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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 03/31/2022
NAV (XGAMX) $50.66
Common Closing Price $42.47
Preferred Liquidation Preference $25.00
Preferred Closing Price $27.32
Net Assets - Common $1,233.4 mil.
Liquidation Value - Preferred $190.1 mil.
Total $1,423.5 mil.
Asset Coverage 749%
Annual Data
Expense Ratio 1.24%
2021 Dividend & Distribution $3.30

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 March 31, 2022, the Company has repurchased a total of 31.1 million shares of Common Stock at a total cost of $945.0 million. During the three months ended March 31, 2022, 49,766 shares of Common Stock were repurchased at a cost of $2,054,905 a discount of 17.0% to net asset value.

Largest Sectors

As of 03/31/2022
Industry Sector % Common Net Assets*
Information Technology 24.3%
Financials 19.0%
Consumer Discretionary 12.6%
Communication Services 11.8%
Consumer Staples 10.5%
Industrials 9.5%
Health Care 8.2%
Energy 4.1%
Materials 4.0%
Other 1.5%
Total Long-Term Investments 105.5%
Cash, equivalents, receivables and other assets less liabilities 9.9%
Preferred Stock, at liquidation value -15.4%
Total Net Assets Applicable to Common Stock 100.0%
* Net Assets Applicable to the Company's Common Stock

Ten Largest Equity Holdings

As of 03/31/2022
Holding Shares Value % Common
Net Assets*
Microsoft Corporation

Microsoft 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 $72,452,850 5.9%
Alphabet Inc. - Class C

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, and potential growth catalysts.

25,500 $71,221,245 5.8%
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 $69,548,588 5.6%
Berkshire Hathaway Inc. - Class A & B Shares (combined)

Berkshire 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.

21,659 $65,786,168 5.3%
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.

348,000 $60,764,280 4.9%
ASML Holding N.V.

ASML is a 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. ASML has strong growth prospects, margin leverage, and shareholder-friendly capital allocation.

79,600 $53,167,228 4.3%, Inc. is the world’s largest online retailer and cloud services provider. Amazon provides individual websites, software development centers, customer service centers and fulfillment centers all over the world.

14,300 $46,617,285 3.8%
Arch Capital Group Ltd.

Arch Capital generates premiums of approximately $12 billion and has a high quality balance sheet. The company’s management team exercises underwriting discipline, expense control, and capital management.

937,459 $45,391,765 3.7%
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 $42,275,851 3.4%
Everest Re Group, Ltd.

Everest Re is one of the largest independent U.S. property and casualty reinsurers, generates annual premiums of approximately $9 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.

121,500 $36,617,670 3.0%
$563,842,930 45.7%
* Net Assets Applicable to the Company's Common Stock

Investment Results on an Annualized Basis

For Periods ended 03/31/2022
Years or Period GAM Stockholder Return (Market Price)* GAM Net Asset Value Return* Standard & Poor's 500 Stock Index Return*
3 Months** -2.7% -2.5% -4.6%
1 Year 15.6% 18.0% 15.7%
3 Years 16.6% 16.6% 18.9%
5 Years 13.4% 13.4% 16.0%
10 Years 12.1% 12.1% 14.7%
20 Years 7.5% 8.0% 9.2%
* With dividends and distributions reinvested/with income.
** Not annualized

10-Year Investment Results

For the period ended March 31, 2022, assuming an initial investment of $10,000
10-Year Investment Results