Mario Gabelli Continues To Love Bank Of New York Mellon & Aerojet Rocketdyne, Dislikes TRW Automotive

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Billionaire Mario Gabelli sure knows how to invest. Consequently, looking at his holdings might provide some interesting research-backed investment ideas.

So, let’s take a look at the second quarter equity portfolio for the funds affiliated to Mr. Gabelli (which will be referred to as GAMCO Investors, Inc. Et Al, for simplicity, going forward). After witnessing 37 new stock purchases, 175 exposure increases, 44 exits and 439 reductions in preexisting stakes, the portfolio is worth $18.45 billion, down from $19.05 billion in the previous quarter.

Although the portfolio is highly diversified, there is a slight focus on consumer discretionary stocks (30 percent of the total assets) and industrials stocks (24 percent).

As of June 30, and same as in the first quarter, DIRECTV DTV represented the funds’ most valuable stake, comprising 3,433,014 shares, worth more than $318 million. However, the stock stopped trading on the Nasdaq exchange on July 24, after the company was acquired by AT&T Inc. T. Gabelli has not yet disclosed his exposure to AT&T.

The second position in GAMCO’s second quarter portfolio was occupied by Bank of New York Mellon Corp BK, which escalated one spot over the period. After purchasing 119,785 shares, the funds disclosed aggregate ownership of 6,682,894 shares of the company, worth about $280 million.

The largest institutional investor of record in Bank of New York Mellon Corp continues to be Dodge & Cox, even in spite of the 13 percent reduction its stake experienced over the second quarter. As of June 30, the firm held 58,218,752 shares of the company, representing more than 5.2 percent of the total shares outstanding, and worth about $2.44 billion.

Among hedge funds, Jean-Marie Eveillard’s First Eagle Investment Management was one of the most bullish in the second quarter. The fund disclosed ownership of 27,491,214 shares of the company as of the end of the period.

The quarter’s largest new stake was placed in Aerojet Rocketdyne Holdings Inc AJRD. The small-cap aerospace and defense products and systems company saw Mr. Gabelli acquire 5,217,109 shares, worth more than $107 million, over the quarter. The fund continued to boost its exposure over the third quarter, and last week, it disclosed ownership of 9,243,916 shares of the company.

This stake makes of GAMCO Investors, Inc. Et Al the largest institutional investor in the company, trailed my FMR LLC, with 5,937,076 shares.

On the other hand, the largest position closed over the quarter was the one at ZF TRW Automotive Holdings Corp TRW. The funds affiliated to Mr. Gabelli used to own 1,416,450 shares, or 1.28 percent of the company as of the end of the first quarter. As of June 30, 2015, however, the funds disclosed holding zero shares of the supplier of automotive systems.

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Posted In: Long IdeasHedge FundsTrading IdeasGeneralDodge & CoxFirst Eagle Investment ManagementFMR LLCGAMCOJean-Marie EveillardMario Gabelli
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