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Fact Sheet

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Established in 1927, General American Investors is a closed-end investment company listed on the New York Stock Exchange. Its objective is long-term capital appreciation through investment in companies with above average growth potential.

Company Information
Stock Exchange NYSE
Common Stock Symbol GAM
Preferred Stock Symbol GAM Pr b
Common Stock Cusip 368802104
Preferred Stock Cusip 368802401
Quarter Ended Data 12/31/2017
NAV (XGAMX) $40.47
Common Closing Price $34.40
Preferred Liquidation Preference $25.00
Preferred Closing Price $26.59
Net Assets - Common $1,070.5mil.
Liquidation Value - Preferred $190.1 mil.
Total $1,260.6 mil.
Asset Coverage 663%
Annual Data
Expense Ratio 1.28%
2017 Dividend & Distribution $3.59

Share Buy Back Information

Since March 1995, the Board of Directors has authorized the repurchase of Common Stock in the open market when the shares trade at a discount to net asset value of at least 8%. Through December 31, 2017, the Company has repurchased a total of 26.1 million shares of Common Stock at a total cost of $767.0 million. During the twelve months ended December 31, 2017, 1,815,079 shares of Common Stock were repurchased at a cost of $61,886,535, a discount of 15.7% to net asset value.

Investment Results on an Annualized Basis

For Periods ended 12/31/2017
or Period
GAM Stockholder Return
(Market Price)*
GAM Net Asset
Value Return*
Standard & Poor's 500
Stock Index Return*
1 Year 21.2% 18.4% 21.8%
3 Years 7.3% 8.5% 11.4%
5 Years 12.6% 12.5% 15.8%
10 Years 5.4% 6.0% 8.5%
20 Years 9.2% 9.2% 7.2%
30 Years 12.8% 12.2% 10.7%
40 Years 14.0% 13.7% 11.8%
50 Years 11.5% 11.9% 10.1%
* With dividends and distributions reinvested/with income.

20-Year Investment Results

For the period ended December 31, 2017, assuming an initial investment of $10,000
20 Year Investment Results

Largest Sectors

As of 12/31/2017
Industry Sector % Common Net Assets*
Information Technology 23.9%
Financials 20.9%
Consumer Staples 16.0%
Consumer Discretionary 13.5%
Industrials 9.8%
Health Care, Pharmaceuticals, Biotechnology & Life Sciences 8.4%
Energy 5.7%
Telecommunication Services 1.2%
Other 4.7%
Total Long-Term Investments 104.1%
Cash, equivalents, receivables and other assets less liabilities 13.7%
Preferred Stock, at liquidation value -17.8%
Total Net Assets Applicable to Common Stock 100.0%
* Net Assets Applicable to the Company's Common Stock

Ten Largest Holdings

As of 12/31/2017
Holding Shares Value % Common
Net Assets*
The TJX Companies, Inc.

Through its T.J. Maxx and Marshalls divisions, TJX is the leading off-price retailer. The continued growth of these divisions in the U.S. and Europe, along with expansion of related U.S. and foreign off-price formats, provide ongoing growth opportunities.

919,768 $70,325,461 6.6%
Republic Services, Inc.

Republic Services is a leading provider of non-hazardous, solid waste collection and disposal services in the U.S. The efficient operation of its routes and facilities combined with appropriate pricing enables Republic Services to generate significant free cash flow.

787,800 $53,263,158 5.0%
Microsoft Corporation

Microsoft is a leading global provider of software, services and hardware devices. The company produces the Windows operating system, Office productivity suite, Azure public cloud service, and Xbox gaming console.

500,686 $42,828,680 4.0%
Nestlé S.A.

Nestlé is a well-managed, global food company with a favorably-positioned product portfolio and an excellent AA rated balance sheet. High market share, solid volume growth, strong pricing power, expense control and steady capital management yield durable, above-average, long-term total return potential.

450,000 $38,704,712 3.6%
Arch Capital Group Ltd.

Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums of approximately $6 billion and has a high quality, well-reserved A+ rated balance sheet. This company has a strong management team that exercises prudent underwriting discipline, efficient expense control, and steady capital management resulting in above-average earnings and book value growth.

400,000 $36,308,000 3.4%
Unilever N.V.

Unilever N.V. is a well-managed, primarily emerging market-based, global consumer goods manufacturer focusing on personal care, home care, food and refreshment products and operates with a solid A+ rated balance sheet. Advantaged geographies coupled with above average volume growth, pricing power and management execution generates above average long-term shareholder returns.

625,000 $35,204,513 3.3%
Berkshire Hathaway Inc. Class A

Berkshire Hathaway is a holding company owning many well-operated subsidiaries mainly in the insurance, railroad, utility/energy, aerospace, manufacturing, retail and finance industries. The company also holds various thoughtfully selected common stock investments primarily in the consumer non-durable and financial services industries. Berkshire is uniquely positioned to provide above average, long term, high quality, relatively defensive returns due to its conservative, well-reserved AA rated balance sheet.

     110 $32,736,001 3.1%
ASML Holding N.V.

ASML is the leading global provider of lithography systems for the semiconductor industry, manufacturing highly complex equipment critical to the production of integrated circuits or microchips. ASML's products and services help its semiconductor customers reduce the size and increase the functionality of their microchips. ASML has established a dominant market share in next-generation lithography even as that market grows its share of semiconductor capex budgets. ASML has strong growth prospects, healthy margin leverage, shareholder-friendly capital allocation, and a moderate risk profile.

185,850 $32,304,447 3.0%
Alphabet, Inc.

Alphabet Inc. is a global technology firm with a dominant market share in internet search, online advertising, desktop and mobile operating systems, as well as a growing share of cloud computing platforms. Alphabet also sells related consumer and enterprise software and hardware products. Alphabet has a wide competitive moat, a strong business franchise, a reasonable valuation, several positive potential catalysts, and manageable risks.

30,500 $31,915,200 3.0%
Gilead Sciences, Inc.

Gilead Sciences is a U.S. based biotechnology company that discovers, develops and commercializes therapeutics. Originally founded to focus predominantly on antiviral drugs to treat patients with HIV, Hepatitis B, CMV, influenza and Hepatitis C, the company has expanded its reach into cardiopulmonary medicine and oncology and other related areas.

463,600 $31,779,504 2.9%
$405,369,676 37.9%
* Net Assets Applicable to the Company's Common Stock