"Tracking Mario Gabelli’s Gabelli Funds 13F Portfolio – Q4 2022 Update"
"Gabelli Funds’ 13F portfolio value increased from $12.13B to $12.87B this quarter.They decreased Apple, Alphabet, PNM Resources, Brown Forman, UnitedHealth, and Verizon during the quarter.The top five positions are NextEra Energy, Deere & Company, MasterCard, Genuine Parts Company, and Ametek, and they add up to ~7% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Gabelli Funds’ 13F portfolio on a quarterly basis. It is based on their regulatory  filed on 2/13/2023. Please visit our  series to get an idea of their investment philosophy and our  for the fund’s moves during Q3 2022.Assets Under Management (AUM) is at around $33B. Their 13F portfolio is diversified with over 1200 positions in recent reports. Around 47 of them are sized above 0.5% of the portfolio and they are the focus of this article.This quarter, Gabelli Funds’ 13F portfolio value increased ~6% from $12.13B to $12.87B. The top five holdings are at ~7% of the 13F assets: NextEra Energy, Deere & Company, MasterCard, Genuine Parts Company, and Ametek.Stake Disposals:Allegheny Corp: The small 0.57% stake in Allegheny was eliminated as the $848.02 per share cash deal by Berkshire Hathaway closed last October.Stake Increases:American Express (AXP): AXP is a ~1% long-term position that saw a ~50% selling over the 2017-2020 timeframe at prices between ~$74 and ~$135. Last seven quarters saw a ~17% reduction at prices between ~$114 and ~$198. The stock is now at ~$176. There was a marginal increase this quarter.Southwest Gas Holdings (SWX) and Textron Inc. (TXT): These two very small (less than ~0.60% of the portfolio each) stakes saw minor increases this quarter.Stake Decreases:NextEra Energy (NEE): NEE is currently the largest 13F position at 1.94% of the portfolio. It was built during 2011 in the low-teens price range. The next several years saw minor trimming at higher prices. 2020 saw an about turn: ~250% stake increase at prices between ~$48 and ~$77. The five quarters through Q1 2022 had seen a ~10% trimming at prices between ~$71 and ~$93. Last two quarters saw a ~16% stake increase at prices between ~$69 and ~$91. The stock currently trades at ~$70. There was a minor 2% trimming this quarter.Deere & Company (DE): DE is a 1.34% of the portfolio long-term stake. The last decade has seen consistent selling every year. The period since 2010 saw the original position reduced by ~80% at prices between ~$75 and ~$445. The stock is currently at ~$420. They are harvesting gains.MasterCard Inc. (MA): The 1.31% of the portfolio MA stake saw a ~47% selling during the 2016-20 timeframe at prices between ~$85 and ~$365. Last two years have also seen a ~17% reduction at prices between ~$283 and ~$393. The stock currently trades at ~$354. They are harvesting gains.Genuine Parts Company (GPC): GPC is a 1.31% of the portfolio stake built in 2011 in the high-50s price-range. The stake had seen trimming since. Last six quarters have seen a ~7% trimming. The stock is now at ~$170.Ametek Inc. (AME): AME is a 1.30% of the portfolio position built in the 2011-12 timeframe at prices between ~$22 and ~$40. Since 2015, there has been a ~40% selling at prices between ~$44 and ~$148. The stock is now at ~$142. They are harvesting gains. There was marginal trimming this quarter.Microsoft Corp (MSFT): MSFT is a 1.29% long-term stake. Last major activity was in the 2011-12 timeframe when there was a ~20% reduction in the high-20s. There has been minor selling since. Last two years have seen a ~8% trimming. The stock currently trades at ~$246.National Fuel Gas (NFG): The 1.19% of the portfolio NFG stake was built in the 2011-12 timeframe at prices between ~$43 and ~$75. The stake had seen minor trimming since. The ten quarters through Q2 2022 had seen a ~25% reduction at prices between ~$38 and ~$74. The stock currently trades at $57.41. There was marginal trimming in the last two quarters.GATX Corp. (GATX): GATX has been in the portfolio for well over a decade. 2011 saw a roughly one-third stake increase at prices between ~$31 and ~$44. The 2014-16 timeframe saw a ~11% selling at prices between ~$36 and ~$63. The period since 2018 have seen another ~23% reduction at prices between ~$55 and ~$125. The stock is now at ~$110.Sony Group (SONY): The 0.89% of the portfolio SONY stake was built in the 2013-14 timeframe at prices between ~$11 and ~$22. Since 2019, there have been a 42% selling at prices between ~$42 and ~$126. The stock currently trades at $83.63. They are harvesting gains.Newmont Corporation (NEM): NEM is a 0.88% of the portfolio long-term stake that has been in the portfolio for well over a decade. The position has wavered. Recent activity follows. Q2 2020 saw a ~12% selling at prices between ~$47 and ~$68. Last ten quarters have seen only minor adjustments. The stock currently trades at $44.10.Apple Inc. (AAPL): AAPL is a long term 0.87% of the portfolio stake. 2016 saw a ~50% stake increase in the mid-20s price range. 2017-2019 timeframe saw a ~60% reduction at prices between ~$30 and ~$74. Since then, the activity had been minor. There was a ~20% reduction over the last two quarters at prices between ~$126 and ~$175. The stock currently trades at ~$145.Diageo plc (DEO): DEO was a fairly large stake that has been sold down over the last decade through minor trimming in most quarters. Recent activity follows. 2020 saw a ~12% selling at prices between ~$110 and ~$171. The stock is now at ~$173 and the stake is at 0.77% of the portfolio. There was marginal trimming in the last two quarters.Honeywell International (HON): HON is a 0.73% of the portfolio long-term stake that has seen selling since 2015. The 2016-2019 timeframe saw a combined ~55% reduction at prices between ~$104 and ~$182. Next year saw another ~38% selling at prices between ~$113 and ~$215. 2021 had also seen minor trimming while H1 2022 saw a marginal increase. The stock currently trades at ~$193. There was marginal trimming in the last two quarters.Crane Holdings Company (CR): The 0.71% of the portfolio CR stake is a long-term position. The sizing peaked at ~1.35M shares in 2011 but has seen selling since. Recent activity follows. There was a ~13% selling in 2020 at prices between ~$40 and ~$88. The stock is now at ~$121. There was marginal trimming this quarter.Alphabet Inc. (GOOG): GOOG is currently the largest 13F position at 0.58% of the portfolio. It was established in 2016 at prices between ~$34 and ~$40. There had been minor selling since. Recent activity follows. Last seven quarters had seen a ~20% trimming at prices between ~$87 and ~$150. That was followed with a ~40% reduction this quarter at prices between ~$83.50 and ~$105. The stock currently trades at ~$91.Liberty Global (LBTYK): LBTYK is a 0.53% of the portfolio stake. The bulk of the current stake was built in 2014 at prices between ~$30 and ~$40. It was sold down by ~30% next year at prices between ~$33 and ~$43. Last major activity was a ~16% stake increase in H2 2021 at prices between ~$25 and ~$30. The stock is now at $21.12. There was minor trimming in the last few quarters.Amazon.com (AMZN): AMZN is a very long-term stake. The original position was sold down in 2011 and rebuilt in the 2013-14 timeframe in the mid-teens price-range. The stake has wavered. Recent activity follows. 2020 saw a ~10% stake increase at prices between ~$89 and ~$170. The six quarters through Q2 2022 had seen a similar increase at prices between ~$104 and ~$185 through consistent buying in most quarters. The stock is now at ~$92 and the stake is at 0.46% of the portfolio. There was a ~7% trimming in the last two quarters.S&P Global Inc. (SPGI): SPGI is a 0.46% of the portfolio long-term stake. The position had been sold down through consistent trimming. The 2016-2020 timeframe saw a ~38% reduction at prices between ~$85 and ~$365. Recent activity follows. There was a ~10% stake increase in Q1 2021 at prices between ~$306 and ~$363. That was followed with a ~8% increase in Q1 2022 at prices between ~$373 and ~$461. This quarter saw a ~10% trimming at prices between ~$287 and ~$363. The stock currently trades at ~$338.Aerojet Rocketdyne (AJRD), American Electric Power (AEP), Bank of New York Mellon (BK), Berkshire Hathaway (BRK.B), Brown Forman (BF.B), Chevron Corp (CVX), CNH Industrial (CNHI), ConocoPhillips (COP), CVS Health (CVS), Evergy Inc. (EVRG), Eversource Energy (ES), Exxon Mobil (XOM), Herc Holdings (HRI), Lennar Holdings (LEN.B), Madison Square Garden Sports (MSGS), Mondelez International (MDLZ), Mueller Industries (MLI), O’Reilly Automotive (ORLY), PNM Resources (PNM), Republic Services (RSG), Rollins Inc. (ROL), UnitedHealth (UNH), Verizon Inc. (VZ), WEC Energy Group (WEC), and Xylem Inc. (XYL): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:AES Corporation (AES): AES is a 0.84% of the portfolio long-term stake that has remained remarkably steady although adjustments were made in most quarters. The stock currently trades at $24.63.The spreadsheet below highlights changes to Gabelli Funds’ 13F holdings in Q4 2022:Source: John Vincent. Data constructed from Gabelli Funds’ 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/4/2022 to 11/10/2022: None."