||||||||||
| Reclassification to AUA | (620 | ) | - | - | ||||||||||||||||
| Total increase (decrease) | (622 | ) | 9 | (43 | ) | |||||||||||||||
| Assets under management, end of period | $ | 9 | $ | 631 | $ | 824 | -98.6 | % | -98.9 | % | ||||||||||
| Percentage of total assets under management | 1.8 | % | 2.0 | % | 2.7 | % | ||||||||||||||
| Average assets under management | $ | 10 | $ | 628 | $ | 857 | -98.4 | % | -98.8 | % | ||||||||||
| Total Equities | ||||||||||||||||||||
| Beginning of period assets | $ | 26,439 | $ | 24,929 | $ | 26,767 | ||||||||||||||
| Inflows | 283 | 314 | 451 | |||||||||||||||||
| Outflows | (965 | ) | (995 | ) | (1,127 | ) | ||||||||||||||
| Net inflows (outflows) | (682 | ) | (681 | ) | (676 | ) | ||||||||||||||
| Market appreciation (depreciation) | 1,697 | 2,337 | 1,077 | |||||||||||||||||
| Fund distributions, net of reinvestment | (131 | ) | (146 | ) | (137 | ) | ||||||||||||||
| Reclassification to AUA | (620 | ) | - | - | ||||||||||||||||
| Total increase (decrease) | 264 | 1,510 | 264 | |||||||||||||||||
| Assets under management, end of period | $ | 26,703 | $ | 26,439 | $ | 27,031 | 1.0 | % | -1.2 | % | ||||||||||
| Percentage of total assets under management | 84.5 | % | 85.1 | % | 88.1 | % | ||||||||||||||
| Average assets under management | $ | 25,833 | $ | 25,011 | $ | 27,486 | 3.3 | % | -6.0 | % | ||||||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||||||||||||
| Assets Under Management | ||||||||||||||||||||
| By investment vehicle - continued | ||||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Three Months Ended | % Changed From | |||||||||||||||||||
| March 31, | December 31, | March 31, | December 31, | March 31, | ||||||||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | ||||||||||||||||
| Fixed Income: | ||||||||||||||||||||
| 100% U.S. Treasury fund | ||||||||||||||||||||
| Beginning of period assets | $ | 4,615 | $ | 4,217 | $ | 2,462 | ||||||||||||||
| Inflows | 1,605 | 1,424 | 1,845 | |||||||||||||||||
| Outflows | (1,315 | ) | (1,088 | ) | (732 | ) | ||||||||||||||
| Net inflows (outflows) | 290 | 336 | 1,113 | |||||||||||||||||
| Market appreciation (depreciation) | 60 | 62 | 34 | |||||||||||||||||
| Total increase (decrease) | 350 | 398 | 1,147 | |||||||||||||||||
| Assets under management, end of period | $ | 4,965 | $ | 4,615 | $ | 3,609 | 7.6 | % | 37.6 | % | ||||||||||
| Percentage of total assets under management | 15.4 | % | 14.3 | % | 11.8 | % | ||||||||||||||
| Average assets under management | $ | 4,832 | $ | 4,418 | $ | 3,245 | 9.4 | % | 48.9 | % | ||||||||||
| 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 | $ | 4,647 | $ | 4,249 | $ | 2,494 | ||||||||||||||
| Inflows | 1,605 | 1,424 | 1,845 | |||||||||||||||||
| Outflows | (1,315 | ) | (1,088 | ) | (732 | ) | ||||||||||||||
| Net inflows (outflows) | 290 | 336 | 1,113 | |||||||||||||||||
| Market appreciation (depreciation) | 60 | 62 | 34 | |||||||||||||||||
| Total increase (decrease) | 350 | 398 | 1,147 | |||||||||||||||||
| Assets under management, end of period | $ | 4,997 | $ | 4,647 | $ | 3,641 | 7.5 | % | 37.2 | % | ||||||||||
| Percentage of total assets under management | 15.5 | % | 14.9 | % | 11.9 | % | ||||||||||||||
| Average assets under management | $ | 4,864 | $ | 4,450 | $ | 3,277 | 9.3 | % | 48.4 | % | ||||||||||
| Total AUM | ||||||||||||||||||||
| Beginning of period assets | $ | 31,086 | $ | 29,178 | $ | 29,261 | ||||||||||||||
| Inflows | 1,888 | 1,738 | 2,296 | |||||||||||||||||
| Outflows | (2,280 | ) | (2,083 | ) | (1,859 | ) | ||||||||||||||
| Net inflows (outflows) | (392 | ) | (345 | ) | 437 | |||||||||||||||
| Market appreciation (depreciation) | 1,757 | 2,399 | 1,111 | |||||||||||||||||
| Fund distributions, net of reinvestment | (131 | ) | (146 | ) | (137 | ) | ||||||||||||||
| Reclassification to AUA | (620 | ) | - | - | ||||||||||||||||
| Total increase (decrease) | 614 | 1,908 | 1,411 | |||||||||||||||||
| Assets under management, end of period | $ | 31,700 | $ | 31,086 | $ | 30,672 | 2.0 | % | 3.4 | % | ||||||||||
| Average assets under management | $ | 30,697 | $ | 29,461 | $ | 30,763 | 4.2 | % | -0.2 | % | ||||||||||
| Contact: | Kieran Caterina | |
| Chief Accounting Officer (914) 921-5149 | ||
| For further information please visit | ||
| www.gabelli.com |
