The Gabelli Global Financial Services Fund Q3 2025 Commentary (GAFSX)

Gabelli Funds 73 Follower s Follow 5 Share Save Play ( 9min ) Comments Summary For the quarter ended September 30, 2025, the net asset value (“NAV”) per the Class I Share of The Gabelli Global Financial Services Fund (“the Fund”) increased by 8.7%. The common stocks of global banks and other financial institutions performed generally well as financial markets were robust and loan credit quality remained mostly healthy. The Fund’s aggregate holdings were valued at approximately 1.0 times book value, 1.1 times tangible book value (“TBV”) and 11 times expected 2025 earnings per share (“EPS”). The common stock of Commerzbank (3.7% of net assets as of September 30, 2025; up 20% in the quarter) was the largest positive contributor. Old Republic has paid a cash dividend in each of the last 84 years and raised it for 44 consecutive years. Torsten Asmus/iStock via Getty Images Dear Fellow Shareholders, For the quarter ended September 30, 2025, the net asset value (“NAV”) per the Class I Share of The Gabelli Global Financial Services Fund (“the Fund”) increased by 8.7%, compared to a 5.5% increase for the MSCI World Financials This article was written by Gabelli Funds 73 Follower s Follow GAMCO Investors, Inc. is a well-known diversified asset manager and financial services company. The company's investment services are primarily offered through its subsidiary GAMCO Asset Managment Inc, which manages separate accounts for high net worth individuals, institutions, and qualified pension plans, and through the Company's role as advisor to a family of Mutual Funds. Note: This account is not managed or monitored by GAMCO Investors, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use GAMCO Investors' official channels.

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