Teton Advisors has launched the TETON Convertible Securities Fund, which will be managed by the Dinsmore Group investment team.
The Dinsmore Group, Thomas Dinsmore (pictured), Jane O’Keeffe and James Dinsmore, will join Barbara Marcin on the portfolio management team.
The Dinsmore team currently manages USD325 million AUM in convertible securities across three closed end funds: Bancroft Fund, Ellsworth Growth and Income Fund Ltd and The Gabelli Convertible and Income Securities Fund.
Thomas Dinsmore has been an equity analyst and portfolio manager at Dinsmore Capital since 1983 and led the team from 1993 to 2015. He joined Gabelli Funds in 2015.
O’Keeffe has been in the investment business since 1980 and joined Dinsmore Capital in 1994 as an analyst and portfolio manager focusing on the healthcare sector. O’Keeffe joined Gabelli Funds in 2015.
James Dinsmore joined Gabelli Funds in 2015. Prior to joining Gabelli Funds, he was a portfolio manager since 2010 and equity analyst since 2004 focusing on the technology and telecom sectors at Dinsmore Capital Management.
Marcin joined GAMCO Investors in June 1999 to manage The Gabelli Dividend Growth Fund and TETON Westwood Income Fund.
Teton will be rebranding the former TETON Westwood Income Fund. The fund, currently managed by Marcin, will change its investment strategy to invest in a portfolio consisting primarily of convertible securities. The board of directors of the TETON Westwood Funds, approved the fund’s name change and amendments to its current investment strategy effective 1 October 2016. The fund will invest at least 80 per cent of its assets in convertible securities.
“Teton is excited about the new fund given the team's experience and track record managing convertible securities funds,” says Nicholas Galluccio, president and CEO of Teton, “This is a great opportunity for asset gathering at a time when investors are starved for yield with upside.”
“The risk reward profile of a portfolio of convertible bonds and preferred stocks can provide an attractive equity alternative for investors looking for reduced volatility and some extra income,” says Tom Dinsmore.
