- Quarter End AUM of
$31.1 billion ; Average AUM of$29.5 billion for the Fourth Quarter - Operating Margin of 27.6% for the Fourth Quarter and 28.1% for full year 2023
- Fourth Quarter Fully Diluted EPS of
$0.66 versus$0.52 for Third Quarter 2023 and$0.83 in the Fourth Quarter of 2022 - 2023 Fully Diluted EPS of
$2.38 versus$2.51 for 2022 - Ended 2023 with
$166.0 million in cash and cash equivalents
Financial Highlights
(In thousands, except percentages and per share data) | |||||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Revenue | $ | 57,313 | $ | 59,475 | $ | 61,602 | -3.6 | % | -7.0 | % | |||||||||
Expenses | 41,517 | 41,954 | 44,595 | -1.0 | % | -6.9 | % | ||||||||||||
Operating income | 15,796 | 17,521 | 17,007 | -9.8 | % | -7.1 | % | ||||||||||||
Non-operating income (loss) | 6,199 | 303 | 3,553 | 1945.9 | % | 74.5 | % | ||||||||||||
Net income | 16,560 | 13,137 | 21,396 | 26.1 | % | -22.6 | % | ||||||||||||
Diluted earnings per share | $ | 0.66 | $ | 0.52 | $ | 0.83 | 26.9 | % | -20.5 | % | |||||||||
Operating margin | 27.6 | % | 29.5 | % | 27.6 | % | (190) bps | 0 bps | |||||||||||
Giving Back to Society -
Since our initial public offering in
Revenue
(In thousands) | Three Months Ended | |||||||||||||
2023 | 2022 | $ Change | % Change | |||||||||||
Investment advisory and incentive fees | ||||||||||||||
Fund revenues | $ | 37,748 | $ | 37,369 | $ | 379 | 1.0 | % | ||||||
Institutional and | 13,712 | 13,826 | (114 | ) | -0.8 | % | ||||||||
SICAV | 1,541 | 5,436 | (3,895 | ) | -71.7 | % | ||||||||
Total | $ | 53,001 | $ | 56,631 | $ | (3,630 | ) | -6.4 | % | |||||
Distribution fees and other income | 4,312 | 4,971 | (659 | ) | -13.3 | % | ||||||||
Total revenue | $ | 57,313 | $ | 61,602 | $ | (4,289 | ) | -7.0 | % | |||||
Incentive fees earned during the fourth quarter of 2023 was
Expenses
(In thousands) | Three Months Ended | |||||||||||||
2023 | 2022 | $ Change | % Change | |||||||||||
Compensation | $ | 27,316 | $ | 28,420 | $ | (1,104 | ) | -3.9 | % | |||||
Management fee | 2,444 | 2,283 | 161 | 7.1 | % | |||||||||
Distribution costs | 5,848 | 5,460 | 388 | 7.1 | % | |||||||||
Other operating expenses | 5,909 | 8,432 | (2,523 | ) | -29.9 | % | ||||||||
Total expenses | $ | 41,517 | $ | 44,595 | $ | (3,078 | ) | -6.9 | % | |||||
- The lower compensation expense in the fourth quarter reflected lower variable compensation (
$0.8 million ), lower fixed compensation ($0.2 million ), and lower stock-based compensation ($0.1 million ). - Higher pre-management fee income of
$1.6 million resulted in a$0.2 million increase in management fee. - Distribution costs were higher based on slightly higher expense reimbursements in open-end funds; and,
- The lower other operating expenses this quarter versus the fourth quarter of 2022 are due to the absence of subadvisory performance fees for the merger arbitrage SICAV in 2023.
Operating Margin
The operating margin, which represents the ratio of operating income to revenue, was 27.6% for the fourth quarter of 2023 compared with 29.5% for the third quarter of 2023.
Non-Operating Income
(In thousands) | Three Months Ended | |||||||||||||||
2023 | 2022 | $ Change | % Change | |||||||||||||
Gain / (loss) from investments, net | $ | 3,529 | $ | (3,354 | ) | $ | 6,883 | -205.2 | % | |||||||
Interest and dividend income | 2,951 | 7,198 | (4,247 | ) | -59.0 | % | ||||||||||
Interest expense | (281 | ) | (291 | ) | 10 | -3.4 | % | |||||||||
Total non-operating income / (loss) | $ | 6,199 | $ | 3,553 | $ | 2,646 | 74.5 | % | ||||||||
Non-operating income increased 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 fourth quarter of 2023 was 24.7% versus a credit for the fourth quarter of 2023.
Cash and cash equivalents were
Assets Under Management
(In millions) | As of | % Change | ||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Mutual Funds | $ | 7,973 | $ | 7,546 | $ | 8,140 | 5.7 | % | -2.1 | % | ||||||
Closed-end Funds | 7,097 | 6,727 | 7,046 | 5.5 | % | 0.7 | % | |||||||||
Institutional & PWM (a) (b) | 10,738 | 10,034 | 10,714 | 7.0 | % | 0.2 | % | |||||||||
SICAV (c) | 631 | 622 | 867 | 1.4 | % | -27.2 | % | |||||||||
26,439 | 24,929 | 26,767 | 6.1 | % | -1.2 | % | ||||||||||
100% | 4,615 | 4,217 | 2,462 | 9.4 | % | 87.4 | % | |||||||||
Institutional & PWM Fixed Income | 32 | 32 | 32 | 0.0 | % | 0.0 | % | |||||||||
Total Treasuries & Fixed Income | 4,647 | 4,249 | 2,494 | 9.4 | % | 86.3 | % | |||||||||
Total Assets Under Management | $ | 31,086 | $ | 29,178 | $ | 29,261 | 6.5 | % | 6.2 | % | ||||||
(a) Includes | ||||||||||||||||
(b) Includes | ||||||||||||||||
(c) Includes $620, $613, and | ||||||||||||||||
Assets under management on
100%
Assets under management in our 100%
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37834f82-c694-4d5d-b235-a8d50ee6f543
The
We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to pick the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our superior returns.
ETFs
The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in
Mutual Funds
Assets under management in Mutual Funds on
- Distributions, net of reinvestment, of
$19 million ; - Market appreciation of
$744 million ; and - Net outflows of
$298 million .
Closed-end Funds
Assets under management in Closed-end Funds on
- Distributions, net of reinvestment, of
$127 million ; - Market appreciation of
$544 million ; and - Net outflows consisting of the issuance of
$16 million preferred, the redemption of$43 million of preferred shares, and$20 million of common stock repurchased by the Funds.
Institutional & PWM
Assets under management in Institutional & PWM on
- Net outflows of
$308 million ; and - Market appreciation of
$1.0 billion .
SICAV
Assets under management in SICAV on
- Net outflows of
$28 million ; and - Market appreciation of
$37 million .
Balance Sheet Information
As of
Return to Shareholders
During the fourth quarter, GAMI paid a dividend of
On
Symposiums
- On
October 30 th and 31st, we hosted our 47th Annual Automotive Symposium inLas Vegas . The symposium featured presentations from senior management of leading automotive and electric vehicle suppliers. - On
November 17 th, we hosted our Fifth Annual Healthcare Symposium in conjunction withColumbia Business School .
About
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:
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
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.
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
The Gabelli active ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs will not. This may create additional risks for your investment. For example:
- You may have to pay more money to trade the ETFs shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
- The price you pay to buy ETF shares on an exchange may not match the value of the ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because it provides less information to traders.
- These additional risks may be even greater in bad or uncertain market conditions. The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about these ETFs secret, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve these ETFs’ performance. If other traders are able to copy or predict these ETFs’ investment strategies, however, this may hurt these ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.
- Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.
GABF
Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.
GGRW
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.
Investment in the fund is neither guaranteed nor insured by the
Small Cap
Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.
Growth
As of
Returns represent past performance and do not guarantee 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. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||
Three Months Ended | % Change From | ||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Revenue: | |||||||||||||||||||
Investment advisory and incentive fees | $ | 53,001 | $ | 54,767 | $ | 56,631 | |||||||||||||
Distribution fees and other income | 4,312 | 4,708 | 4,971 | ||||||||||||||||
Total revenue | 57,313 | 59,475 | 61,602 | -3.6 | % | -7.0 | % | ||||||||||||
Expenses: | |||||||||||||||||||
Compensation | 27,316 | 28,192 | 28,420 | ||||||||||||||||
Management fee | 2,444 | 1,980 | 2,283 | ||||||||||||||||
Distribution costs | 5,848 | 5,992 | 5,460 | ||||||||||||||||
Other operating expenses | 5,909 | 5,790 | 8,432 | ||||||||||||||||
Total expenses | 41,517 | 41,954 | 44,595 | -1.0 | % | -6.9 | % | ||||||||||||
Operating income | 15,796 | 17,521 | 17,007 | -9.8 | % | -7.1 | % | ||||||||||||
Non-operating income (loss): | |||||||||||||||||||
Gain / (loss) from investments, net | 3,529 | (1,952 | ) | (3,354 | ) | ||||||||||||||
Interest and dividend income | 2,951 | 2,542 | 7,198 | ||||||||||||||||
Interest expense | (281 | ) | (287 | ) | (291 | ) | |||||||||||||
Total non-operating income / (loss) | 6,199 | 303 | 3,553 | 1945.9 | % | 74.5 | % | ||||||||||||
Income before provision for income taxes | 21,995 | 17,824 | 20,560 | 23.4 | % | 7.0 | % | ||||||||||||
Provision for income taxes | 5,435 | 4,687 | (836 | ) | |||||||||||||||
Net income | $ | 16,560 | $ | 13,137 | $ | 21,396 | 26.1 | % | -22.6 | % | |||||||||
Earnings per share attributable to common | |||||||||||||||||||
stockholders: | |||||||||||||||||||
Basic | $ | 0.66 | $ | 0.52 | $ | 0.83 | 26.9 | % | -20.5 | % | |||||||||
Diluted | $ | 0.66 | $ | 0.52 | $ | 0.83 | 26.9 | % | -20.5 | % | |||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 25,038 | 25,224 | 25,648 | ||||||||||||||||
Diluted | 25,038 | 25,224 | 25,665 | ||||||||||||||||
Shares outstanding | 24,906 | 25,153 | 25,680 | ||||||||||||||||
Condensed Consolidated Statements of Financial Condition (Unaudited) | |||||||
(in thousands) | |||||||
2023 | 2022 | ||||||
Assets | |||||||
Cash, cash equivalents, and | $ | 61,801 | $ | 66,381 | |||
Investments in securities | 119,023 | 84,742 | |||||
Seed capital investments | 24,044 | 18,347 | |||||
Receivable from brokers | 4,562 | 1,932 | |||||
Other receivables | 21,178 | 25,839 | |||||
Deferred tax asset and income tax receivable | 8,927 | 16,701 | |||||
Other assets | 9,896 | 9,879 | |||||
Total assets | $ | 249,431 | $ | 223,821 | |||
Liabilities and stockholders' equity | |||||||
Payable for investments purchased | $ | - | $ | 2,980 | |||
Income taxes payable | 17 | - | |||||
Compensation payable | 23,399 | 33,919 | |||||
Accrued expenses and other liabilities | 45,036 | 47,868 | |||||
Total liabilities | 68,452 | 84,767 | |||||
Stockholders' equity | 180,979 | 139,054 | |||||
Total liabilities and stockholders' equity | $ | 249,431 | $ | 223,821 | |||
Shares outstanding | 24,906 | 25,680 | |||||
Assets Under Management | ||||||||||||||||||||
By investment vehicle | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended | % Changed From | |||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Equities: | ||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||
Beginning of period assets | $ | 7,546 | $ | 8,271 | $ | 7,689 | ||||||||||||||
Inflows | 153 | 146 | 145 | |||||||||||||||||
Outflows | (451 | ) | (363 | ) | (436 | ) | ||||||||||||||
Net inflows (outflows) | (298 | ) | (217 | ) | (291 | ) | ||||||||||||||
Market appreciation (depreciation) | 744 | (503 | ) | 770 | ||||||||||||||||
Fund distributions, net of reinvestment | (19 | ) | (5 | ) | (28 | ) | ||||||||||||||
Total increase (decrease) | 427 | (725 | ) | 451 | ||||||||||||||||
Assets under management, end of period | $ | 7,973 | $ | 7,546 | $ | 8,140 | 5.7 | % | -2.1 | % | ||||||||||
Percentage of total assets under management | 25.6 | % | 25.9 | % | 27.8 | % | ||||||||||||||
Average assets under management | $ | 7,593 | $ | 8,100 | $ | 8,159 | -6.3 | % | -6.9 | % | ||||||||||
Closed-end Funds | ||||||||||||||||||||
Beginning of period assets | $ | 6,727 | $ | 7,195 | $ | 6,580 | ||||||||||||||
Inflows | 16 | - | 15 | |||||||||||||||||
Outflows | (63 | ) | (29 | ) | (101 | ) | ||||||||||||||
Net inflows (outflows) | (47 | ) | (29 | ) | (86 | ) | ||||||||||||||
Market appreciation (depreciation) | 544 | (312 | ) | 676 | ||||||||||||||||
Fund distributions, net of reinvestment | (127 | ) | (127 | ) | (124 | ) | ||||||||||||||
Total increase (decrease) | 370 | (468 | ) | 466 | ||||||||||||||||
Assets under management, end of period | 7,097 | $ | 6,727 | $ | 7,046 | 5.5 | % | 0.7 | % | |||||||||||
Percentage of total assets under management | 22.8 | % | 23.1 | % | 24.1 | % | ||||||||||||||
Average assets under management | $ | 6,785 | $ | 7,124 | $ | 7,031 | -4.8 | % | -3.5 | % | ||||||||||
Institutional & PWM | ||||||||||||||||||||
Beginning of period assets | $ | 10,034 | $ | 11,035 | $ | 9,832 | ||||||||||||||
Inflows | 63 | 51 | 106 | |||||||||||||||||
Outflows | (371 | ) | (513 | ) | (458 | ) | ||||||||||||||
Net inflows (outflows) | (308 | ) | (462 | ) | (352 | ) | ||||||||||||||
Market appreciation (depreciation) | 1,012 | (539 | ) | 1,234 | ||||||||||||||||
Total increase (decrease) | 704 | (1,001 | ) | 882 | ||||||||||||||||
Assets under management, end of period | $ | 10,738 | $ | 10,034 | $ | 10,714 | 7.0 | % | 0.2 | % | ||||||||||
Percentage of total assets under management | 34.5 | % | 34.4 | % | 36.6 | % | ||||||||||||||
Average assets under management | $ | 10,005 | $ | 10,928 | $ | 10,884 | -8.4 | % | -8.1 | % | ||||||||||
SICAV | ||||||||||||||||||||
Beginning of period assets | $ | 622 | $ | 590 | $ | 785 | ||||||||||||||
Inflows | 82 | 103 | 94 | |||||||||||||||||
Outflows | (110 | ) | (68 | ) | (90 | ) | ||||||||||||||
Net inflows (outflows) | (28 | ) | 35 | 4 | ||||||||||||||||
Market appreciation (depreciation) | 37 | (3 | ) | 78 | ||||||||||||||||
Total increase (decrease) | 9 | 32 | 82 | |||||||||||||||||
Assets under management, end of period | $ | 631 | $ | 622 | $ | 867 | 1.4 | % | -27.2 | % | ||||||||||
Percentage of total assets under management | 2.0 | % | 2.1 | % | 3.0 | % | ||||||||||||||
Average assets under management | $ | 628 | $ | 610 | $ | 835 | 3.0 | % | -24.8 | % | ||||||||||
Beginning of period assets | $ | 24,929 | $ | 27,091 | $ | 24,886 | ||||||||||||||
Inflows | 314 | 300 | 360 | |||||||||||||||||
Outflows | (995 | ) | (973 | ) | (1,085 | ) | ||||||||||||||
Net inflows (outflows) | (681 | ) | (673 | ) | (725 | ) | ||||||||||||||
Market appreciation (depreciation) | 2,337 | (1,357 | ) | 2,758 | ||||||||||||||||
Fund distributions, net of reinvestment | (146 | ) | (132 | ) | (152 | ) | ||||||||||||||
Total increase (decrease) | 1,510 | (2,162 | ) | 1,881 | ||||||||||||||||
Assets under management, end of period | $ | 26,439 | $ | 24,929 | $ | 26,767 | 6.1 | % | -1.2 | % | ||||||||||
Percentage of total assets under management | 85.1 | % | 85.4 | % | 91.5 | % | ||||||||||||||
Average assets under management | $ | 25,011 | $ | 26,762 | $ | 26,909 | -6.5 | % | -7.1 | % | ||||||||||
Assets Under Management | ||||||||||||||||||||
By investment vehicle - continued | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Three Months Ended | % Changed From | |||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Fixed Income: | ||||||||||||||||||||
100% | ||||||||||||||||||||
Beginning of period assets | $ | 4,217 | $ | 3,596 | $ | 2,715 | ||||||||||||||
Inflows | 1,424 | 1,297 | 1,340 | |||||||||||||||||
Outflows | (1,088 | ) | (728 | ) | (1,615 | ) | ||||||||||||||
Net inflows (outflows) | 336 | 569 | (275 | ) | ||||||||||||||||
Market appreciation (depreciation) | 62 | 52 | 22 | |||||||||||||||||
Total increase (decrease) | 398 | 621 | (253 | ) | ||||||||||||||||
Assets under management, end of period | $ | 4,615 | $ | 4,217 | $ | 2,462 | 9.4 | % | 87.4 | % | ||||||||||
Percentage of total assets under management | 14.8 | % | 14.5 | % | 8.4 | % | ||||||||||||||
Average assets under management | $ | 4,418 | $ | 3,995 | $ | 2,554 | 10.6 | % | 73.0 | % | ||||||||||
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 | $ | 4,249 | $ | 3,628 | $ | 2,747 | ||||||||||||||
Inflows | 1,424 | 1,297 | 1,340 | |||||||||||||||||
Outflows | (1,088 | ) | (728 | ) | (1,615 | ) | ||||||||||||||
Net inflows (outflows) | 336 | 569 | (275 | ) | ||||||||||||||||
Market appreciation (depreciation) | 62 | 52 | 22 | |||||||||||||||||
Total increase (decrease) | 398 | 621 | (253 | ) | ||||||||||||||||
Assets under management, end of period | $ | 4,647 | $ | 4,249 | $ | 2,494 | 9.4 | % | 86.3 | % | ||||||||||
Percentage of total assets under management | 14.9 | % | 14.6 | % | 8.5 | % | ||||||||||||||
Average assets under management | $ | 4,450 | $ | 4,027 | $ | 2,586 | 10.5 | % | 72.1 | % | ||||||||||
Total AUM | ||||||||||||||||||||
Beginning of period assets | $ | 29,178 | $ | 30,719 | $ | 27,633 | ||||||||||||||
Inflows | 1,738 | 1,597 | 1,700 | |||||||||||||||||
Outflows | (2,083 | ) | (1,701 | ) | (2,700 | ) | ||||||||||||||
Net inflows (outflows) | (345 | ) | (104 | ) | (1,000 | ) | ||||||||||||||
Market appreciation (depreciation) | 2,399 | (1,305 | ) | 2,780 | ||||||||||||||||
Fund distributions, net of reinvestment | (146 | ) | (132 | ) | (152 | ) | ||||||||||||||
Total increase (decrease) | 1,908 | (1,541 | ) | 1,628 | ||||||||||||||||
Assets under management, end of period | $ | 31,086 | $ | 29,178 | $ | 29,261 | 6.5 | % | 6.2 | % | ||||||||||
Average assets under management | $ | 29,461 | $ | 30,789 | $ | 29,495 | -4.3 | % | -0.1 | % | ||||||||||
Assets Under Management | |||||||||||||
By investment vehicle | |||||||||||||
(in millions) | |||||||||||||
Twelve Months Ended | |||||||||||||
2023 | 2022 | % Change | |||||||||||
Equities: | |||||||||||||
Mutual Funds | |||||||||||||
Beginning of period assets | $ | 8,140 | $ | 10,249 | |||||||||
Inflows | 711 | 890 | |||||||||||
Outflows | (1,616 | ) | (1,593 | ) | |||||||||
Net inflows (outflows) | (905 | ) | (703 | ) | |||||||||
Market appreciation (depreciation) | 772 | (1,365 | ) | ||||||||||
Fund distributions, net of reinvestment | (34 | ) | (41 | ) | |||||||||
Total increase (decrease) | (167 | ) | (2,109 | ) | |||||||||
Assets under management, end of period | $ | 7,973 | $ | 8,140 | -2.1 | % | |||||||
Percentage of total assets under management | 25.6 | % | 27.8 | % | |||||||||
Average assets under management | $ | 8,035 | $ | 8,875 | -9.5 | % | |||||||
Closed-end Funds | |||||||||||||
Beginning of period assets | $ | 7,046 | $ | 8,656 | |||||||||
Inflows | 41 | 135 | |||||||||||
Outflows | (130 | ) | (401 | ) | |||||||||
Net inflows (outflows) | (89 | ) | (266 | ) | |||||||||
Market appreciation (depreciation) | 654 | (828 | ) | ||||||||||
Fund distributions, net of reinvestment | (514 | ) | (516 | ) | |||||||||
Total increase (decrease) | 51 | (1,610 | ) | ||||||||||
Assets under management, end of period | $ | 7,097 | $ | 7,046 | 0.7 | % | |||||||
Percentage of total assets under management | 22.8 | % | 24.1 | % | |||||||||
Average assets under management | $ | 7,058 | $ | 7,508 | -6.0 | % | |||||||
Institutional & PWM | |||||||||||||
Beginning of period assets | $ | 10,714 | $ | 13,497 | |||||||||
Inflows | 241 | 358 | |||||||||||
Outflows | (1,739 | ) | (1,568 | ) | |||||||||
Net inflows (outflows) | (1,498 | ) | (1,210 | ) | |||||||||
Market appreciation (depreciation) | 1,522 | (1,573 | ) | ||||||||||
Total increase (decrease) | 24 | (2,783 | ) | ||||||||||
Assets under management, end of period | $ | 10,738 | $ | 10,714 | 0.2 | % | |||||||
Percentage of total assets under management | 34.5 | % | 36.6 | % | |||||||||
Average assets under management | $ | 10,670 | $ | 11,566 | -7.7 | % | |||||||
SICAV | |||||||||||||
Beginning of period assets | $ | 867 | $ | 831 | |||||||||
Inflows | 357 | 537 | |||||||||||
Outflows | (624 | ) | (459 | ) | |||||||||
Net inflows (outflows) | (267 | ) | 78 | ||||||||||
Market appreciation (depreciation) | 31 | (42 | ) | ||||||||||
Total increase (decrease) | (236 | ) | 36 | ||||||||||
Assets under management, end of period | $ | 631 | $ | 867 | -27.2 | % | |||||||
Percentage of total assets under management | 2.0 | % | 3.0 | % | |||||||||
Average assets under management | $ | 694 | $ | 862 | -19.5 | % | |||||||
Beginning of period assets | $ | 26,767 | $ | 33,233 | |||||||||
Inflows | 1,350 | 1,920 | |||||||||||
Outflows | (4,109 | ) | (4,021 | ) | |||||||||
Net inflows (outflows) | (2,759 | ) | (2,101 | ) | |||||||||
Market appreciation (depreciation) | 2,979 | (3,808 | ) | ||||||||||
Fund distributions, net of reinvestment | (548 | ) | (557 | ) | |||||||||
Total increase (decrease) | (328 | ) | (6,466 | ) | |||||||||
Assets under management, end of period | $ | 26,439 | $ | 26,767 | -1.2 | % | |||||||
Percentage of total assets under management | 85.1 | % | 91.5 | % | |||||||||
Average assets under management | $ | 26,457 | $ | 28,811 | -8.2 | % | |||||||
Assets Under Management | |||||||||||||
By investment vehicle - continued | |||||||||||||
(in millions) | |||||||||||||
Twelve Months Ended | |||||||||||||
2023 | 2022 | % Change | |||||||||||
Fixed Income: | |||||||||||||
100% | |||||||||||||
Beginning of period assets | $ | 2,462 | $ | 1,717 | |||||||||
Inflows | 5,498 | 5,048 | |||||||||||
Outflows | (3,536 | ) | (4,339 | ) | |||||||||
Net inflows (outflows) | 1,962 | 709 | |||||||||||
Market appreciation (depreciation) | 191 | 36 | |||||||||||
Total increase (decrease) | 2,153 | 745 | |||||||||||
Assets under management, end of period | $ | 4,615 | $ | 2,462 | 87.4 | % | |||||||
Percentage of total assets under management | 14.8 | % | 8.4 | % | |||||||||
Average assets under management | $ | 3,823 | $ | 2,154 | 77.5 | % | |||||||
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 | 5,498 | 5,048 | |||||||||||
Outflows | (3,536 | ) | (4,339 | ) | |||||||||
Net inflows (outflows) | 1,962 | 709 | |||||||||||
Market appreciation (depreciation) | 191 | 36 | |||||||||||
Total increase (decrease) | 2,153 | 745 | |||||||||||
Assets under management, end of period | $ | 4,647 | $ | 2,494 | 86.3 | % | |||||||
Percentage of total assets under management | 14.9 | % | 8.5 | % | |||||||||
Average assets under management | $ | 3,855 | $ | 2,186 | 76.3 | % | |||||||
Total AUM | |||||||||||||
Beginning of period assets | $ | 29,261 | $ | 34,982 | |||||||||
Inflows | 6,848 | 6,968 | |||||||||||
Outflows | (7,645 | ) | (8,360 | ) | |||||||||
Net inflows (outflows) | (797 | ) | (1,392 | ) | |||||||||
Market appreciation (depreciation) | 3,170 | (3,772 | ) | ||||||||||
Fund distributions, net of reinvestment | (548 | ) | (557 | ) | |||||||||
Total increase (decrease) | 1,825 | (5,721 | ) | ||||||||||
Assets under management, end of period | $ | 31,086 | $ | 29,261 | 6.2 | % | |||||||
Average assets under management | $ | 30,312 | $ | 30,997 | -2.2 | % | |||||||
Contact: | |
Chief Accounting Officer (914) 921-5149 | |
For further information please visit | |
www.gabelli.com |
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