Robert Leininger, CFA, was named Monday as portfolio manager of the Gabelli Dividend and Income Trust Inc., according to GAMCO Investors, Inc. He joins Mario Gabelli and Barbara Marcin, who have been the team portfolio managers since the Trust's inception on November 28, 2003.
Leininger first came to GAMCO in 1993, when he joined as a security analyst covering the beverage industry. He left GAMCO for Rorer Asset Management LLC in Philadelphia in 1997; there he was a member of the investment policy committee and a partner in the firm. In 2009, he joined Copeland Capital Management as a partner and portfolio manager.
In a statement, Leininger said, "I look forward to rejoining Mario, Barbara and the entire valule team. Historically, dividends have represented a significant portion of the total return for the S&P 500. I look forward to augmenting our focus on investment opportunities with attractive dividend yields."
Gabelli commented, "Bob has an excellent foundation in Graham& Dodd fundamental research that he developed early in his career. This experience coupled with the dozen years he managed income-oriented, value portfolios will serve the Trust well."
The Trust is GAMCO's largest closed-end fund, with $1.7 billion in total net assets; according to the company's statement, it is a non-diversified closed-end management investment company. The Fund's primary investment objective is described as long-term growth of capital, with income as a secondary objective.
On Sept. 20, Gabelli named Agnes Mullady as president and COO of its Closed-End Fund Division.