Gabelli Global Utility & Income Trust — Q3 2025 Commentary & Outlook

Gabelli Global Utility & Income Trust’s Q3 2025 commentary reviews portfolio positioning, distribution policy and performance drivers amid a mixed macro backdrop. During the quarter, the trust maintained a bias toward regulated electric and gas utilities while selectively holding energy infrastructure names that offer yield and cashflow visibility. Management reiterates an income-focused mandate, emphasizing companies with stable cash generation and constructive regulatory frameworks.

NAV and market price dynamics reflected continued sensitivity to interest-rate expectations and sector-specific news. The trust experienced typical closed-end fund fluctuations between NAV and market price driven by changing yield curves and investor sentiment toward income vehicles. Management highlighted efforts to preserve dividend coverage by prioritizing balance-sheet resilience and exposure to high-quality issuers within the utility and infrastructure complex.

From a sector allocation standpoint, the portfolio leaned into higher-quality regulated utilities and midstream companies with contracts or tariffs that reduce commodity exposure. The commentary noted selective exposure to renewable generation and transmission assets that benefit from structural electrification trends, while remaining cautious on names more exposed to merchant power price volatility. Credit quality and earnings coverage metrics remain central to security selection as management navigates inflationary pressures and evolving rate expectations.

Risks called out include sustained higher interest rates, regulatory shifts that could compress allowed returns, and the potential for slower demand growth in certain markets. Conversely, management sees durable demand for yield among retail and institutional investors, and believes that well-capitalized, regulated franchises can deliver stable distributions and modest upside to NAV over the medium term.

Looking ahead, the trust plans to continue active portfolio management—balancing current income objectives with selective growth opportunities in transmission and regulated renewable assets. The commentary concludes with a neutral-to-cautious tone: the team remains focused on income preservation, careful credit selection and managing rate sensitivity while seeking opportunities that can support distributions and relative total return for shareholders.