Fund Evaluator:

Gabelli Asset AAA Overview

Gabelli Asset AAA (GABAX) is an actively managed U.S. Equity Large Blend fund. Gabelli launched the fund in 1986.

The investment seeks growth of capital; its secondary goal is to provide current income. The fund will primarily invest in common stocks and preferred stocks. In making stock selections, the fund strives to earn a 10% real rate of return. It focuses on companies that appear underpriced relative to their private market value ("PMV"). The fund normally invests at least 80% of its assets in stocks that are listed on a recognized securities exchange or similar market. It may invest up to 25% of its total assets in securities of non-U.S. issuers.

About Gabelli Asset AAA (GABAX)

There are 18 members of the management team with an average tenure of 6.05 years: Christopher Marangi (2010), Kevin Dreyer (2009), Sergey Dluzhevskiy (2025), Sarah Donnelly (2020), Brian Sponheimer (2019), Macrae Sykes (2025), Justin Bergner (2025), Howard Ward (2025), Ashish Sinha (2023), Hendi Susanto (2024), Melody Bryant (2020), Gustavo Pifano (2025), Tony Bancroft (2025), Simon Wong (2024), John Belton (2025), Alec Boccanfuso (2024), Mario Gabelli (1986), Ian Lapey (2025). 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 Asset AAA has 610 securities in its portfolio. The top 10 holdings constitute 22.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Gabelli Asset AAA is part of the Equity global asset class and is within the U.S. Equity fund group. Gabelli Asset AAA has 17.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 80.7%. There is 17.3% 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 Asset AAA has 2.0% of the portfolio in cash.

Assets Under Management

The fund has $591 million in total assets, which is below the $6 billion average for the Large Blend 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.

GABAX 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 Asset AAA expense ratio is high compared to funds in the Large Blend category. Gabelli Asset AAA has an expense ratio of 1.35%, which is 66% higher than its category average, making the fund expense ratio grade a F. 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 Asset AAA has a portfolio turnover rate of 5%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of July 2026, Gabelli Asset AAA returned -0.6%, which earned it a grade of D, as the Large Blend category had an average return of 0.4%. 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 Asset AAA has a trailing yield of 0.35%, which is below the 0.56% 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 Asset AAA Grades

Year to date, the fund has returned 9.9%, 0.6 percentage points better than the category, which translates into a grade of C. The fund has returned 18.9% over the past year (grade of C), 11.8% over the past three years (grade of F) and 7.0% per year over the past five years (grade of F) and 9.6% per year over the past 10 years (grade of F).

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