GAMCO’s Gabelli backs Gondor Capital hedge fund
Billionaire Mario Gabelli (pictured), the founder of the Gabelli Asset Management Company Investors (GAMCO Investors), is backing New York-based hedge fund management firm Gondor Capital Management by investing in its domestic hedge fund Gondor Partners LP.
Gabelli’s assistant Betsy Dunn said that Mario has confidence with Vincent Au’s understanding of the markets and generating above-average profits.
Dunn says: “He (Mario Gabelli) invested in Gondor Capital because he thought Vincent had passion and commitment and a good nose for stocks.”
Vincent Au, the Portfolio Manager Gondor Capital says that GAMCO’s unit, the Gabelli Education Foundation, has invested in his hedge funds because Mario has seen the potential of his funds which has been consistently showing solid returns the past couple of years.
“I believe the strategy and the performance are what attracted Gabelli to Gondor,” said Au.
The strong results of Gondor’s two funds, the domestic Gondor Partners and the offshore Gondor Funds LTD were included in Preqin’s Top Performing Relative Value Strategies Hedge Funds for 2016. Au’s Gondor Partners posted a strong 26.53 per cent last year while the Gondor Funds was up 26.85 per cent during the same period.
In September, Gondor Partners LP was up +1.95 per cent , while Gondor Partners LTD jumped +2.06 per cent.
Au added that Gabelli’s trust in Gondor Capital is a big boost for his funds.
“I have known and read about Mario since I was 18 years old (I am 47 now), his investment acumen is legendary thus I am humbled and gratified by Mario's trust and confidence in my strategy and in me,” he said.