XPLR Infrastructure, LP

• GF Gabelli Funds Gabelli Funds Shareholder Commentary: Open-End Funds ↗ Gabelli Funds frames AI infrastructure spending, resilient earnings and renewed merger activity against inflation, geopolitical risk and a more hawkish Federal Reserve. Growth portfolios added Advanced Micro Devices and Micron Technology, while several funds emphasized data-center power demand, industrial automation and live sports assets. Value managers continued to seek discounts to private-market value and catalysts such as separations, acquisitions and operational turnarounds. second quarter of 2026 6954 $35B7011 $83B9984 $223B +13

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