Mario J. Gabelli
About Mario J. Gabelli
Mario J. Gabelli, CFA, is Chairman of the Board of Trustees of Bancroft Fund Ltd. (BCV) and is classified as an “interested person” due to his affiliations with the Fund’s adviser and related entities; he has served as a Trustee since 2015 with a current term running until the 2027 Annual Meeting of Shareholders . His biography highlights leadership roles across the Gabelli complex: Chairman, Co-CEO, and CIO of Value Portfolios at GAMCO Investors, Inc.; CIO at Gabelli Funds, LLC and GAMCO Asset Management Inc.; CEO/CIO/director and controlling shareholder of GGCP, Inc.; Executive Chair of Associated Capital Group, Inc.; and chair/board roles at LICT Corporation, CIBL, Inc., and Morgan Group Holding Co. He holds a BA from Fordham University and an MBA from Columbia Business School, with honorary doctorates from Fordham and Roger Williams University . As of December 31, 2024, he serves as director/trustee for 31 registered investment companies in the Fund Complex .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GAMCO Investors, Inc. (GAMI) | Chairman, Co-CEO, CIO – Value Portfolios | Ongoing | Leadership of investment operations across value strategies |
| Gabelli Funds, LLC | Chief Investment Officer – Value Portfolios | Ongoing | Adviser to registered investment companies; strategic oversight |
| GAMCO Asset Management Inc. | Chief Investment Officer – Value Portfolios | Ongoing | Investment management subsidiary leadership |
| GGCP, Inc. | CEO, CIO, Director; Controlling shareholder | Ongoing | Majority interest holder in GAMI; control nexus for adviser affiliates |
| Associated Capital Group, Inc. | Executive Chair | Ongoing | Alternative asset management and research; majority-owned subsidiary of GGCP |
| LICT Corporation | Chair (since 2004); CEO (since Dec 2010) | 2004–present | Public company telecom; long-standing executive oversight |
| CIBL, Inc. | Director (since 2007); Executive Chair (since Feb 2020) | 2007–present | Public holding company; spun-off from LICT |
| Morgan Group Holding Co. | Chair (2001–Oct 2019); CEO (2001–Nov 2012) | 2001–2019 (Chair); 2001–2012 (CEO) | Public holding company governance |
| MJG Associates, Inc. | Chair | Ongoing | Investment manager of various funds/accounts |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Columbia University Graduate School of Business | Overseer | Ongoing | Academic governance |
| Boston College | Trustee | Ongoing | Non-profit board role |
| Roger Williams University | Trustee | Ongoing | Non-profit board role |
| Winston Churchill Foundation | Director | Ongoing | Philanthropy governance |
| E.L. Wiegand Foundation | Director | Ongoing | Philanthropy governance |
| American-Italian Cancer Foundation | Director | Ongoing | Philanthropy governance |
| Foundation for Italian Art & Culture | Director | Ongoing | Philanthropy governance |
| Gabelli Foundation, Inc. | Chair | Ongoing | Private charitable trust leadership |
| Field Point Park Association, Inc. | Co-President | Ongoing | Community association leadership |
Board Governance
- Role and Tenure: Chairman of BCV’s Board; Trustee since 2015; term continues until the 2027 Annual Meeting .
- Independence: Not independent (an “interested person” under the 1940 Act) due to affiliations with the Adviser/affiliates .
- Board Structure: 12 Trustees; 8 are Independent; James P. Conn serves as Lead Independent Trustee .
- Committees: Independent Trustees chair and comprise the Audit and Nominating Committees; the Audit Committee (Harding–Chair, Bizzell, Bogan) met 2 times in FY2024; the Nominating Committee (Melarkey–Chair, Fahrenkopf, Platt) met once in FY2024. Independent Trustees meet regularly in executive session .
- Meetings/Attendance: The Board met 4 times in FY2024; each Trustee (then serving) attended at least 75% of Board and committee meetings. No Trustee attended the May 13, 2024 annual meeting of shareholders (management disclosed the Fund does not expect Trustees to attend) .
| Committee | Members | Chair | FY2024 Meetings | Mario J. Gabelli participation |
|---|---|---|---|---|
| Audit Committee | Harding, Bizzell, Bogan | Harding | 2 | Committee comprises Independent Trustees; Mario not listed |
| Nominating Committee | Melarkey, Fahrenkopf, Platt | Melarkey | 1 | Committee comprises Independent Trustees; Mario not listed |
| Lead Independent Trustee | James P. Conn | — | Executive sessions held regularly | Independent Trustee leadership; Mario is not Lead Independent |
| Proxy Voting (ad hoc) | Fahrenkopf (Chair), Platt; others | Fahrenkopf | As needed | Independent Trustees lead; Mario not identified as a member |
Fixed Compensation
- Trustee Compensation Framework (FY2024): Independent Trustees and certain Interested Trustees receive an annual retainer of $8,500, $1,000 per Board meeting attended, and $500 per committee meeting; Audit Committee Chair and Nominating Committee Chair receive $2,000 each; Lead Independent Trustee receives $1,000 .
- Actual Compensation: Mario J. Gabelli received $0 from BCV in FY2024 and $0 from the Fund Complex in calendar 2024 for trustee roles .
| Item | Amount/Status |
|---|---|
| Annual retainer (Independent & certain Interested Trustees) | $8,500 |
| Board meeting fee | $1,000 per meeting |
| Committee meeting fee | $500 per meeting |
| Audit Chair fee | $2,000 annually |
| Nominating Chair fee | $2,000 annually |
| Lead Independent Trustee fee | $1,000 annually |
| Aggregate compensation from BCV (FY2024) | $0 (Mario J. Gabelli) |
| Aggregate compensation from Fund Complex (CY2024) | $0 (Mario J. Gabelli) |
Performance Compensation
- No performance-based compensation for Trustees (no bonuses, RSUs/PSUs, options, or performance metrics disclosed for directors) .
| Component | Disclosure |
|---|---|
| Bonus/Target bonus % | None disclosed for Trustees |
| Stock awards (RSUs/PSUs) | None disclosed for Trustees |
| Option awards | None disclosed for Trustees |
| Performance metrics tied to pay | None disclosed for Trustees |
| Clawbacks / Change-in-control | Not disclosed for Trustees |
Other Directorships & Interlocks
| Company | Role | Overlap/Interlock Considerations |
|---|---|---|
| Associated Capital Group, Inc. | Executive Chair | ACG owned 28,000 BCV common shares; Gabelli disclaims beneficial ownership beyond indirect pecuniary interest . |
| GGCP, Inc. | CEO/CIO/Director; Controlling shareholder | GGCP holds majority interest in GAMI, which includes the Fund’s Adviser affiliates (Gabelli Funds, LLC/GAMCO); potential control interlock with BCV’s adviser . |
| GAMCO Investors, Inc. (GAMI) | Chairman, Co-CEO, CIO – Value Portfolios | Parent of adviser affiliates; core advisory relationship to fund complex |
| Gabelli Funds, LLC / GAMCO Asset Management Inc. | CIO – Value Portfolios | Adviser/subsidiary roles to fund complex; direct advisory connection to BCV |
| LICT Corporation | Chair; CEO | Unrelated operating company; governance role |
| CIBL, Inc. | Director; Executive Chair | Public holding company; governance role |
| Morgan Group Holding Co. | Former Chair/CEO | Historical governance role (ended 2019/2012) |
Expertise & Qualifications
- Capital markets and investment management leadership across adviser and affiliates (GAMI, Gabelli Funds, GAMCO), with extensive portfolio oversight and board experience across 31 registered investment companies in the Fund Complex .
- Academic and philanthropic board service (Columbia Business School Overseer; trustee at Boston College and Roger Williams University; multiple foundations), reflecting governance breadth .
- CFA designation and advanced education credentials (Fordham BA, Columbia MBA; honorary doctorates) .
Equity Ownership
| Metric | Details |
|---|---|
| BCV common shares owned | 159,000 shares (2.7% of outstanding) |
| Ownership breakdown | 131,000 personal; 28,000 held by Associated Capital Group, Inc. (AGC). Gabelli disclaims beneficial ownership beyond indirect pecuniary interest in AGC-held shares |
| Dollar range of equity in BCV | E (Over $100,000) |
| Dollar range across Fund Complex | E (Over $100,000) |
| Shares pledged as collateral | Not disclosed |
Governance Assessment
- Independence and Conflicts: RED FLAG — Gabelli is not independent and is the controlling shareholder of GGCP, which holds a majority interest in GAMCO/Gabelli Funds, the Fund’s adviser affiliates; this creates inherent related-party and control interlocks with BCV’s advisory ecosystem .
- Committee Structure: Independent Trustees chair all key committees (Audit, Nominating); Gabelli does not appear on these committees, which mitigates some conflict risk in audit/nomination oversight .
- Attendance and Engagement: Board met 4 times in FY2024 with at least 75% attendance by each Trustee; however, no Trustees attended the May 13, 2024 annual meeting as the Fund does not expect Trustee attendance — a potential investor-relations engagement concern .
- Compensation Alignment: Gabelli received $0 in trustee compensation from BCV and from the Fund Complex (CY2024), reducing direct cash compensation concerns at the Fund level .
- Ownership Alignment: Positive — a meaningful stake of 159,000 BCV shares (2.7%), though a portion is held via ACG with partial beneficial ownership disclaimed, which slightly complicates alignment analysis .
- Interlocks among Independent Trustees: Note that certain Independent Trustees/family members have interests in entities controlled by affiliates (e.g., membership interests in a Gabelli-controlled vehicle), indicating network ties that warrant monitoring for perceived independence robustness .
Overall, board process safeguards (Independent-led committees and regular executive sessions) partially offset structural conflicts from Gabelli’s advisory control interests, but investors should monitor related-party dynamics, annual meeting engagement practices, and independence robustness across complex-wide interlocks .