Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:
GBL) (“GAMCO”), announced today that the Gabelli Food of All
NationsTM NextSharesTM (the “Fund”) would list and commence trading
on Nasdaq Stock Market LLC on February 14, 2017 under the symbol
FOANC. The Fund is the second member of the Gabelli NextShares
Trust, a non-transparent, exchange traded managed fund (“ETMF”),
offered under an agreement with NextShares Solutions LLC, a
subsidiary of Eaton Vance Corp. (NYSE:EV).
The primary objective of the Fund is capital appreciation. The
Fund will invest primarily in common stocks of domestic and foreign
companies of all capitalizations in the food and beverage
industries.
Consumer companies have long been a core competency at GAMCO.
Within this broad universe, we have always focused on the most
attractive segments, such as beverage companies, expressed through
one of our favorite slogans: “If you drink it, we follow it.”
The food and beverage market is over $5 trillion globally(a) and
$1.5 trillion in the United States(b). Growth is driven by
population growth, pricing, and increasingly, the rise of the
emerging middle class around the world. These are strong
businesses: cash flow generators that have recurring revenue and
enjoy pricing power.
At the same time, companies in the food and beverage industries
are doing more deals, and the sector is becoming increasingly
consolidated. We see great opportunity for investors in both
potential targets and acquirors as consolidation continues to play
out in coming years. We believe the Fund is well positioned to take
advantage of these trends.
Investors interested in purchasing the Fund should contact
1-800-GABELLI (1-800-422-3554).
NextSharesTM, an innovative way to invest in actively managed
strategies, offer the potential for benchmark-beating returns by
applying their managers’ proprietary investment research. As
exchange-traded products, NextShares may offer cost and tax
efficiencies that can enhance shareholder returns. NextShares are
expected to be offered by a range of well-known asset managers and
across fund asset classes. The first NextShares funds began trading
on the Nasdaq Stock Market LLC earlier this year.
GAMCO Investors, Inc., through its subsidiaries, manages private
advisory accounts (GAMCO Asset Management Inc.), mutual funds and
closed-end funds (Gabelli Funds, LLC). As of September 30, 2016,
GAMCO had $39.6 billion in equity assets under management.
(a) Source: Euromonitor, GAMCO estimates.
(b) Source: U.S. Census Bureau.
THE INFORMATION IN THIS PRESS RELEASE IS NOT COMPLETE AND MAY
BE CHANGED. THIS PRESS RELEASE IS NOT AN OFFER TO SELL THESE
SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES
IN ANY STATE WHERE THE OFFER OF SALE IS NOT PERMITTED.
Commercial success also requires completion of enabling
implementation technology and acceptance by market participants,
which cannot be assured.
The information contained herein is provided for informational
purposes only, are not intended as investment or tax advice.
The Fund invests a significant portion of its assets in
companies in the food and beverage industries. As a result, the
value of the Fund’s shares will be more susceptible to factors
affecting those particular types of companies, which may include,
among others, governmental regulation, greater price volatility for
the overall market, rapid obsolescence of products and services,
intense competition, and strong market reactions to consumer tastes
and demands.
Shares of NextShares funds are normally bought and sold in the
secondary market through a broker, and may not be individually
purchased or redeemed from the fund. In the secondary market,
buyers and sellers transact with each other, rather than with the
fund. These transactions do not affect the fund or its investments.
When a NextShares fund does issue or redeem shares, the
transactions are made through designated authorized participants
and are normally in kind when practicable, meaning that the fund
receives or delivers securities rather than cash. By transacting in
kind, a NextShares fund can lower its trading costs and enhance
fund tax efficiency by avoiding forced sales of securities to meet
redemptions. As exchange-traded securities, NextShares can operate
with low transfer agency expenses by utilizing the same highly
efficient share processing system as used for exchange-listed
stocks.
Market trading prices of NextShares are linked to the fund’s
next-computed net asset value (NAV) and will vary from NAV by a
market-determined premium or discount, which may be zero. Buyers
and seller of NextShares will not know the value of their purchases
and sales until after the fund’s NAV is determined at the end of
the trading day. Market trading prices may vary significantly from
anticipated levels. NextShares do not offer investors the
opportunity to buy and sell intraday based on current (versus
end-of-day) determinations of fund value. NextShares trade
execution prices will fluctuate based on changes in NAV. Although
limit orders may be used to control trading costs, they cannot be
used to control or limit trade execution prices. As a new type of
fund, NextShares have a limited operating history and may initially
be available through a limited number of brokers. There can be no
guarantee that an active trading market for NextShares will develop
or be maintained, or that their listing will continue unchanged.
Buying and selling NextShares may require payment of brokerage
commissions and expose transacting shareholders to other trading
costs. Frequent trading may detract from realized investment
returns. The return on a shareholder’s NextShares investment will
be reduced if the shareholder sells shares at a greater discount or
narrower premium to NAV than he or she acquired the shares.
NextShares funds issue and redeem shares only in specified creation
unit quantities in transactions by or through authorized
participants. In such transactions, a fund issues and redeems
shares in exchange for the basket of securities, other instruments
and/or cash that the fund specifies each business day. The basket
is not intended to be representative of the fund’s current
portfolio positions and may vary significantly from current
positions.
Food of All NationsTM is a trademark of GAMCO Investors, Inc.
All rights reserved.
NextSharesTM is a trademark of NextShares Solutions LLC. All
rights reserved.
Creation units of Gabelli NextShares will be distributed by
G.distributors, LLC, an affiliate of Gabelli Funds, LLC, the
investment adviser to Gabelli Food of All Nations NextShares
Fund.
All investments are subject to risks, including possible loss
of principal. Please consider the investment objectives,
risk, charges and expenses of Gabelli NextShares before
investing. Please carefully read a copy of the Gabelli
NextShares prospectus or summary prospectus before investing, which
contains this and other information about Gabelli NextShares; you
can obtain a copy of the prospectus or summary prospectus by
calling 800 422-3554.
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version on businesswire.com: http://www.businesswire.com/news/home/20170206005954/en/
For Gabelli Funds, LLCKevin V. Dreyer, 914-921- 5100Co-Chief
Investment Officer, Valuewww.gabelli.com
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