Fund Evaluator:
Gabelli Entpr Mergers & Acquisitions A (EMAAX)
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Fund Details
Gabelli Entpr Mergers & Acquisitions A Overview
Gabelli Entpr Mergers & Acquisitions A (EMAAX) is an actively managed Alternative Event Driven fund. Gabelli launched the fund in 2001.
The investment seeks to provide capital appreciation. The advisor intends to invest primarily in equity securities of companies believed to be likely acquisition targets within twelve to eighteen months. The fund also may engage in arbitrage transactions by investing in the equity securities of companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. It generally invests in securities of U.S. companies, but also may invest its assets in foreign securities, including emerging market securities. The fund is non-diversified.
About Gabelli Entpr Mergers & Acquisitions A (EMAAX)
There are 3 members of the management team with an average tenure of 8.70 years: Kevin Dreyer (2026), Willis Brucker (2026), Mario Gabelli (2001). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Gabelli Entpr Mergers & Acquisitions A has 229 securities in its portfolio. The top 10 holdings constitute 29.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Gabelli Entpr Mergers & Acquisitions A is part of the Alternative Strategies global asset class and is within the Alternative fund group. Gabelli Entpr Mergers & Acquisitions A has 22.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 64.1%. There is 22.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Gabelli Entpr Mergers & Acquisitions A has 13.9% of the portfolio in cash.
Assets Under Management
The fund has $22 million in total assets, which is below the $329 million average for the Event Driven category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
EMAAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Gabelli Entpr Mergers & Acquisitions A expense ratio is high compared to funds in the Event Driven category. Gabelli Entpr Mergers & Acquisitions A has an expense ratio of 1.87%, which is 3% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Gabelli Entpr Mergers & Acquisitions A has a portfolio turnover rate of 100%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 218% for the Event Driven category.
Recently, in the month of July 2026, Gabelli Entpr Mergers & Acquisitions A returned -1.2%, which earned it a grade of F, as the Event Driven category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Gabelli Entpr Mergers & Acquisitions A has a trailing yield of 1.08%, which is below the 2.23% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Gabelli Entpr Mergers & Acquisitions A Grades
Year to date, the fund has returned 7.6%, 5.2 percentage points better than the category, which translates into a grade of A. The fund has returned 19.1% over the past year (grade of A), 11.9% over the past three years (grade of A) and 5.9% per year over the past five years (grade of A) and 5.6% per year over the past 10 years (grade of A).
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EMAAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EMAAX Return (NAV) | -1.2% | 0.3% | 19.1% | 11.9% | 5.9% | 5.6% |
| EMAAX Grade | F | D | A | A | A | A |
| +/- Category | -1.2% | -0.4% | 13.1% | 5.6% | 2.1% | 1.2% |
| Event Driven Avg | 0.0% | 0.7% | 6.0% | 6.3% | 3.9% | 4.4% |
| EMAAX Tax Cost Ratio | na | na | 1.2% | 1.1% | 1.1% | 0.8% |
EMAAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EMAAX Return (NAV) | 7.6% | 20.1% | 7.5% | 5.1% | -9.4% | 9.2% | 4.7% | 7.2% | -3.2% | 5.1% | 8.2% |
| EMAAX Grade | A | A | A | C | F | A | D | B | F | C | A |
| +/- Category | 5.2% | 11.3% | 3.3% | 0.3% | -7.8% | 6.7% | -3.0% | 0.2% | -6.3% | 0.5% | 5.3% |
| Event Driven Avg | 2.4% | 8.9% | 4.2% | 4.8% | -1.6% | 2.4% | 7.7% | 7.0% | 3.1% | 4.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 9.3% |
| Total Risk Index: | 0.76 - Below Average |
| Category Risk Index: | 2.49 - High |
| Category Risk Grade: | F (106% Rank) |
| Beta: | 0.47 |
| R-Squared: | 41% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na |
| Yield: | 1.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $61 Mil |
| Fund Total Assets: | $ 23 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 100% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 25.4 years | |||
| Average Tenure: 8.7 years | |||
| Managers (Year): Gabelli Mario (2001), Dreyer Kevin (2026), Brucker Willis (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 229 |
| % in Top 10 Holdings: | 29.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 22.0% |
Portfolio Allocation |
|
| Domestic Stock: | 64.1% |
| Foreign Stock: | 22.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 13.9% |
Purchase Information
| Fund Family: | Gabelli |
| Phone Number: | 800-422-3554 |
| Website: | www.gabelli.com |
| Status: | Open |
| Inception Date: | February 28, 2001 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.87% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.92% |
| Share Class: | Gabelli Entpr Mergers & Acquisitions Y |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
