Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.1%
1 yr return
5.1%
3 Yr Avg Return
-0.7%
5 Yr Avg Return
2.6%
Net Assets
$52.4 M
Holdings in Top 10
26.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.59%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 173.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
EMAYX - Profile
Distributions
- YTD Total Return 0.1%
- 3 Yr Annualized Total Return -0.7%
- 5 Yr Annualized Total Return 2.6%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.45%
- Dividend Yield 0.6%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameEnterprise Mergers and Acquisitions Fund
-
Fund Family NameGabelli Fund Complex
-
Inception DateMar 14, 2001
-
Shares OutstandingN/A
-
Share ClassY
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMario Gabelli
Fund Description
Under normal circumstances, the Fund 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. When a company agrees to be acquired by another company, its stock price often quickly rises to just below the stated acquisition price. If the Adviser determines that the acquisition
is likely to be consummated on schedule at the stated acquisition price, then the Fund may purchase (if it does not already hold) or increase its investment in the selling company’s securities, offering the Fund the possibility of returns in excess of the return on cash equivalents with a limited risk of excessive loss of capital. At times, the stock of the acquiring company also may be purchased or sold short. The Fund may hold a significant portion of its assets in cash in anticipation of arbitrage opportunities.
The Fund may invest in companies of any size and from time to time may invest primarily in companies with large, medium, or small market capitalizations. The Fund generally invests in securities of U.S. companies, but also may invest its assets in foreign securities, including emerging market securities. The Fund may engage in various portfolio strategies, including using derivatives, to seek enhanced returns or to hedge investment risks.
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the Adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants, and securities convertible into common stock, including convertible securities which are generally below investment grade. The Fund may also invest in debt securities, including debt securities which are below investment grade (“junk bonds”). It is expected that the Fund will engage in active or frequent trading of portfolio securities to achieve its investment objective.
In choosing investments, the Adviser searches for the best values on securities that it believes have the potential to achieve the Fund’s investment objective of capital appreciation. In seeking to identify companies that are likely to be acquisition targets, the Adviser considers, among other things, consolidation trends within particular industries, whether a particular industry or company is undergoing a fundamental change or restructuring, the Adviser’s assessment of the “private market value” of individual companies and the potential for an event or catalyst to occur that enhances a company’s underlying value. The “private market value” of a company is the value that the Adviser believes informed investors would be willing to pay to acquire the entire company. The Adviser seeks to limit risk of excessive loss of capital by utilizing various investment strategies, including investing in value oriented equity securities that should trade at a significant discount to the Adviser’s assessment of their private market value.
In evaluating arbitrage opportunities with respect to companies involved in publicly announced mergers or other corporate restructurings, the Adviser seeks to identify investments in companies where the discount from the stated or appraised value of the security significantly overstates the risk of the contingencies involved in completing the transaction, significantly undervalues the securities, assets or cash to be received by shareholders of the prospective portfolio company as a result of the contemplated transaction, or fails adequately to recognize the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater value. The evaluation of such contingencies requires unusually broad knowledge and experience on the part of the Adviser which must appraise not only the value of the issuer and its component businesses as well as the assets or securities to be received as a result of the contemplated transaction but also the financial resources and business motivation of the acquirer and the dynamics and business climate when the offer of the proposal is in progress. Since such investments are ordinarily short term in nature, they will tend to increase the turnover rate of the Fund, thereby increasing its brokerage and other transaction expenses. The Adviser intends to select investments of the type described, which, in its view, have a reasonable prospect of capital appreciation that is significant in relation to both risks involved and the potential of available alternate investments. The Adviser may sell a security for a variety of reasons, such as when the security is selling in the public market at or near the Adviser’s estimate of its private market value or if the catalyst expected to happen fails to materialize.
EMAYX - Performance
Return Ranking - Trailing
Period | EMAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.1% | -12.0% | 40.6% | 36.50% |
1 Yr | 5.1% | -22.9% | 106.6% | 36.04% |
3 Yr | -0.7%* | -16.2% | 23.2% | 51.35% |
5 Yr | 2.6%* | -6.8% | 17.2% | 56.02% |
10 Yr | 3.3%* | -0.3% | 9.9% | 47.46% |
* Annualized
Return Ranking - Calendar
Period | EMAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.9% | -47.6% | 88.4% | 38.97% |
2022 | -9.5% | -12.0% | 37.8% | 67.20% |
2021 | 2.8% | -41.4% | 12.7% | 42.94% |
2020 | 5.0% | -67.1% | 21.9% | 68.29% |
2019 | 5.8% | -17.3% | 25.3% | 13.99% |
Total Return Ranking - Trailing
Period | EMAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.1% | -10.5% | 40.6% | 36.50% |
1 Yr | 5.1% | -26.7% | 106.6% | 32.49% |
3 Yr | -0.7%* | -17.3% | 23.2% | 49.19% |
5 Yr | 2.6%* | -7.2% | 17.2% | 54.82% |
10 Yr | 3.3%* | -0.3% | 9.9% | 45.76% |
* Annualized
Total Return Ranking - Calendar
Period | EMAYX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.0% | -47.6% | 88.4% | 38.97% |
2022 | -8.8% | -12.0% | 37.8% | 67.20% |
2021 | 9.8% | -23.0% | 12.7% | 27.68% |
2020 | 5.3% | -3.6% | 24.8% | 76.22% |
2019 | 7.7% | -15.5% | 25.3% | 19.58% |
NAV & Total Return History
EMAYX - Holdings
Concentration Analysis
EMAYX | Category Low | Category High | EMAYX % Rank | |
---|---|---|---|---|
Net Assets | 52.4 M | 0 | 4.6 B | 48.51% |
Number of Holdings | 208 | 3 | 3211 | 27.64% |
Net Assets in Top 10 | 14.4 M | -99.2 M | 675 M | 48.24% |
Weighting of Top 10 | 26.56% | 0.1% | 100.0% | 77.51% |
Top 10 Holdings
- Myers Industries Inc 4.53%
- Vulcan Materials Co 4.05%
- Cerevel Therapeutics Holdings Inc 3.41%
- Fox Corp 2.61%
- United States Treasury Bill 2.18%
- United States Cellular Corp 2.09%
- Sovos Brands Inc 2.08%
- Musti Group Oyj 2.03%
- Steel Connect Inc 1.83%
- Atlanta Braves Holdings Inc 1.75%
Asset Allocation
Weighting | Return Low | Return High | EMAYX % Rank | |
---|---|---|---|---|
Stocks | 95.41% | -8.47% | 153.48% | 37.81% |
Bonds | 4.01% | -3.48% | 152.17% | 12.44% |
Cash | 0.58% | -140.68% | 108.46% | 62.31% |
Preferred Stocks | 0.00% | -0.01% | 13.55% | 53.27% |
Other | 0.00% | -70.40% | 38.53% | 15.08% |
Convertible Bonds | 0.00% | 0.00% | 3.53% | 52.76% |
Stock Sector Breakdown
Weighting | Return Low | Return High | EMAYX % Rank | |
---|---|---|---|---|
Communication Services | 18.47% | 0.00% | 25.58% | 3.72% |
Technology | 16.07% | 0.00% | 43.72% | 79.79% |
Industrials | 14.01% | 0.00% | 40.20% | 21.28% |
Financial Services | 10.40% | 0.00% | 75.98% | 78.19% |
Consumer Cyclical | 9.28% | 0.00% | 76.87% | 61.70% |
Basic Materials | 7.91% | 0.00% | 17.64% | 13.30% |
Healthcare | 7.37% | 0.00% | 97.32% | 62.23% |
Utilities | 7.09% | 0.00% | 27.45% | 7.98% |
Real Estate | 5.70% | 0.00% | 16.28% | 53.72% |
Consumer Defense | 2.71% | 0.00% | 55.76% | 84.04% |
Energy | 0.99% | 0.00% | 15.00% | 47.87% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | EMAYX % Rank | |
---|---|---|---|---|
US | 79.43% | -33.28% | 150.78% | 54.77% |
Non US | 15.98% | -47.51% | 67.09% | 15.08% |
Bond Sector Breakdown
Weighting | Return Low | Return High | EMAYX % Rank | |
---|---|---|---|---|
Government | 4.76% | 0.00% | 83.22% | 11.06% |
Derivative | 0.00% | 0.00% | 44.14% | 51.26% |
Cash & Equivalents | 0.00% | 1.14% | 100.00% | 79.90% |
Securitized | 0.00% | 0.00% | 16.50% | 51.76% |
Corporate | 0.00% | 0.00% | 98.86% | 61.81% |
Municipal | 0.00% | 0.00% | 0.50% | 48.24% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | EMAYX % Rank | |
---|---|---|---|---|
US | 4.01% | -3.48% | 152.17% | 12.56% |
Non US | 0.00% | -121.00% | 8.49% | 51.76% |
EMAYX - Expenses
Operational Fees
EMAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.59% | 0.39% | 12.79% | 82.32% |
Management Fee | 0.94% | 0.00% | 2.25% | 28.71% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.03% | 1.47% | 5.80% |
Sales Fees
EMAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
EMAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 0.50% | 2.00% | 16.13% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
EMAYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 173.00% | 0.00% | 498.00% | 50.93% |
EMAYX - Distributions
Dividend Yield Analysis
EMAYX | Category Low | Category High | EMAYX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.61% | 0.00% | 0.84% | 50.50% |
Dividend Distribution Analysis
EMAYX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
EMAYX | Category Low | Category High | EMAYX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.45% | -2.70% | 3.99% | 28.79% |
Capital Gain Distribution Analysis
EMAYX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 27, 2023 | $0.461 | OrdinaryDividend |
Dec 28, 2022 | $0.118 | OrdinaryDividend |
Dec 29, 2020 | $0.039 | OrdinaryDividend |
Dec 27, 2018 | $0.118 | OrdinaryDividend |
Dec 29, 2009 | $0.093 | OrdinaryDividend |
EMAYX - Fund Manager Analysis
Managers
Mario Gabelli
Start Date
Tenure
Tenure Rank
Feb 28, 2001
21.27
21.3%
Mario Gabelli is the Founder, Chairman and Chief Investment Officer. Mr. Gabelli is one of the most respected investors in the United States and is a leading proponent of value investing. His proprietary Private Market Value with a Catalyst™ methodology has become an analytical standard in the value investing community. He holds an MBA from Columbia University Graduate School of Business, and is a summa cum laude BS graduate from Fordham University. Mr. Gabelli is a Chartered Financial Analyst. He is a member of the board of overseers of Columbia University Graduate School of Business.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.02 | 22.38 | 5.77 | 6.76 |