Gabelli Fund Keeps Berkshire at 3.1% of Assets

The Gabelli Global Rising Income and Dividend Fund held Berkshire Hathaway as 3.1% of its net assets at June 30, according to its second-quarter investor letter. The disclosure shows the position at quarter-end, not whether the fund bought or sold shares afterward.

The letter pointed to Berkshire’s cash reserves as a source of flexibility for future investments. That matters because the company owns a broad mix of businesses and can direct capital among them without relying on a single line of business.

Berkshire’s units span insurance, freight rail, utilities and energy, manufacturing, services and retail. Gabelli’s letter says those businesses run largely on their own, while investment and capital-allocation decisions are managed centrally.

The cash reserve is substantial. Berkshire reported $365.5 billion in cash, cash equivalents and U.S. Treasury bills at June 30. In the second quarter, it also invested $10 billion in Alphabet and bought back about $4.5 billion of its own shares.

The fund’s letter cited Berkshire’s 19.7% annual compounded return from 1965 through 2025. That historical figure reflects the company’s long-run record, not a forecast for future returns.

Leadership has changed since the fund’s reporting date. Greg Abel became chief executive on January 1, 2026, and Warren Buffett stepped down as chairman on September 18. The letter, written for the quarter ended June 30, still described Buffett as chairman.

The holding is one part of a diversified income-and-growth portfolio, not a standalone call on Berkshire. The fund returned 5.78% in the second quarter, below the MSCI World Index’s 13.90% gain, as global markets rallied.