The website you are entering is not owned or controlled by General American Investors. We are providing this link as a convenience to you. General American Investors is not responsible for the content, accuracy or opinions or the performance or failure of any products or services advertised on linked websites.
The linked website may have different security policies, cookie controls and privacy policies. You should review the privacy and security statements of any website before you provide personal or confidential information.
| 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 09/30/2022 | |
|---|---|
| NAV (XGAMX) | $40.43 |
| Common Closing Price | $33.85 |
| Preferred Liquidation Preference | $25.00 |
| Preferred Closing Price | $25.30 |
| Net Assets - Common | $967.1 mil. |
| Liquidation Value - Preferred | $190.1 mil. |
| Total | $1,157.2 mil. |
| Asset Coverage | 609% |
| Annual Data | |
|---|---|
| Expense Ratio | 1.24% |
| 2021 Dividend & Distribution | $3.30 |
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 September 30, 2022, the Company has repurchased a total of 31.5 million shares of Common Stock at a total cost of $960.9 million. During the nine months ended September 30, 2022, 473,540 shares of Common Stock were repurchased at a cost of $17,952,160 a discount of 16.9% to net asset value.
| Industry Sector | % Common Net Assets* | ||
|---|---|---|---|
| Information Technology | 21.5% | ||
| Financials | 19.8% | ||
| Consumer Discretionary | 11.3% | ||
| Communication Services | 11.3% | ||
| Industrials | 10.9% | ||
| Consumer Staples | 10.6% | ||
| Health Care | 9.4% | ||
| Energy | 5.6% | ||
| Materials | 4.9% | ||
| Other | 0.5% | ||
| Total Long-Term Investments | 105.8% | ||
| Cash, equivalents, receivables and other assets less liabilities | 13.9% | ||
| Preferred Stock, at liquidation value | -19.7% | ||
| Total Net Assets Applicable to Common Stock | 100.0% | ||
| * Net Assets Applicable to the Company's Common Stock |
|||
| Holding | Shares | Value | % Common Net Assets* |
|---|---|---|---|
Republic Services, Inc.Republic Services is a 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. |
524,895 | $71,406,716 | 7.4% |
Microsoft CorporationMicrosoft is a 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. |
235,000 | $54,731,500 | 5.7% |
Alphabet Inc. - Class CAlphabet 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 has a wide competitive moat, a strong business franchise, and potential growth catalysts. |
510,000 | $49,036,500 | 5.1% |
Apple Inc.Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The company’s growth prospects look favorable as the shift to mobile computing expands globally and as more products and services are added to the Apple ecosystem. |
338,000 | $46,711,600 | 4.8% |
Berkshire Hathaway Inc. - Class ABerkshire Hathaway is a holding company owning many subsidiaries mainly in the insurance, railroad, utility/energy, aerospace, manufacturing, retail, and finance industries. The company also holds various common stock investments. Berkshire is positioned to provide long term, relatively defensive returns due to its conservative balance sheet. |
110 | $44,711,700 | 4.6% |
Arch Capital Group Ltd.Arch Capital generates premiums of approximately $12 billion and has a high quality A+ rated balance sheet. The company’s management team exercises prudent underwriting discipline, expense control, and capital management yielding above average shareholder returns. |
937,459 | $42,691,883 | 4.4% |
Nestlé S.A.Nestlé is a global food company with a favorably-positioned product portfolio and a strong balance sheet. Market share, volume growth, pricing power, expense control, and capital management offer durable total return potential. |
325,000 | $35,270,092 | 3.6% |
T-Mobile US, Inc.T-Mobile is one of the largest wireless communications providers in the United States offering voice, data, and fixed broadband internet connectivity. T-Mobile’s customer value proposition, network quality, and operational discipline position the company to generate free cash flow and allocate it in an efficient manner. |
257,950 | $34,609,152 | 3.6% |
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. |
550,092 | $34,171,715 | 3.5% |
Everest Re Group, Ltd.Everest Re is one of the largest independent U.S. property and casualty reinsurers, generates annual premiums of approximately $13 billion, has a high quality investment portfolio, and a well-reserved A+ balance sheet. This Bermuda domiciled company has a strong management team that exercises prudent underwriting discipline and efficient expense control, resulting in above-average earnings and book value growth. |
129,196 | $33,906,198 | 3.5% |
| $447,247,056 | 46.2% | ||
| * Net Assets Applicable to the Company's Common Stock |
|||
| Years or Period | GAM Stockholder Return (Market Price)* | GAM Net Asset Value Return* | Standard & Poor's 500 Stock Index Return* |
|---|---|---|---|
| 9 Months** | -22.5% | -22.2% | -23.9% |
| 1 Year | -14.7% | -13.4% | -15.5% |
| 3 Years | 5.0% | 5.8% | 8.2% |
| 5 Years | 6.8% | 7.2% | 9.2% |
| 10 Years | 9.5% | 9.6% | 11.7% |
| 20 Years | 8.1% | 8.3% | 9.8% |
| * With dividends and distributions reinvested/with income. ** Not annualized |
|||
Copyright © 2023 General American Investors Company, Inc. All rights reserved.