Feb. 17, 2004 -- The Gabelli ABC (GABCX) Fund, which seeks to profit from corporate mergers and acquisitions, will reopen to new investors, starting in March.
The $307-million fund closed in October 2002 because corporate deal making had dropped off. Gabelli Asset Management said it is reopening the offering "in anticipation of increasing merger and acquisition activity."
The fund will require a minimum initial investment of $50,000 when it reopens. At that time, shares will not be sold through intermediaries, and will be available for purchase only through Gabelli & Co. Inc., the fund's principal distributor, or directly through the fund's transfer agent, State Street Bank & Trust.
The fund, managed by veteran stock picker Mario Gabelli, returned 4.9% last year. For the five years ended Jan. 30, 2004, it returned 6% annualized.