As a closed-end fund, shares of our Common Stock are listed and traded on the New York Stock Exchange. Thus, our asset base is not as subject to wide fluctuations due to shifts in investor sentiment as is the asset base of an open-end (mutual) fund. This stability has enabled us to diligently pursue our long-term analytical approach and, we believe, has contributed to our superior long-term investment results.
Over the 50 years ended December 31, 2012, the return to our common stockholders (assuming reinvestment of all dividends and distributions) was 11.6% per year and the net asset value return (assuming reinvestment of all dividends and distributions) was 12.2% while the return on the Standard & Poor’s 500 Stock Index (including income) was 9.8% per year. See Annualized Results for further information concerning return data for varying time periods over the last 50 years. These data reflect past performance and may not be indicative of future results.
At the time the Company was established in 1927, Frank Altschul became President and portfolio manager. When the title of Chairman was created in 1948, he served as Chairman followed by his son, Arthur G. Altschul (1961-1995), then Lawrence B. Buttenwieser (1995-2007) and our current Chairman, Spencer Davidson. During this period, only six other individuals have served as President and/or portfolio manager: Harold F. Linder (1948-1955), Harry G. Friedman (1955-1961), Malcolm B. Smith (1961-1989), William J. Gedale (1989-1995), Spencer Davidson (1995-January 31, 2012), and Jeffrey Priest (effective February 1, 2012).