Renowned investor Mario Gabelli recently disclosed his firm's portfolio updates for the second quarter of 2023, which ended on June 30, 2023. Gabelli, known for his value investing approach, manages a diverse portfolio of 835 stocks with a total value of $9.51 billion. The top holdings for this period were HRI (2.41%), GATX (2.00%), and MLI (1.88%).
Top Three Trades of the Quarter
The following are the top three trades made by Gabelli's firm during the quarter:
INDUS Realty Trust Inc (INDT, Financial)
The firm completely sold out its 444,747-share investment in INDUS Realty Trust Inc (INDT), which previously accounted for 0.32% of the portfolio. The shares were traded at an average price of $66.69 during the quarter. As of August 15, 2023, INDT's stock price was $66.99, with a market cap of $683.16 million. The stock has returned 13.83% over the past year. GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 5 out of 10. In terms of valuation, INDT has a price-book ratio of 1.76, an EV-to-Ebitda ratio of 40.37, and a price-sales ratio of 13.44.
Valvoline Inc (VVV, Financial)
Mario Gabelli (Trades, Portfolio)'s firm reduced its investment in Valvoline Inc (VVV) by 681,108 shares, impacting the equity portfolio by 0.26%. The stock traded at an average price of $36.29 during the quarter. As of August 15, 2023, VVV's stock price was $34.71, with a market cap of $4.81 billion. The stock has returned 16.51% over the past year. GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10. In terms of valuation, VVV has a price-earnings ratio of 3.93, a price-book ratio of 16.85, a EV-to-Ebitda ratio of 19.26, and a price-sales ratio of 4.29.
Crane NXT Co (CXT, Financial)
The firm also reduced its investment in Crane NXT Co (CXT) by 299,774 shares, impacting the equity portfolio by 0.24%. The stock traded at an average price of $51.76 during the quarter. As of August 15, 2023, CXT's stock price was $60.27, with a market cap of $3.42 billion. GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 5 out of 10. In terms of valuation, CXT has a price-earnings ratio of 18.50, a price-book ratio of 4.00, a EV-to-Ebitda ratio of 9.22, and a price-sales ratio of 1.20.
In conclusion, Mario Gabelli (Trades, Portfolio)'s firm made significant changes to its portfolio in the second quarter of 2023, with a focus on value investing. The firm's top trades reflect a strategic approach to portfolio management, with a focus on companies with strong financial and profitability ratings.