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    Ian Lapey

    Portfolio Manager at Gabelli Funds

    Ian Lapey is a Portfolio Manager at Gabelli Funds, overseeing The Gabelli Global Financial Services Fund and co-managing The Gabelli ESG Fund with a specialization in global financial services and ESG investments. He covers leading financial companies across global markets, leveraging more than 27 years of investment industry experience to generate capital appreciation for his funds; performance data shows strong, disciplined management since the funds' inception in 2018. Lapey began his career as a staff accountant at Ernst & Young, then held analyst and portfolio manager roles at Credit Suisse First Boston, Salomon Brothers, Third Avenue Management (where he led the Third Avenue Value Fund), and Moerus Capital Management before joining Gabelli in 2018. He holds a CPA (inactive) and earned a BA in economics from Williams College, an MS in accounting from Northeastern University, and an MBA in finance and statistics from NYU Stern.

    Ian Lapey's questions to CAVCO INDUSTRIES (CVCO) leadership

    Ian Lapey's questions to CAVCO INDUSTRIES (CVCO) leadership • Q1 2026

    Question

    Ian Lapey from Gabelli Funds inquired about the drivers for the quarter's higher capital expenditures and whether spending would return to lower, more typical levels in the future.

    Answer

    President and CEO William Boor and EVP and CFO Allison Aden clarified that the increased CapEx was not related to the recent brand realignment but was driven by a series of successful, high-return investments in plant modernization and efficiency. They indicated that while spending can be lumpy based on project timing, the Q1 level does not signal a new, sustained upward trend in capital spending.

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    Ian Lapey's questions to TRUSTCO BANK CORP N Y (TRST) leadership

    Ian Lapey's questions to TRUSTCO BANK CORP N Y (TRST) leadership • Q2 2025

    Question

    Ian Lapey of Gabelli Funds asked about the geographic source of strong loan demand, comparing Florida to the Northeast. He also inquired about the interest rates on maturing CDs versus new offerings and the composition of the commercial loan portfolio.

    Answer

    President, CEO & Chairman Robert McCormick confirmed strong loan demand in both Florida and the Northeast, with Florida being slightly stronger. EVP & CFO Michael Ozimek noted that maturing CDs average a 3.91% rate, while new CDs are being issued around 4%. McCormick added that over 90% of the commercial loan portfolio is secured by real estate, focusing on smaller multifamily and office projects.

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