Mario Gabelli Q1 2026 Portfolio — VSNT Initiated, NVDA & GTLS Positions Raised

Mario Gabelli (GAMCO Investors) disclosed in his Q1 2026 13F filing that he initiated a new $41M position in VSNT and added 8% to NVDA, bringing that holding to $58M. Total AUM stands at $2.4B across 20 positions. During the same period, he fully exited five holdings including TGNA ($40M) and Confluent ($25M).

Top 5 Holdings — Q1 2026

• MSGS: $189M (1.9%)
• GATX: $188M (1.9%)
• MLI: $181M (1.8%)
• CR: $171M (1.7%)
• NFG: $129M (1.3%)

Q1 2026 Key Trading Highlights

Gabelli's top holdings are co-led by MSGS ($189M, 1.9%) and GATX ($188M, 1.9%), followed by MLI ($181M) and CR ($171M). All top 10 positions exceed $100M, yet the highest individual weight remains 1.9%, reflecting a broadly diversified value basket strategy with no meaningful sector concentration.

• VSNT: New position at $41M — largest new buy of the quarter, signaling entry into a fresh area of interest
• GTLS: Added +23% ($56M) — reinforcing conviction in industrial gas and energy equipment
• NVDA: Added +8% ($58M) — maintaining selective exposure to AI infrastructure momentum
• TGNA: Full exit ($40M → 0) — complete liquidation reflecting media sector uncertainty
• RGA: Reduced -85% ($260,712 remaining) — life reinsurance position trimmed to near-zero

The quarter's defining shift is a selective expansion into tech and growth names alongside a partial cleanup of media and financial positions. Adding to both NVDA (+8%) and MSFT (+6%) while aggressively building GTLS (+23%) signals a multi-sector repositioning rather than a simple growth tilt. Meanwhile, steep cuts in RGA (-85%), ALRS (-77%), and HLIO (-75%) point to deliberate risk reduction across several names.

Gabelli's Portfolio: Selective Growth Bets Within a Diversified Value Framework

Gabelli continues to anchor his portfolio in a broadly diversified value strategy while selectively layering in growth and industrial momentum names such as NVDA, MSFT, and GTLS — a dual-track approach. The large-scale initiation of VSNT is a key monitoring point that warrants further confirmation in upcoming filings. The exits from TGNA and Confluent appear driven by profit-taking or valuation concerns. Overall, the quarter reflects a well-balanced portfolio restructuring where defensive diversification and targeted offensive positioning coexist.