Gabelli Collective Investments Trust
Institutional investment strategies designed for the Defined Contribution and Defined Benefit marketplace.
Time-tested Discipline for the Retirement Channel
Gabelli’s Collective Investment Trusts (CITs) bring our long-standing, research-driven investment disciplines to qualified retirement plans. Through Reliance Trust, plan allocators and fiduciaries can access our active investment capabilities within vehicles designed specifically for the ERISA marketplace.
CIT Advantages
Built for Retirement Plans
CITs are available to eligible qualified retirement plans and are maintained by a bank or trust company acting as trustee – in our case, Reliance Trust.
Cost-Efficient Structure
CITs may offer a lower cost structure than mutual funds due to differences in registration, governance, and distribution expenses.
Institutional Access
CITs provide access to established institutional investment strategies in a vehicle specific to retirement plans.
Gabelli Growth Collective Investment Trust
Experienced Portfolio Management:
The strategy is led by Howard Ward, CFA, Chief Investment Officer of Growth, who brings more than 30 years at GAMCO and 47 years of industry experience, alongside John Belton, CFA, Portfolio Manager, who brings nearly 15 years industry experience. The team’s continuity and tenure are central to Gabelli’s repeatable investment process.
Investment Process:
Key elements of the investment process include:
- Deep fundamental research supported by 30+ industryspecialist analysts and decades of accumulated company knowledge
- A distinct growth approach that emphasizes valuation awareness and uses a macro business cycle overlay
- A concentrated portfolio (typically 30–50 holdings), reflecting high conviction ideas and active risk management
- Focus on liquid, financially strong companies with sustainable revenue and earnings growth
Long‑Term Performance Profile:
Over full market cycles, the strategy has delivered competitive risk-adjusted results, supported by:
- Consistent excess returns versus the benchmark over long-term periods
- A disciplined balance between upmarket participation and downmarket capture
- A portfolio structure designed to emphasize stock selection as the primary driver of active return
Featured Strategy
Frequently Asked Questions
What is a Collective Investment Trust (CIT)?
A Collective Investment Trust is a pooled investment vehicle, similar in concept to a mutual fund, but designed exclusively for qualified retirement plans. CITs are managed by banks or trust companies and governed by trust law rather than securities regulations, which gives them more operational flexibility and typically lower costs than mutual funds. FIS Reliance Trust serves as the trustee for Gabelli’s CIT business.
How long have CITs been around?
CITs have existed since 1927, making them one of the oldest institutional investment structures in the U.S. 401K plans saw mass adoption in the 1980s, with CITs gaining significant traction within the DC marketplace over the last 20 years. As of 2023, total CIT assets exceeded $5.6 trillion, and CITs now hold more than 50% of all target-date fund assets, surpassing mutual funds in that category for the first time.
What types of investment strategies does Gabelli offer in CIT format?
The Gabelli Growth CIT is the first strategy being offered in a CIT format.
Which retirement plans are eligible to invest in a Gabelli CIT?
Gabelli CITs are available to qualified retirement plans, including:
- 401(k) plans
- Defined benefit (pension) plans
- Profit-sharing plans
CITs are not available to individual retail investors, IRA accounts, or most 403(b) or 457(f) plans under current regulations. However, regulatory changes pending in Congress could expand CIT access to 403(b) plans in the near future. Please consult your legal counsel to confirm your plan’s eligibility.
Are CITs less expensive than mutual funds?
Generally, yes. CITs are not registered with the SEC, so they avoid costs associated with mutual fund compliance such as printing prospectuses, filing shareholder reports, and servicing retail investors. These structural savings typically translate into lower expense ratios for plan participants.
Industry data shows that CIT expense ratios are, on average, meaningfully lower than comparable mutual fund share classes across most major asset categories. However, cost comparisons should always be made on a fund-by-fund basis.
Who oversees a CIT?
CITs operate under a layered oversight framework:
- Banking regulators (such as the Office of the Comptroller of the Currency) oversee the trustee bank or trust company
- ERISA and the Department of Labor govern how CITs are used within retirement plans, requiring fiduciaries to act prudently and in participants’ best interests
- The IRS sets eligibility requirements for the types of plans that may participate
CITs are not registered with the SEC under the Investment Company Act of 1940, which distinguishes them from mutual funds.
Can participants see and track the Gabelli CIT in their retirement accounts?
Yes. While CITs operate differently than mutual funds behind the scenes, participants experience them much like any other investment option in their plan, they can view their balance, performance, and investment information through their recordkeeper’s platform and participant portal.
How do I learn more or get started?
To learn more about Gabelli CITs or to begin the onboarding process, please Katie Durkin at KDurkin@gabelli.com or
(914) 921-7751. We are happy to work with your consultant, advisor, and recordkeeper to evaluate whether a Gabelli CIT is the right fit for your plan.
Contact Us to Learn More about Gabelli CITs:
