The remaining 50% of the fund is expected to invest in no more than twenty additional equity securities, short-term high-grade liquid investments or cash equivalents.
The fund will be managed by Daniel Miller, currently president of Gabelli & Company, along with Sarah Donnelly and Elizabeth Lilly.
According to GAMCO, the Focus Five Fund represents a change in direction for the Gabelli Woodland Small Cap Fund and will continue to invest at least 80% of its assets in small cap companies during the notice period.
GAMCO Investors chairman & CEO Mario Gabelli said that the launch of the Gabelli Focus Five Fund underscores their commitment to fundamental bottom-up research.
"Dan has been a key driver in creating and selecting the Focus Five with our research team. The result is a fund concentrated in the great research ideas generated by our team of analysts, added Gabelli.
