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| 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 06/30/2021 | |
|---|---|
| NAV (XGAMX) | $50.76 |
| Common Closing Price | $43.42 |
| Preferred Liquidation Preference | $25.00 |
| Preferred Closing Price | $27.38 |
| Net Assets - Common | $1,227.4 mil. |
| Liquidation Value - Preferred | $190.1 mil. |
| Total | $1,417.5 mil. |
| Asset Coverage | 746% |
| Annual Data | |
|---|---|
| Expense Ratio | 1.22% |
| 2020 Dividend & Distribution | $2.50 |
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 June 30, 2021, the Company has repurchased a total of 30.6 million shares of Common Stock at a total cost of $923.8 million. During the six months ended June 30, 2021, 546,332 shares of Common Stock were repurchased at a cost of $21,811,523, a discount of 14.6% to net asset value.
| Industry Sector | % Common Net Assets* | ||
|---|---|---|---|
| Information Technology | 26.9% | ||
| Financials | 16.0% | ||
| Communication Services | 12.8% | ||
| Consumer Discretionary | 12.6% | ||
| Consumer Staples | 11.3% | ||
| Industrials | 9.0% | ||
| Health Care | 7.9% | ||
| Energy | 3.3% | ||
| Materials | 3.0% | ||
| Other | 1.6% | ||
| Total Long-Term Investments | 104.4% | ||
| Cash, equivalents, receivables and other assets less liabilities | 11.1% | ||
| Preferred Stock, at liquidation value | -15.5% | ||
| Total Net Assets Applicable to Common Stock | 100.0% | ||
| * Net Assets Applicable to the Company's Common Stock |
|||
| 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 | $66,417,480 | 5.4% |
Microsoft CorporationMicrosoft 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 | $63,661,500 | 5.2% |
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 | $57,743,699 | 4.7% |
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 | $57,236,094 | 4.6% |
Berkshire Hathaway Inc. - Class A & B SharesBerkshire 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 | $54,814,208 | 4.5% |
Amazon.com, Inc.Amazon.com 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 | $49,882,320 | 4.1% |
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 | $47,662,080 | 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 | $40,471,764 | 3.3% |
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 | $37,087,203 | 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 | $33,364,882 | 2.7% |
| $508,341,230 | 41.4% | ||
| * 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* | |
|---|---|---|---|---|
| 6 Months** | 17.5% | 16.1% | 15.3% | |
| 1 Year | 46.7% | 41.7% | 40.8% | |
| 3 Years | 16.0% | 15.3% | 18.7% | |
| 5 Years | 16.3% | 15.1% | 17.6% | |
| 10 Years | 12.0% | 11.8% | 14.8% | |
| 20 Years | 6.9% | 7.4% | 8.6% | |
| * With dividends and distributions reinvested/with income. ** Not annualized |
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