Aerojet Rocket Holdings (AJRD, Financial) (3.3% of net assets as of June 30, 2020) (AJRD – $39.64 – NYSE), based in El Segundo, California, is a manufacturer of aerospace and defense products and systems for defense and space applications. The manufacturing operation is a leading technology based designer, developer, and manufacturer of aerospace and defense products for the U.S. government, including the Department of Defense and NASA. AJRD also manufacturers products for other governmental contractors and the commercial sector. The company also has significant real estate holdings, including significant land holdings east of Sacramento, California. AJRD is in the process of gaining governmental approvals to optimize the value of the land. These convertible bonds provide a lower volatility way to invest in AJRD. The bonds provide a reasonable yield, where the stock does not pay a dividend.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Value 25 Fund second-quarter 2020 shareholder commentary.
