Gabelli Funds
The Gabelli Equity Trust's 2025 letter to stockholders, on a broadening market
Covers FY2025Published 9 Mar 2026Available at SEC.gov, link checked 8 Nov 2026Investor letter · Investment
The view as filed on 9 Mar 2026, not a statement of what the author thinks today.
What to notice
- 1
The letter notes that the ten largest companies made up 41% of the index's weight, and that NVIDIA's $4.5 trillion market value exceeded the $3.4 trillion of the 2,000 smallest US stocks.
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Checking what you can open…
“Historically we have deployed this strategy most effectively among small and mid-sized companies not well covered by Wall Street.”
Why read it
A value firm's short annual letter that states its Private Market Value with a Catalyst method and shows how it explains a year's winners and losers, company by company.
About this letter
Gabelli Funds, the adviser to The Gabelli Equity Trust, a closed-end fund whose shares trade on the New York Stock Exchange, wrote this letter to stockholders for the fund's annual report for 2025, filed with the SEC on form N-CSR on 9 March 2026. It is unsigned and undated, and gives the views of the fund's portfolio managers and the adviser.
The fund's net asset value returned 19.1% for the year, against 17.9% for the S&P 500 and 14.9% for the Dow Jones Industrial Average, while its shares returned 27.3%. The letter opens with the year's market: tariffs that sent stocks into a 12% fall, then a recovery in which smaller and value stocks gained ground in the second half. It restates the firm's Private Market Value with a Catalyst methodology and what it looks for in a company, then explains three of the year's top contributors, Rolls-Royce, Curtiss-Wright and American Express, and three detractors, BellRing Brands, Diageo and IDEX.
Companies
- The Gabelli Equity Trust GAB
- Rolls-Royce Holdings
- Curtiss-Wright
- American Express
- BellRing Brands
- Diageo
- IDEX
- NVIDIA
Themes
- investing philosophy
- market concentration
- turnaround
- valuation
L3VLUP does not host this document. It belongs to Gabelli Funds and is a public SEC filing; the notes above are L3VLUP’s reading of it.
The same argument, elsewhere
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- Pershing Square USA's first letter to shareholders, after its 2026 IPO · Bill Ackman and Ryan Israel, Pershing Square Capital Management
- Source Capital's mid-2026 letter to shareholders, on AI and credit spreads · Source Capital Portfolio Managers, FPA
- Greenhaven Road Capital's Q2 2026 letter, on changing how the portfolio is built · Scott Miller, Greenhaven Road Capital
Holdings named in this letter
GAMCO Investors Inc’s reported 13F position in each company the letter names, in the quarter ending on or before the letter and the quarter after. Shown because the letter names the company. A letter is commentary; it is not a record of why a position changed.
GAB The Gabelli Equity Trust · The writer’s own company
The 13F Explorer has no record for GAB, so no position is stated.
Everything GAMCO Investors Inc reports (13F) · Every letter beside its positions