Gabelli Asset Management reported second quarter earnings a few pennies shy of analysts' estimates. For the quarter ended June 30, Gabelli reported $13 million in net income, or 43 cents per diluted share.

Assets under management totaled $27.6 billion at the end of the second quarter, dropping 1.5 percent from $28.0 billion the quarter before.

Mutual fund assets, which made up 48 percent of total assets under management, dropped 1.7 percent to $13.3 billion from $13.6 billion the quarter before. Fixed-income mutual fund assets fell 26.2 percent, from $1.2 billion to $852 million. Closed-end funds gained 1.8 percent and open-ended funds dropped 0.1 percent.

Quarter-over-quarter, equity mutual funds gained $212 million in market appreciation but experienced $140 million in net outflows. Equity mutual funds ended the quarter with $12.5 billion in assets under management.  

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