Gabelli Blue Chip Value Tastes Tech
By Hap Bryant
Gabelli Blue Chip Value (NA: GABBX) now knows what tech can do.
After successfully navigating the rough waters of 2000, this young fund dove into tech stocks late in the year. Manager Barbara Marcin bought Apple (Nasdaq: AAPL - news), Analog Devices (NYSE: ADI - news), and Lucent (NYSE: LU - news), among others, and increased the portfolio's positions in such technology bellwethers as Compaq (NYSE: CPQ - news) and Intel (Nasdaq: INTC - news). This activity increased the portfolio's tech stake to 27%, more than twice what most large-value funds devote to that sector.
Given that makeup, the fund's performance in early 2001 was predictable. When tech stocks rebounded in January, the fund handily outpaced most of the large-value competition. It beat the category average by almost 13 percentage points in that month. But the tie wasn't so lucrative in February, when the fund lost almost 9% and trailed the category norm by five percentage points. Even so, the fund ranked near the top of its category for the year to date through March 6, 2001.
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