LONDON, Jan. 13, 2015– GAMCO Investors, Inc. (NYSE:GBL), announces the proposed launch of a UK listed closed-end fund, The Gabelli Value Plus+ Trust (the “Trust”), to invest in U.S. equities. The Trust will be managed by Gabelli Funds, LLC and is targeting a fund raise between £100m and £250 million. As part of the offering, GAMCO Investors, Inc. will invest 10% of the total
capital raised in the issue and it is anticipated that the Trust will begin trading in February on the London Stock Exchange under the symbol GVP.
Andrew Bell, CEO of the Witan Trust (WTAN-LSE) and the current Chairman of the Association of Investment Companies (the “AIC”), will be the Trust’s Chairman. The Board will also include investment trust veterans with extensive industry experience, such as Richard Fitzalan- Howard Executive Chairman of FF&P Asset Management Limited and Rudolf Bohli of RBR Capital.
Commenting on the launch, Andrew Bell, Chairman of Gabelli Value Plus+ PLC, stated, “I am delighted to be involved with this new launch which brings Gabelli’s distinctive investment approach to the UK in the form of an investment trust. It will provide the UK investment community with an actively managed fund that will invest in equity securities of U.S. companies applying Gabelli’s proven fundamental bottom up Private Market Value with a Catalyst™ approach.”
The Trust will provide UK investors with direct access to the same broad approach that has brought GAMCO its recognition in the U.S. GAMCO has consistently deployed its value investment
methodology since 1977, delivering a 16.8% compounded return (on a gross basis) for its institutional portfolios vs. 11.8% for the S&P 500. The management team of the Trust will include
Robert Leininger, Mario and Marc Gabelli, and Caesar Bryan, all veterans of Gabelli Funds, with over 20 years’ experience. It will be further supported by a team of over 30 research analysts.
“Our goal is to enter the UK market with the ‘best of’ Gabelli with this first offering. Our focus on franchise businesses with predictable and repeat business models, defendable brands and market shares, orients us towards companies with pricing power. This also tends to position our portfolio in front of a lot of merger activity”, said Robert Leininger, one of the lead members of the portfolio management team.
GAMCO believes there is a compelling opportunity for investment in U.S. equities utilising its ‘Private Market Value (‘PMV’) with a Catalyst™ methodology. This methodology has its foundation in the principles first articulated in 1934 by the founders of modern security analysis, Benjamin Graham and David Dodd. The approach applies a holistic understanding of a company from the perspective of long-term ownership, coupled with clearly identified catalysts to realise returns in the marketplace. This process is active and dynamic, and involves the full utilisation of all available public sources of information. The Trust will emphasise undervalued U.S. companies of all capitalisations.
While the Trust will invest in the U.S., GAMCO continues to have the ability to invest globally. The Gabelli organisation has operated from central London for 15 years assisting its
New York headquarters in global investment idea generation.
GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships
and offshore funds (Gabelli Securities, Inc.). As of 30 September, 2014, GAMCO had U.S. $46.9 billion in assets under management.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT.
This announcement is not an offer of securities for sale or subscription in the United States of America, Canada, Japan, Australia or South Africa or any other jurisdiction. This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information contained in the prospectus (the “Prospectus”) intended to be published by Gabelli Value Plus+ Trust Plc (the “Trust”) in due course in connection with the proposed admission of its ordinary shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange plc’s main market for listed securities (“Admission
“). Copies of the Prospectus will, following publication, be available from the Trust’s registered office.
The contents of this announcement, which has been prepared by and is the sole responsibility of GAMCO Asset Management Limited, have been approved by GAMCO Asset Management Limited
solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 (as amended).
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purpose whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change.
Neither this announcement, the publication in which it is contained nor any copy of it may be made or transmitted in to the United States of America (including its territories or possessions, any state of the United States of America and the District of Columbia) (the “United States”). The securities referred to herein have not been and will not be registered under the applicable securities laws of the United States and, subject to certain exceptions, may not be offered or sold within the United States.
Neither this announcement, the publication in which it is contained nor any copy of it may be taken, transmitted or distributed, directly or indirectly, into Canada, Japan, Australia or
South Africa or to any persons in any of those jurisdictions or any other jurisdictions where to do so would constitute a violation of the relevant laws of such jurisdiction.
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor. The Issue and the distribution of this announcement and other information in connection with the Issue and this announcement in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
In particular, this announcement does not constitute an offer for sale of, or a solicitation to purchase or subscribe for, any securities in the United States. No securities of the Trust have been, or will be, registered under the US Securities Act of 1933, as amended (the “Securities Act”), and securities of the Trust may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of the securities in the United States.
This announcement does not constitute a recommendation concerning the Issue. The price and value of securities and any income from them can go down as well as up. Past performance is not a guide to future performance. Information in this announcement cannot be relied upon as a guide to future performance. Before acquiring any shares in the Trust, persons viewing this announcement should ensure that they fully understand and accept the risks which will be set out in the Prospectus, when published. There is no guarantee that the Issue and Admission will happen and potential investors should not base their financial or investment decisions on the intentions of the Trust or any other person in relation to the Issue and Admission at this stage. Potential investors should consult a professional advisor as to the suitability of the Issue and Admission for the person concerned.
Any acquisition of shares in the Trust in the Issue should be made solely on the basis of the information contained in the Prospectus to be issued by the Trust in connection with the Issue and Admission. Before purchasing any shares, persons viewing this announcement should ensure that they fully understand and accept the risks which will be set out in the Prospectus when published.
Forward Looking Statements
This announcement contains forward looking statements, including, without limitation, statements containing the words “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or similar expressions or any discussion of strategy, plans, objectives, goals, future events or intentions. Such forward looking statements involve unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Trust and Gabelli Funds, LLC, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. No assurance can be given that such future results will be achieved. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward looking statements. These forward looking statements speak only as at the date of this announcement.