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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 09/30/2022
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

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, 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.

Largest Sectors

As of 09/30/2022
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

Ten Largest Equity Holdings

As of 09/30/2022
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 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 $54,731,500 5.7%
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.

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 A

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.

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

Investment Results on an Annualized Basis

For Periods ended 09/30/2022
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

10-Year Investment Results

For the period ended September 30, 2022, assuming an initial investment of $10,000
10-Year Investment Results