Mario Gabelli, manager of Gabelli Asset Fund, released the 2nd quarterly letter. The fund rose 4.3% compared to the S&P 500’s 5.2% increase in the same period. In the letter, Gabelli discussed the rising number of mergers and acquisitions, and indicated that this M&A activity could be affected by interest rates and inflation. Due to global conflict, the price of oil has risen, which could threaten economic recovery, since high oil prices tend to hinder consumer spending and growth for companies.
Gabelli Asset Fund started 65 new positions. The following are the 4 largest:
1. Protective Life: 1, 185, 383 shares purchased at an average price of $57 to comprise 0.43% of the portfolio.
2. Micros Systems: 349, 000 shares purchased at an average price of $55 to comprise 0.12% of the portfolio.
3. Susser: 271, 209 shares purchased at an average price of $74 to comprise .011% of the portfolio
4. Measurement Specialties: 208, 700 shares purchased at an average price of $67 to comprise .094% of the portfolio.