Gabelli Investment Management Firm’s Value 25 Fund gained 7.16% in the second quarter of 2026, compared with a 15.20% advance for the S&P 500. Over one year, the fund returned 26.11%, ahead of the index’s 22.32%. Performance benefited from demand for live entertainment, defense and aerospace backlogs, and improving financial-sector results and efficiency, while energy-related investments, gold and telecommunications holdings detracted. Gabelli expects earnings growth and continued AI investment to remain important market drivers, with 2026 S&P 500 earnings growth forecast at 25%, but identified geopolitical tensions, higher energy prices, inflation, interest-rate uncertainty and market concentration as risks. The Q2 letter highlighted Newmont Corporation, which represented 6.7% of the fund and was described as the world’s largest gold mining company, generating substantial free cash flow while funding buybacks and dividends.