Why Gabelli’s International Small Cap Fund Likes Manchester United plc (MANU)

Gabelli Investment Management Firm recently released its "International Small Cap Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here . The Fund faced a challenging investment environment in the second quarter of 2026, as its Class I shares declined 2.15%, compared with a 9.24% gain for the MSCI EAFE Small Cap Index. The fund's performance was pressured primarily by its gold-mining holdings as gold prices retreated, while its Japanese exposure was a notable source of strength; over the past year, the fund gained 13.51%, versus 17.93% for the benchmark. Looking ahead, Gabelli remains cautiously constructive on international small-cap equities, citing strong earnings growth, historically defensible valuations, and the potential for AI-driven productivity gains to broaden the market's advance, although geopolitical risks, persistent inflation, high debt levels, and potential overinvestment in AI could create volatility. In addition, please check the Fund's top five holdings to know its best picks in 2026.

In its second-quarter 2026 investor letter, The Gabelli International Small Cap Fund highlighted stocks like Manchester United plc (NYSE: MANU ). Manchester United plc (NYSE:MANU) is among the world's most prominent sports and entertainment brands, with a global reach extending far beyond soccer. The one-month return of Manchester United plc (NYSE:MANU) was -3.28 while its shares traded between 14.59 and 24.45 over the last 52 weeks. On September 3, 2026, Manchester United plc (NYSE:MANU) stock closed at approximately $21.24 per share, with a market capitalization of about $3.607 billion.

The Gabelli International Small Cap Fund stated the following regarding Manchester United plc (NYSE:MANU) in its Q2 2026 investor letter:

Manchester United plc (NYSE:MANU) (1.5%) (MANU – $22.93 – NYSE) is among the world's most prominent sports and entertainment brands, with a global reach that extends far beyond soccer. Based in Manchester, England, the club competes in the Premier League, the highest level of English football, and consistently features in major European competitions. Since its founding, the club has captured 67 major trophies, cementing its status as one of the most valuable and widely supported franchises in global sport. Manchester United represents a globally scarce, premium sports asset with vertically integrated revenue streams across media, sponsorship, and fan engagement. Although ownership remains closely held, Manchester United's global scale, brand durability, and redevelopment potential make it a premier vehicle for exposure to the institutionalization of sports as an asset class. The team also qualified for the 2026–2027 Champions League after a successful Premier League campaign this past season, which in turn should lead to elevated year-over-year financial results.