Profile
Sector:
Financial ServicesIndustry:
Asset ManagementCountry:
United StatesIPO:
11 October 1994Website:
http://www.gabelli.comNext earnings report:
N/ALast dividends:
16 September 2024Next dividends:
13 December 2024Price
after hours | Fri, 15 Nov 2024 23:56:16 GMTAnalysts recommendations
Institutional Ownership
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GGT Latest News
On July 26, 2024, SIT Investment Associates Inc made a significant addition to its portfolio by acquiring 1,982,368 shares of Gabelli Multimedia Trust Inc (GGT, Financial). This transaction, executed at a price of $4.94 per share, marks a notable expansion in the firm's investment in the asset management sector.
RYE, N.Y., Aug. 23, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.22 per share cash distribution payable on September 23, 2024 to common stock shareholders of record on September 16, 2024.
Those who follow my articles probably know how bullish I have been on the Neuberger Berman Next Generation Connectivity Fund Inc over the past year. On the other hand, I've written several articles over the years telling you to sell The Gabelli Multimedia Trust Inc. due to its unwieldy NAV yield that continues to decimate GGT's NAV. Because if you can't reasonably be expected to cover your NAV yield, then you will see continuous NAV erosion resulting in a distribution cut, or in GGT's case, another rights offering.
RYE, N.Y., June 18, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE: GGT) (the “Fund”) has approved a transferable rights offering which would allow the Fund's record date common shareholders to acquire additional shares of common stock (the “Offering”). The Offering will be made only by means of a prospectus supplement and accompanying prospectus, and this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Fund's securities.
In 2018, we warned about premium valuations in equity CEFs before a correction and bear market occurred. We believe that the current wide discounts in many CEFs are due to institutional shareholders reducing or liquidating their exposure. The presence of ultra high premium valued funds suggests the presence of "dumb money" in CEFs and potentially in the broader markets.
The Gabelli Multimedia fund (GGT) is, right now, the most over-priced technology and multimedia focused CEF in history. The fund has actually lost NAV during one of the great bull markets in technology this year. GGT's NAV started the year at $3.89 and it closed Friday at $3.83. That's what happens when you have a 23.0% NAV yield that has very little chance of being covered by the fund's holdings and the end result is continued NAV erosion.
The Gabelli Multimedia Trust is an equity closed end fund. The CEF takes leveraged positions in Telecom and Media equities.
What type of business is Gabelli Multimedia Trust?
The Gabelli Multimedia Trust Inc. is a closed-ended equity mutual fund launched by GAMCO Investors, Inc. It is managed by Gabelli Funds LLC. The fund invests in the public equity markets across the globe. It invests in stocks, convertible securities, preferred stock, options, and warrants of companies operating across global telecommunications, media, publishing, and entertainment industries. The fund also invests in companies participating in emerging technological advances in interactive services and products. It invests in stocks of companies across market capitalizations. The fund benchmarks the performance of its portfolio against the S&P 500 Index and MSCI World Free Index. It was formerly known as Gabelli Global Multimedia Trust Inc. The Gabelli Multimedia Trust Inc. was formed on November 15, 1994 and is domiciled in the United States.
What sector is Gabelli Multimedia Trust in?
Gabelli Multimedia Trust is in the Financial Services sector
What industry is Gabelli Multimedia Trust in?
Gabelli Multimedia Trust is in the Asset Management industry
What country is Gabelli Multimedia Trust from?
Gabelli Multimedia Trust is headquartered in United States
When did Gabelli Multimedia Trust go public?
Gabelli Multimedia Trust initial public offering (IPO) was on 11 October 1994
What is Gabelli Multimedia Trust website?
https://www.gabelli.com/Template/fundinfo.cfm?tid=NDU1NDE=&bid=NmU3Yw==&mid=NzRmMjU=&num=MTczY2Y=&kid=MTU5NDA=&fid=NzFhOWI=&rid=211-=edoc_dnuf
Is Gabelli Multimedia Trust in the S&P 500?
No, Gabelli Multimedia Trust is not included in the S&P 500 index
Is Gabelli Multimedia Trust in the NASDAQ 100?
No, Gabelli Multimedia Trust is not included in the NASDAQ 100 index
Is Gabelli Multimedia Trust in the Dow Jones?
No, Gabelli Multimedia Trust is not included in the Dow Jones index
When was Gabelli Multimedia Trust the previous earnings report?
No data
When does Gabelli Multimedia Trust earnings report?
Next earnings report date is not announced yet