- 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
GREENWICH, Conn., Nov. 07, 2023 (GLOBE NEWSWIRE) -- GAMCO Investors, Inc. ("GAMI") (OTCQX: GAMI) today reported its operating results for the quarter ended September 30, 2023.
Financial Highlights
| (In thousands, except percentages and per share data) | |||||||||||||||||||
| Three Months Ended | % Change From | ||||||||||||||||||
| September 30, 2023 | June 30, 2023 | September 30, 2022 | June 30, 2023 | September 30, 2022 | |||||||||||||||
| U.S. GAAP | |||||||||||||||||||
| 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 - $74 million since IPO
Since our initial public offering in February 1999, our firm's combined charitable donations total approximately $74 million, including $48 million through the shareholder designated charitable contribution ("SDCC") program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of GAMCO'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 | |||||||||||||
| September 30, 2023 | June 30, 2023 | $ Change | % Change | |||||||||||
| Investment advisory and incentive fees | ||||||||||||||
| Fund revenues | $ | 37,755 | $ | 37,480 | $ | 275 | 0.7 | % | ||||||
| Institutional and Private Wealth Management | 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 | |||||||||||||
| September 30, 2023 | June 30, 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 | |||||||||||||||
| September 30, 2023 | June 30, 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 | ||||||||
| September 30, 2023 | June 30, 2023 | |||||||
| U.S. statutory tax rate | 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 | |||||||||
| September 30, 2023 | June 30, 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 | % | ||||||
| Total Equities | 24,929 | 27,091 | -8.0 | % | ||||||
| 100% U.S. Treasury Money Market Fund | 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 $401 and $441 of AUM subadvised for Teton Advisors, Inc. at September 30, 2023 and June 30, 2023, respectively. | ||||||||||
| (b) Includes $230 and $230 of 100% U.S. Treasury Fund AUM at September 30, 2023 and June 30, 2023, respectively. | ||||||||||
| (c) Includes $613 and $579 of the SICAV AUM subadvised by Associated Capital Group, Inc. at September 30, 2023 and June 30, 2023, respectively. | ||||||||||
Assets under management on September 30, 2023 were $29.2 billion, a decrease of 5.0% from the $30.7 billion on June 30, 2023 reflecting general market trends. The quarter's decrease consisted of market depreciation of $1.3 billion, net outflows of $104 million and distributions of $132 million.
100% U.S. Treasury Money Market Fund
Assets under management in our 100% U.S. Treasury Money Market Fund on September 30, 2023 were $4.2 billion, an increase of 17.3% from the $3.6 billion on June 30, 2023 reflecting net inflows of $569 million and market appreciation of $52 million and up from $2.7 billion at September 30, 2022.
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 September 30, 2023 were $7.5 billion, a decrease of 8.8% from the $8.3 billion at June 30, 2023. The quarterly change was attributed to:
- 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 September 30, 2023 were $6.7 billion, a decrease of 6.5% from the $7.2 billion on June 30, 2023. The quarterly change was comprised of:
- 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 September 30, 2023 were $10.0 billion, a decrease of 9.1% from the $11.0 billion on June 30, 2023. The quarterly change was due to:
- Net outflows of $462 million; and
- Market depreciation of $539 million.
SICAV
Assets under management in SICAV on September 30, 2023 were $622 million, an increase from the $590 million on June 30, 2023. The quarterly change was comprised as follows:
- Net inflows of $35 million; and
- Market depreciation of $3 million.
Balance Sheet Information
As of September 30, 2023, cash, cash equivalents, and investments were $219.5 million, compared with $169.5 million as of December 31, 2022. As of September 30, 2023, stockholders' equity was $170.1 million compared to $139.1 million as of December 31, 2022.
Return to Shareholders
During the third quarter, GAMI paid a dividend of $0.04 per share for a total of $1.0 million and purchased 159,518 shares for $3.3 million at an average investment of $20.74 per share. From October 1, 2023, to November 7, 2023, the Company has purchased 84,657 shares at an average investment of $18.92 per share. On November 7, 2023, the Board of Directors increased the buyback authorization by 500,000 shares to 1,023,171 shares.
On November 7, 2023, GAMI's board of directors declared a regular quarterly dividend of $0.04 per share, which is payable on December 26, 2023, to class A and class B shareholders of record on December 12, 2023.
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, 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.
Gabelli Funds offers a wide range of solutions for clients across Value and Growth Equity, SRI, Convertibles, sector-focused strategies including Gold and Utilities, Merger Arbitrage, and U.S. Treasury Money Market Fixed Income.
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
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||
| (in thousands, except per share data) | |||||||||||||||||||
| Three Months Ended | % Change From | ||||||||||||||||||
| September 30, 2023 | June 30, 2023 | September 30, 2022 | June 30, 2023 | September 30, 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 | ||||||||||||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||
| (in thousands, except per share data) | |||||||||||||
| Nine Months Ended | |||||||||||||
| September 30, 2023 | September 30, 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 | |||||||||||
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||
| Condensed Consolidated Statements of Financial Condition (Unaudited) | ||||||||||
| (in thousands) | ||||||||||
| September 30, | December 31, | September 30, | ||||||||
| 2023 | 2022 | 2022 | ||||||||
| Assets | ||||||||||
| Cash, cash equivalents, and U.S. Treasury Bills | $ | 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 | |||||||
| 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, | |||||||||||||||
| 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 | % | |||||||||
| Total Equities | |||||||||||||||||||
| 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 | % | |||||||||
| 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, | |||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
| Fixed Income: | |||||||||||||||||||
| 100% U.S. Treasury fund | |||||||||||||||||||
| 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 | % | |||||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||
| Assets Under Management | |||||||||||||
| By investment vehicle | |||||||||||||
| (in millions) | |||||||||||||
| Nine Months Ended | |||||||||||||
| September 30, | September 30, | ||||||||||||
| 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 | % | |||||||
| Total Equities | |||||||||||||
| 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 | % | |||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||
| Assets Under Management | |||||||||||||
| By investment vehicle - continued | |||||||||||||
| (in millions) | |||||||||||||
| Nine Months Ended | |||||||||||||
| September 30, | September 30, | ||||||||||||
| 2023 | 2022 | % Change | |||||||||||
| Fixed Income: | |||||||||||||
| 100% U.S. Treasury fund | |||||||||||||
| 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: | Kieran Caterina |
| Chief Accounting Officer | |
| (914) 921-5149 | |
| For further information please visit | |
| www.gabelli.com |
