VALUE

Philosophy

Our firm is credited by the academic community with establishing the Private Market Value with a Catalyst™ investment philosophy and applying this to the analysis of public equity securities. Our investment approach utilizes fundamental, bottom-up research to identify securities selling below their intrinsic value, and we seek to identify mispriced companies with strong businesses and the presence of a catalyst that will surface value.

Investment Research

The Equity research team includes approximately 40 sector-focused analysts that support value equity portfolio management, and also provide sector insights to all investment disciplines. The collaborative sector teams benefit from a shared investment philosophy: PMV with a Catalyst™.

Methodology

We seek to identify mispriced companies with strong businesses and the presence of a catalyst that can surface value. Investment teams utilize a broad universe in a benchmark-agnostic approach to cover all sectors of the market and identify evolving themes and value-based opportunities. Our fundamental, bottom-up investment process benefits from the compounded, accumulated knowledge of certain industries over many decades.

Institutional Composites

Composite Name	Inception Date

Management Team

Mario Gabelli
CIO, Value
Columbia University - MBA

Chris Marangi
Co-CIO, Value
Columbia University - MBA

Kevin Dryer
Co-CIO, Value
Columbia University - MBA

We employ a fundamental bottom-up Private Market Value with a Catalyst™ approach to the investment process. Our primary focus is to identify companies that are selling at a discount to their Private Market Value (PMV), with strong businesses and the presence of a catalyst that can surface value.

Important Information

Past performance is no guarantee of future results. The compound annual growth rates (“Performance”) set forth in the preceding page are derived from a composite that represents 190 accounts with an aggregate market value of $1.2 Billion in the All Cap Value strategy as of 12/31/2018. Not all accounts managed in the All Cap Value strategy are included in the composite. The average and median account size of the accounts in the composite is $6.3 Million and $1.8 Million, respectively. The largest account is valued at $112.4 Million and the smallest account at $345.9 Thousand. The composite represents fully discretionary accounts managed for the full period under measurement. The composite began on 2/1/11. The standard deviation of the composite returns is 0.8 %. Accounts in the composite are valued using trade date accounting and are time-weighted. The performance results include the reinvestment of dividends, interest, and/or capital gains as of the payment date. The performance results set forth are net of actual fees and actual transaction costs. All performance results are before taxes and custodial fees.