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GAMCO to launch NextShares exchange-traded managed funds

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GAMCO Investors is planning to partner with Navigate Fund Solutions to launch a GAMCO family of NextShares exchange-traded managed funds. 

GAMCO is also preparing to file an application with the US Securities and Exchange Commission seeking exemptive relief to permit the firm to offer NextShares. The application incorporates by reference the terms and conditions of the exemptive order granted to Eaton Vance Management and related parties on 2 December, 2014.

“GAMCO elected not to participate in the growth in ETFs as our bottom up research effort has been in part focused on securities in the microcap, small cap, and mid cap sectors of the market. As stock pickers, we are now pleased to participate in the exchange-traded product marketplace through NextShares exchange-traded managed funds, which are designed to protect the confidentiality of portfolio trading information. GAMCO started hedge funds in early 1985 and entered the mutual funds with the launch of The Gabelli Asset Fund in March 1986.

“We then entered the closed end fund world with The Gabelli Equity Trust in August 1986,” says Mario J Gabelli, Chairman and CEO of GAMCO.

NextShares are a new type of exchange-traded product designed to provide investors with potentially better performance and enhanced tax efficiency by leveraging the best features of actively managed mutual funds and ETFs. Like active mutual funds, NextShares seek to outperform their benchmark index and peer funds based on their manager’s investment insights and research judgments. Like ETFs, NextShares will utilise an exchange-traded structure with built-in cost and tax advantages. Compared to actively managed ETFs, NextShares offer the potential benefits of protecting the confidentiality of fund trading information yet providing trading cost transparency to fund investors.

“We are pleased to add GAMCO as a licensee, and look forward to partnering with them and other fund sponsors to launch the initial NextShares funds,” says Stephen W Clarke, President of Navigate.

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