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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 09/30/2021
NAV (XGAMX) $50.61
Common Closing Price $43.06
Preferred Liquidation Preference $25.00
Preferred Closing Price $26.86
Net Assets - Common $1,210.2 mil.
Liquidation Value - Preferred $190.1 mil.
Total $1,400.3 mil.
Asset Coverage 737%
Annual Data
Expense Ratio 1.22%
2020 Dividend & Distribution $2.50

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 September 30, 2021, the Company has repurchased a total of 30.9 million shares of Common Stock at a total cost of $935.6 million. During the nine months ended September 30, 2021, 813,884 shares of Common Stock were repurchased at a cost of $33,595,305 a discount of 15.0% to net asset value.

Largest Sectors

As of 09/30/2021
Industry Sector % Common Net Assets*
Information Technology 24.7%
Financials 16.3%
Communication Services 13.8%
Consumer Discretionary 12.3%
Consumer Staples 11.7%
Industrials 9.3%
Health Care 7.7%
Energy 3.5%
Materials 3.0%
Other 1.9%
Total Long-Term Investments 104.2%
Cash, equivalents, receivables and other assets less liabilities 11.5%
Preferred Stock, at liquidation value -15.7%
Total Net Assets Applicable to Common Stock 100.0%
* Net Assets Applicable to the Company's Common Stock

Ten Largest Equity Holdings

As of 09/30/2021
Holding Shares Value % Common
Net Assets*
Alphabet, Inc.

Alphabet 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, a reasonable valuation, several positive potential catalysts, and manageable risks.

26,500 $70,630,715 5.8%
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.

235,000 $66,251,200 5.5%
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.

524,895 $63,018,894 5.2%
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 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.

82,850 $61,732,364 5.1%
Berkshire Hathaway Inc. - Class A & B Shares

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 common stock investments. Berkshire is positioned to provide above average, long term, relatively defensive returns due to its conservative balance sheet.

31,659 $53,862,673 4.5%
Apple, Inc.

Apple designs, manufactures and markets mobile communications and media devices, personal computers, and portable digital music players. It also sells device related software, services, peripherals and third-party content and applications. 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.

348,000 $49,242,000 4.1%, Inc. is the world’s largest online retailer and cloud services provider. Headquartered in Seattle, WA, Amazon has individual websites, software development centers, customer service centers and fulfillment centers all over the world.

14,500 $47,633,080 3.9%
Nestlé S.A.

Nestlé is a well-managed, global food company with a favorably-positioned product portfolio and an excellent balance sheet. Market share, volume growth, pricing power, expense control, and capital management yield durable, above average, total return potential.

325,000 $39,302,001 3.2%
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 $36,295,070 3.0%
Arch Capital Group Ltd.

Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums of approximately $10.0 billion and has a high quality, well-reserved balance sheet. This company has a strong management team that exercises underwriting discipline, expense control, and capital management resulting in above-average earnings and book value growth.

856,828 $32,713,693 2.7%
$520,681,690 43.0%
* Net Assets Applicable to the Company's Common Stock

Investment Results on an Annualized Basis

For Periods ended 09/30/2021
Years or Period GAM Stockholder Return (Market Price)* GAM Net Asset Value Return* Standard & Poor's 500 Stock Index Return*
9 Months** 16.5% 15.8% 15.9%
1 Year 36.3% 32.2% 30.0%
3 Years 12.8% 12.4% 16.0%
5 Years 14.7% 13.8% 16.9%
10 Years 14.2% 14.1% 16.6%
20 Years 7.8% 8.0% 9.5%
* With dividends and distributions reinvested/with income.
** Not annualized

20-Year Investment Results

For the period ended September 30, 2021, assuming an initial investment of $10,000
20-Year Investment Results