The GAMCO Growth Fund - Shareholder Commentary March 31, 2019 - Gabelli
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The GAMCO Growth Fund
Shareholder Commentary
March 31, 2019
Howard F. Ward, CFA Christopher D. Ward, CFA
Portfolio Manager Associate Portfolio Manager
To Our Shareholders,
Thank you for your investment in the GAMCO Growth Fund.
For the quarter ended March 31, 2019, the net asset value (NAV) per Class I Share of The GAMCO
Growth Fund increased 17.2% compared with an increase of 13.7% for the Standard & Poor’s (S&P) 500 Index
and an increase of 16.1% for the Russell 1000 Growth Index. Other classes of shares are available. See page
2 for additional performance information for all classes.
On March 25, Investor’s Business Daily recognized the GAMCO Growth Fund as one of the Best U.S.
Diversified Equity Funds, based on outperformance over the S&P 500 over the last one-, three-, five- and 10-
year periods.
The first quarter market rally was as sharp as the Federal Reserve’s policy pivot. Just weeks after
suggesting the Federal Reserve balance sheet runoff was on “autopilot,” and hiking rates for the ninth time this
cycle, the Federal Reserve went out of its way to soothe markets and clarify its intentions. Federal Reserve
chairman Jerome Powell now intends to be patient and flexible with the balance sheet. Perhaps more
importantly, Federal Reserve dot projections have become considerably more dovish, with rate hike projections
for 2019 decreasing from two to zero in just three months. Most market participants can agree: autopilot is
better suited for Tesla than monetary policy.
This is not to belittle the challenge facing Powell. The Federal Reserve has a very strong incentive to
reach the neutral rate, the rate at which the Federal Reserve is neither stimulating nor restricting the economy.
Arriving at the neutral rate, a moving target, which the Federal Reserve currently views at 2.75%, would create
more ammunition to deal with the next recession. Historically, hiking beyond the neutral rate has been a recipe
for recession, but Powell is very cognizant of that. Hiking into an inverted yield curve has also been a precursor
for each of the past several recessions, but Powell is aware of that too. The question becomes, what if 2.75%
is not the neutral rate? What if it is 2.25%? 2.00%? Further, what is the true underlying economic growth rate,Average Annual Returns through March 31, 2019 (a)
Since
Inception
Quarter 1 Year 3 Year 5 Year 10 Year (4/10/87)
———— ———— ——— ———— ——— ————-----
Class I (GGCIX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.19% 15.80% 17.17% 13.07% 16.34% 10.53%
S&P 500 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.65 9.50 13.51 10.91 15.92 9.79(b)
Russell 1000 Growth Index. . . . . . . . . . . . . . . . . . . . . . . . . . 16.10 12.75 16.53 13.50 17.52 9.65(b)
Class AAA (GABGX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.12 15.51 16.88 12.79 16.05 10.43
Class A (GGCAX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.12 15.52 16.88 12.79 16.05 10.44
With sales charge (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.38 8.88 14.59 11.46 15.36 10.24
Class C (GGCCX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.93 14.66 16.01 11.95 15.18 10.04
With contingent deferred sales charge (d) . . . . . . . . . . . . . . 15.93 13.66 16.01 11.95 15.18 10.04
In the current prospectuses dated April 30, 2019, the expense ratios for Class AAA, A, C, and I Shares are
1.40%, 1.40%, 2.15%, and 1.15%, respectively. Class AAA and Class I Shares do not have a sales charge. The
maximum sales charge for Class A Shares, and Class C Shares is 5.75%, and 1.00%, respectively.
(a) Returns represent past performance and do not guarantee future results. Total returns and average annual returns
reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the
principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than
their original cost. Current performance may be lower or higher than the performance data presented. Visit
www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption
fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one
year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses
of the Fund before investing. The prospectuses contain information about these and other matters and should be
read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. The Class AAA
Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C
Shares on December 31, 2003, and Class I Shares on January 11, 2008. The actual performance of the Class A
Shares, and Class C Shares would have been lower due to the additional fees and expenses associated with these
classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses
related to this class of shares. The S&P 500 Index is a market capitalization weighted index of 500 large
capitalization stocks commonly used to represent the U.S. equity market. The Russell 1000 Growth Index measures
the performance of the large cap growth segment of the U.S. equity market. Dividends are considered reinvested.
You cannot invest directly in an index.
(b) S&P 500 Index and Russell 1000 Growth Index since inception performance results are as of March 31,1987.
(c) Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.
(d) Assuming payment of the 1% maximum CDSC imposed on redemptions made within one year of purchase.
We have separated the portfolio managers’ commentary from the financial statements and investment portfolio
due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to
ensure that the content of the portfolio managers’ commentary is unrestricted. Both the commentary and the
financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.
2excluding the one-time step function change in tax rates? If Powell was looking for guidance on monetary
policy, the collective wisdom of the market weighed its opinion in December: enough was enough. To the
Federal Reserve’s credit, Powell & Co. listened.
The Economy
While economic data have softened, it has not been of the magnitude that would justify a Federal Reserve
pivot. Clearly, markets were an influential voice in the fourth quarter and perhaps forced Federal Reserve
officials to more closely scrutinize the data. Strong payroll growth in January of 304,000 jobs was followed by
growth of only 20,000 jobs in February, missing the estimate for 180,000 and marking the lowest print since
2017. Consumer spending has disappointed, with February month-over-month retail sales growth of -0.6%,
excluding autos and gas, well below expectations for +0.3%. Capital investment is growing at a slower pace
than last year. Growth has slowed in Europe, Japan, and until very recently, China. After dismal January and
February data, China’s March factory data showed some improvement. This is at least partially due to
seasonality given the long Lunar New Year holiday; time will tell if the government’s massive stimulus efforts
have borne fruit. U.S. inflation (PCE deflator) remains muted, near two percent, the Federal Reserve’s medium
term objective. And finally, policy wild cards, including Brexit and China trade negotiations, remain unresolved.
On a more positive note, U.S. housing data, which had been deteriorating for some time, have shown
some recent improvement, albeit data points remain volatile. Declining mortgage rates, restrained home price
appreciation and rising labor force participation within the millennial cohort are all tailwinds for new home sales
and housing starts. Stabilization in the housing market is reflected in the first material improvement in the
NAHB Index in over 12 months. The NAHB Index steadily dropped from 74 to 56 over the course of 2018, but
more recently has shown stabilization at 62. While lower rates might benefit housing activity in the near term,
given the 18 to 24 months it takes for interest rates to be completely digested by the economy, we don’t expect
a full multiplier effect to be felt for some time.
The Markets
The S&P 500 returned 13.7% through the first quarter, the best first quarter since 1998, which might give
some investors’ confidence that fourth quarter volatility was nothing more than an emotional overreaction to an
escalating trade war, Federal Reserve tightening and a global growth slowdown. However, more interesting to
us than the headline market return are the market internals and their potential implications. In January, the
markets displayed a brief cyclical surge, led by industrials and energy, as 10-year yields rose from 2.55% to
2.78%. February and March proved cyclical leadership to be quite temporary, as market leadership swiftly
returned to more defensive areas such as technology, utilities, consumer staples and REITs, consistent with a
falling 10-year yield from 2.78% to 2.40%. Domestic and Global PMIs continue to decline, consistent with S&P
500 earnings estimates which have been steadily revised lower all year, from $172 in December to $166 today.
Market returns have been entirely explained by P/E multiples. After derating from 18.5x to 14.5x in 2018, the
S&P 500 price-to-earnings multiple has since expanded about two turns, from 14.5x to 16.5x.
When markets judge a Federal Reserve tightening cycle to be finished, relief rallies are the rule rather
than the exception. The Federal Reserve pause has alleviated the pressure on multiples even as the economic
backdrop remains murky. Almost by definition, economic data continues to deteriorate after the Federal
3Reserve pauses, as it is weakening economic data that prompts the pause in the first place. Historically, relief
rallies have eventually reverted to underlying economic fundamentals.
Portfolio Observations
Given the tightening the Federal Reserve has imposed onto the economy – eight rate hikes since
December of 2016 – we remain defensively positioned, a posture we’ve maintained since the beginning of
2018. Our emphasis is on organic secular growers with high levels of profitability, free cash flow and limited
foreign exposure. We also hold a number of stocks that can best be described as counter-cyclicals, such as
wireless tower companies and utilities.
In the first quarter, we sold five positions and added three, for a net reduction of two. We ended the
quarter with 37 names.
We initiated a position in Workday (1.5% of net assets as of March 31, 2019), the leading software-as-a-
service (SaaS) provider of Human Capital Management (HCM) solutions. The company is well positioned as
enterprises continue to adopt best-of-breed cloud-delivered software. Workday is attacking a large and growing
addressable market. It’s HCM business is growing at two-and-a-half times the market, reflecting rapid share
gains. While there remains ample runway for the core HCM business, more exciting is the inflection taking
place in the company’s Financial Management solution. After years of evaluating the risks and benefits, Chief
Financial Officers are confidently moving their general ledgers to the cloud. This is an important development,
as the Financial Management market is significantly larger than the Workday’s core HCM market.
We established a position in New Relic (0.5%), a web application performance management (APM)
service. The company’s SaaS-based solutions enable customers to easily monitor web and mobile apps and
gain insights that can enhance business operations. International Data Corporation estimates that half of global
GDP will flow through digital channels by 2021. With only 5% of application workflows currently monitored,
there is significant runway for APM penetration even as the pie continues to expand.
We bought McDonald’s (1.5%), the leading global quick service restaurant. The company has nearly
completed its refranchising efforts, which have resulted in a higher-ROIC business model. We think the new
profile of the business will command a premium multiple over time. The stable earnings and cash flows
generated by the business model are especially attractive in the current economic backdrop.
In order to enhance our defensive positioning, we increased our stake in several positions including
American Water Works (2.6%), Crown Castle (3.0%) and NextEra Energy (2.6%). We also added to NVIDIA
(2.1%), which delivered an upbeat analyst day, offering a line of sight into the recovery of NVIDIA’s gaming
business and reinforcing the longer-term opportunity around autonomous vehicles and datacenter. We added
to Tableau (1.4%), the leader in modern business intelligence. The data visualization company is becoming
increasingly valuable to Chief Information Officers who are under pressure to extract meaning from their
business data. We added to Facebook (4.0%), whose fourth quarter results showed evidence of Instagram
monetization gaining traction and stabilization in the core News Feed. We added to Nike (2.9%), whose
investments in digital and direct-to-consumer continue to widen their lead against competitors. We added to
Netflix (3.1%), whose competitive position only looks more impressive after the underwhelming reveal of
4Apple’s TV Plus subscription service. We added to Intuitive Surgical (3.0%), whose da Vinci robotic surgery
system has a multi-year head start on competition and on which medical professionals are standardizing. We
added to Thermo Fisher (2.6%), which continues to demonstrate broad strength, outsized share gains and
healthy end markets. Lastly, we added to Edwards Lifesciences (3.1%), after promising results from a recent
transcatheter aortic valve replacement (TAVR) trial showed the procedure is beneficial even for younger,
healthier patients.
Boeing was eventually eliminated from the portfolio after being gradually reduced throughout the quarter.
Our original motivation was reducing cyclical exposure in a name trading at a full valuation. The software issues
that came to light with the 737 MAX only accelerated our plans.
We also sold Square. While the company’s long-term growth trajectory remains intact, the stock is
vulnerable to a number of late cycle pressures. The valuation remains rich, as the company continues to
reinvest topline outperformance into innovation, delaying more meaningful operating leverage. Meanwhile, the
company is exposed to the health of small and medium sized businesses, and the secular growth tailwind may
no longer mask cyclicality given Square’s size.
Other companies that were eliminated due to either growth concerns or full valuation were Humana,
Stryker and Disney. Positions that were trimmed due to valuation included Adobe (3.5%), Alphabet (5.1%),
Amazon (5.9%), Apple (5.1%), Autodesk (0.9%), PayPal (3.1%), UnitedHealth (1.7%), Xilinx (0.3%), and
Zoetis (3.0%).
Performance Commentary
Holdings with the most positive impact on performance for the quarter (based upon price change and the
size of the holding) were, in order, Mastercard (5.3% of net assets as of March 31, 2019), Amazon (5.9%),
Microsoft (7.2%), Netflix (3.1%), ServiceNow (3.2%), Apple (5.1%), Facebook (4.0%), American Tower (3.4%),
Alphabet (5.1%) and PayPal (3.1%). The biggest detractors for the quarter were, in order, New Relic (0.5%),
Verizon*, Square*, Disney*, Stryker*, Tableau (1.4%), Illumina (2.2%), McDonald’s (1.5%), Humana*, and
Costco (1.0%).
In Conclusion
Our cautious view of the economy is predicated on the liquidity environment, which has tightened
significantly over the past two years. The low absolute level of GDP growth makes the economy especially
vulnerable to increases in interest rates. This decelerating growth environment informs our preference for
companies with organic growth and strong free cash flow; in our investment universe, there are plenty with the
former, far fewer with the latter.
It is important to draw a distinction between high multiple stocks of two types: those which derive their
high multiple from the attractive combination of organic growth, a competitive moat, and improving returns, and
those which derive their high multiple from high growth and a speculative future. In benign economic
environments, the difference doesn’t always matter. But when the tide goes out…
*No longer held as of March 31, 2019.
5Let’s Talk Stocks
The following are stock specifics on selected holdings of our Fund. Favorable earnings prospects do not
necessarily translate into higher stock prices, but they do express a positive trend that we believe will develop
over time. Individual securities mentioned are not necessarily representative of the entire portfolio. For the
following holdings, the percentages of net assets, and their share prices are stated as of March 31, 2019.
Adobe Systems (3.5% of net assets as of March 31, 2018) (ADBE – $266.49 – NASDAQ) is the global leader
in digital marketing and digital media solutions. Adobe has the most comprehensive end-to-end solution for
digital marketing. Its tools allow customers to create digital content, deploy it across media and devices, and
measure and optimize it over time. Adobe has successfully transitioned from a product-based desktop
business to a cloud-based subscription business. Over 90% of total revenue is now recurring. The demand for
design capabilities continues to rise at a dramatic pace, as reflected in Adobe’s large and growing total
addressable market of $64 billion in 2019.
Alphabet (5.1%) (GOOG/GOOGL – $1,173.31/1,176.89 – NASDAQ) is the parent company of Google, the
world’s leading Internet search engine. The company benefits from a powerful competitive moat in one of the
best secular markets, digital advertising, in which Google maintains approximately 40% market share. The
company generates revenue by providing advertisers the opportunity to deliver targeted and measurable
advertising. Alphabet’s healthy core search business has allowed the company to pursue a variety of
“moonshot” projects such as life sciences (Verily), and autonomous driving (Waymo).
Amazon.com (5.9%) (AMZN – $1,780.75 – NASDAQ) launched in 1995 as an online book retailer and has
evolved into a dominant e-commerce platform and public cloud provider. Amazon is benefitting from the secular
trend of e-commerce and the transition from on-premise to public cloud data centers. Amazon’s competitive
advantage within e-commerce is Amazon Prime, which benefits from a virtuous cycle as the continuously
expanding selection of inventory drives traffic, which attracts more sellers, who add yet more selection.
Amazon continues to invest in the Prime value proposition (free and faster shipping, free video and music
streaming, libraries of free books and magazines, and a host of other benefits). Prime members spend more
than non-Prime customers and their purchasing volume tends to increase over time. In addition to its retailing
operations, Amazon pioneered the concept of hyperscale public cloud with its Amazon Web Services (AWS)
and continues to be the dominant market share leader within that rapidly growing industry.
American Tower (3.4%) (AMT – $197.06 – NYSE) is the largest wireless tower operator in the world. The tower
leasing business is positioned to benefit from the steady increase in wireless devices and more bandwidth
intensive applications. The tower business benefits from significant barriers to entry, high recurring cash flow,
and significant operating leverage given its largely fixed costs.
Apple (5.1%) (AAPL – $189.95 – NASDAQ) designs integrated hardware and operating systems. Apple
inspired the digital music revolution with the iPod and iTunes, redefined the mobile phone with the iPhone and
App Store, invented an entirely new category (tablets) with the iPad, and continues to be at the forefront of
mobile technology with the Apple Watch, Apple Pay, and Apple Music. Perhaps Apple’s greatest innovation has
been its integrated ecosystem, which retains customers and produces a “halo effect” for other Apple devices.
6Apple’s less cyclical Services business is growing ~20% per year is accretive to margins, and should command
a higher multiple for the stock as the company becomes less dependent on hardware sales.
Facebook’s (4.0%) (FB – $166.69 – NASDAQ) unique cache of user profiles creates a powerful targeted
advertising platform. Facebook has over 2.5 billion monthly active users (MAUs) for its family of apps
worldwide. Facebook continues to grow its worldwide user base largely driven by the proliferation of mobile
devices in the emerging markets. Facebook is able to drive pricing power by continuously improving the
effectiveness of its ads. Meanwhile, there remains runway to further monetize Facebook properties Instagram,
Messenger and WhatsApp.
Mastercard (5.3%) (MA – $235.45 – NYSE) operates a card payments network connecting consumers,
financial institutions, merchants, governments, and businesses in more than 210 countries and territories.
Mastercard benefits from the secular trend of cash-to-card conversion, the displacement of cash and checks
with digital forms of payment. Global card payment penetration is less than 50%, increasing approximately 2
percentage points per year. Card payment penetration is substantially lower in emerging markets, such as
Brazil (35%), Mexico (16%) and India (15%).
Microsoft (7.2%) (MSFT – $117.94 – NASDAQ) is the world’s largest software company. CEO Satya Nadella
has pivoted the company away from its legacy Windows business, prioritizing cloud applications and services.
The transition from Office to cloud-based Office 365 is resulting in growth in users, average revenue per user,
and recurring revenue. Microsoft’s Azure has emerged as a rapidly growing public cloud competitor to
Amazon’s AWS. Azure stands to benefit from Microsoft’s existing enterprise customer base and distribution
channel. The company’s legacy assets position it as the hybrid cloud vendor of choice. In contrast to its cloud
competition, Microsoft is free of conflict of interest with its customers.
Netflix (3.1%) (NFLX – $356.56 – NASDAQ) continues to rapidly add subscribers to its leading streaming
media service. With growth in subscribers, Netflix is able to spread its formidable content costs across its ever
wider customer base. Netflix’s unique window into viewing behavior allows the company to optimize content
investment. The company’s focus on evergreen content allows the cumulative value of the Netflix library to
grow over time, attracting more subscribers and fueling the virtuous cycle of content spend and customer
acquisition. The company continues to build out its library of originally produced content, decreasing their
dependence on licensed content and creating exclusivity. We expect the company to more than double its
subscriber base over the next decade as it more deeply penetrates international markets. Investors should
benefit from material free cash flow improvement over the next few years.
ServiceNow (3.2%) (NOW – $246.49 – NASDAQ) is a software-as-a-service provider of IT service
management tools. The company is a primary beneficiary of application workloads moving to the cloud. Chief
Information Officers are prioritizing digital transformation projects and often cite ServiceNow as being a
strategic partner in their transition. The company boasts best-in-class unit economics and has ample runway
to expand wallet share with existing customers with its emerging products.
April 22, 2019
7Top Ten Holdings (Percent of Net Assets)
March 31, 2019
Microsoft Corp. 7.2% Facebook Inc. 4.0%
Amazon.Com Inc. 5.9% Adobe Inc. 3.5%
Mastercard Inc. 5.3% American Tower Corp. 3.4%
Alphabet Inc. 5.1% Servicenow Inc. 3.2%
Apple Inc. 5.1% Netflix Inc. 3.1%
Note: The views expressed in this Shareholder Commentary reflect those of the Portfolio Managers only through
the end of the period stated in this Shareholder Commentary. The Portfolio Managers’ views are subject to
change at any time based on market and other conditions. The information in this Portfolio Managers’
Shareholder Commentary represents the opinions of the Portfolio Managers and is not intended to be a forecast
of future events, a guarantee of future results, or investment advice. Views expressed are those of the Portfolio
Managers and may differ from those of other portfolio managers or of the Firm as a whole. This Shareholder
Commentary does not constitute an offer of any transaction in any securities. Any recommendation contained
herein may not be suitable for all investors. Information contained in this Shareholder Commentary has been
obtained from sources we believe to be reliable, but cannot be guaranteed.
Minimum Initial Investment – $1,000
The Fund’s minimum initial investment for regular accounts is $1,000. There are no subsequent
investment minimums. No initial minimum is required for those establishing an Automatic Investment Plan.
Additionally, the Fund and other Gabelli/GAMCO Funds are available through the no-transaction fee programs
at many major brokerage firms. The Fund imposes a 2% redemption fee on shares sold or exchanged within
seven days after the date of purchase. See the prospectuses for more details.
www.gabelli.com
Please visit us on the Internet. Our homepage at www.gabelli.com contains information about GAMCO
Investors, Inc., the Gabelli/GAMCO Mutual Funds, IRAs, 401(k)s, current and historical quarterly reports,
closing prices, and other current news. We welcome your comments and questions via e-mail at
info@gabelli.com.
The Fund’s daily NAVs are available in the financial press and each evening after 7:00 PM (Eastern Time)
by calling 800-GABELLI (800-422-3554). Please call us during the business day, between 8:00 AM – 7:00 PM
(Eastern Time), for further information.
You may sign up for our e-mail alerts at www.gabelli.com and receive early notice of quarterly report
availability, news events, media sightings, and mutual fund prices and performance.
8e-delivery
We are pleased to offer electronic delivery of Gabelli fund documents. Direct shareholders of our mutual
funds can elect to receive their Annual and Semiannual Reports, Manager Commentaries, and Prospectuses
via e-delivery. For more information or to sign up for e-delivery, please visit our website at www.gabelli.com.
Multi-Class Shares
The GAMCO Growth Fund began offering additional classes of Fund shares on December 31, 2003.
Class AAA Shares are no-load shares offered directly through selected broker/dealers. Class A and Class C
Shares are targeted to the needs of investors who seek advice through financial consultants. Class I Shares are
available directly through the Fund’s distributor or brokers that have entered into selling agreements specifically
with respect to Class I Shares. The Board of Trustees determined that expanding the types of Fund shares
available through various distribution options should enhance the ability of the Fund to attract additional investors.
9Gabelli/GAMCO Funds and Your Personal Privacy
Who are we?
The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange
Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC
which is affiliated with GAMCO Investors, Inc., a publicly held company that has subsidiaries and
affiliates that provide investment advisory services for a variety of clients.
What kind of non-public information do we collect about you if you become a fund shareholder?
If you apply to open an account directly with us, you will be giving us some non-public information about
yourself. The non-public information we collect about you is:
• Information you give us on your application form. This could include your name, address,
telephone number, social security number, bank account number, and other information.
• Information about your transactions with us, any transactions with our affiliates, and
transactions with the entities we hire to provide services to you. This would include information
about the shares that you buy or redeem. If we hire someone else to provide services—like a
transfer agent—we will also have information about the transactions that you conduct through them.
What information do we disclose and to whom do we disclose it?
We do not disclose any non-public personal information about our customers or former customers to
anyone other than our affiliates, our service providers who need to know such information, and as
otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules
adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal
Regulations, Part 248. The Commission often posts information about its regulations on its website,
www.sec.gov.
What do we do to protect your personal information?
We restrict access to non-public personal information about you to the people who need to know that
information in order to provide services to you or the fund and to ensure that we are complying with the
laws governing the securities business. We maintain physical, electronic, and procedural safeguards to
keep your personal information confidential.
10THE GAMCO GROWTH FUND
One Corporate Center
Rye, NY 10580-1422
Portfolio Management Team Biographies
Howard F. Ward, CFA, joined Gabelli Funds in 1995 and currently serves as GAMCO’s Chief Investment
Officer of Growth Equities as well as a Gabelli Funds, LLC portfolio manager for several funds within the
Gabelli/GAMCO Funds Complex. Prior to joining Gabelli, Mr. Ward served as Managing Director and Lead
Portfolio Manager for several Scudder mutual funds. He also was the Investment Officer in the Institutional
Investment Department with Brown Brothers, Harriman & Co. for four years. Mr. Ward received his BA in
Economics from Northwestern University.
Christopher D. Ward, CFA, joined the GAMCO Growth Team in 2015 and currently serves as Vice President
and Associate Portfolio Manager. Prior to joining Gabelli Funds, Mr. Ward spent five years at Morgan Stanley
Private Wealth Management where he served as Director of Business Strategy for The Apollo Group. Before
joining Morgan Stanley, he was with the GFI Group, Inc., a wholesale institutional brokerage firm. Mr. Ward
is a Chartered Financial Analyst and a member of the New York Society of Security Analysts. He graduated
from Boston College with a BA in Economics.
11THE GAMCO GROWTH FUND
One Corporate Center
Rye, NY 10580-1422
t 800-GABELLI (800-422-3554)
f 914-921-5118
e info@gabelli.com
G A B E L L I .C O M
Net Asset Value per share available daily
by calling 800-GABELLI after 7:00 P.M. THE
BOARD OF TRUSTEES
Mario J. Gabelli, CFA
OFFICERS
Bruce N. Alpert GAMCO
G R OW T H
Chairman and Chief President
Executive Officer,
John C. Ball
GAMCO Investors, Inc.
Executive Chairman, Treasurer
Associated Capital Group Inc.
James P. Conn
Former Chief Investment Officer,
Agnes Mullady
Vice President FUND
Financial Security Assurance Andrea R. Mango
Holdings Ltd. Secretary
John D. Gabelli Richard J. Walz
Senior Vice President, Chief Compliance Officer
G.research, Inc.
Robert J. Morrissey DISTRIBUTOR
Partner, G.distributors, LLC
Morrissey, Hawkins & Lynch Shareholder Commentary
CUSTODIAN
Anthony R. Pustorino
Certified Public Accountant, State Street Bank and Trust Company March 31, 2019
Professor Emeritus, TRANSFER AGENT AND
Pace University
DIVIDEND DISBURSING AGENT
Anthony Torna
Former Investment Counselor, DST Asset Manager Solutions, Inc.
Maxim Group LLC LEGAL COUNSEL
Anthonie C. van Ekris Skadden, Arps, Slate, Meagher &
Chairman, Flom LLP
BALMAC International, Inc.
Salvatore J. Zizza
Chairman,
Zizza & Associates Corp.
This report is submitted for the general information of the
shareholders of The GAMCO Growth Fund. It is not
authorized for distribution to prospective investors unless
preceded or accompanied by an effective prospectus.
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