February 14, 2008 / 4:19 PM / 12 years ago

Bill Gates cuts stake in Gabelli's Gamco

NEW YORK (Reuters) - Microsoft Corp (MSFT.O) Chairman Bill Gates has reduced his stake in Gamco (GBL.N), the asset manager headed by Mario Gabelli, to 10.3 percent from 11.1 percent, Gamco said in a federal filing on Thursday.

Gates, though his investment vehicle Cascade Investment LLC, sold some 97,834 shares of Gamco stock over the past two months, according to documents filed with the U.S. Securities and Exchange Commission. Cascade still owns 845,562 shares.

A Cascade representative was not immediately available to comment on the stock sale.

Gamco's funds performed well in 2007, with its Gold Fund returning 24.7 percent and its Asset Fund returning 11.8 percent, according to company data. The benchmark Standard & Poor's 500 Index .SPX, including dividends, returned about 5.5 percent.

After hitting a 52-week high early in 2008, Gamco’s stock is off about 13 percent and is trading in a range of about $56 to $60 per share. The stock is still up more than 50 percent from year-ago levels.

Reporting by Franklin Paul, editing by Dave Zimmerman

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