)'s Gabelli Asset Fund rose 4.3% in the second quarter, compared to
a 5.2% increase for the S&P 500. Gabelli wrote in his second
quarter letter that he expects a continuation of M&A activity
in the second half of the year and sees several factors that could
affect the market going forward:
"As we have written in the past, the level and trajectory of
interest rates and inflation are likely to have the biggest impact
on future M&A and the stock market. Spurring the economy to
outgrow an eventual normalization of rates is the needle that
central banks around the world must thread. There are certainly
many obstacles to achieving this goal, including geopolitical
instability. The price of oil, often a barometer of global
tensions, rose substantially in the quarter and is a factor we
monitor carefully, as it could snuff the global recovery."
GAMCO Investors in the second quarter added 65 new stocks to their
portfolio. These are the largest new positions.
Protective Life Corp (
Gabelli purchased 1,185,383 shares of Protective Life Corp, making
up 0.43% of the portfolio. The stock's price averaged $57.
Protective Life Corporation, a Delaware corporation was founded in
1907. Protective Life Corp has a market cap of $5.47 billion; its
shares were traded at around $69.43 with a P/E ratio of 14.10 and
P/S ratio of 1.37. The dividend yield of Protective Life Corp
stocks is 1.20%. Protective Life Corp had an annual average
earnings growth of 1.70% over the past 10 years.
Micros Systems Inc. (
Gabelli purchased 349,000 shares of Micros Systems Inc., giving it
a 0.12% portfolio weight. The stock's share price averaged $55.
MICROS Systems, Inc. was incorporated in the State of Maryland in
1977 as Picos Manufacturing, Inc. Micros Systems Inc has a market
cap of $5.07 billion; its shares were traded at around $67.77 with
a P/E ratio of 31.10 and P/S ratio of 3.93. Micros Systems Inc had
an annual average earnings growth of 14.20% over the past 10 years.
GuruFocus rated Micros Systems Inc the business predictability rank
Susser Holdings Corp (
Gabelli purchased 271,209 shares of Susser Holdings, for 0.11% of
the portfolio. The stock's price averaged $74.
Susser Holdings Corporation is a convenience store operator and a
non-refining wholesale gasoline distributor. Susser Holdings Corp
has a market cap of $1.73 billion; its shares were traded at around
$80.04 with a P/E ratio of 139.60 and P/S ratio of 0.30. Susser
Holdings Corp had an annual average earnings growth of 1.30% over
the past 10 years.
Measurement Specialties Inc. (
Gabelli purchased 208,700 shares of Measurement Specialties Inc.,
for 0.094% of the portfolio. The price averaged $67.
Measurement Specialties Inc. is a New Jersey corporation organized
in 1981. Measurement Specialties Inc. has a market cap of $1.39
billion; its shares were traded at around $86.01 with a P/E ratio
of 38.10 and P/S ratio of 3.48. Measurement Specialties Inc. had an
annual average earnings growth of 12.40% over the past 10 years.
GuruFocus rated Measurement Specialties Inc. the business
predictability rank of 5-star.
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