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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 06/30/2019
NAV (XGAMX) $42.33
Common Closing Price $35.49
Preferred Liquidation Preference $25.00
Preferred Closing Price $26.42
Net Assets - Common $1,057.5 mil.
Liquidation Value - Preferred $190.1 mil.
Total $1,247.6 mil.
Asset Coverage 656%
Annual Data
Expense Ratio 1.20%
2018 Dividend & Distribution $2.25

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 June 30, 2019, the Company has repurchased a total of 28.4 million shares of Common Stock at a total cost of $842.2 million. During the six months ended June 30, 2019, 1,005,522, shares of Common Stock were repurchased at a cost of $33,425,922, a discount of 16.2% to net asset value.

Investment Results on an Annualized Basis

For Periods ended 06/30/2019
Years
or Period
GAM Stockholder Return
(Market Price)*
GAM Net Asset
Value Return*
Standard & Poor's 500
Stock Index Return*
6 Months** 24.8% 22.7% 18.5%
1 Year 11.1% 11.4% 10.4%
3 Years 14.7% 13.5% 14.2%
5 Years 7.7% 7.9% 10.7%
10 Years 13.1% 12.5% 14.7%
20 Years 7.7% 7.7% 5.9%
* With dividends and distributions reinvested/with income.
**Not annualized.

20-Year Investment Results

For the period ended June 30, 2019, assuming an initial investment of $10,000
20 Year Investment Results


Largest Sectors

As of 06/30/2019
Industry Sector % Common Net Assets*
Information Technology 24.4%
Financials 21.1%
Consumer Staples 16.3%
Consumer Discretionary 15.8%
Industrials 11.0%
Energy 7.4%
Health Care, Pharmaceuticals, Biotechnology & Life Sciences 6.8%
Materials 0.6%
Telecommunication Services 0.5%
Other 3.6%
Total Long-Term Investments 107.5%
Cash, equivalents, receivables and other assets less liabilities 10.5%
Preferred Stock, at liquidation value -18.0%
Total Net Assets Applicable to Common Stock 100.0%
* Net Assets Applicable to the Company's Common Stock

Ten Largest Holdings

As of 06/30/2019
Holding Shares Value % Common
Net Assets*
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.

1,055,037 $55,790,357 5.3%
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.

597,895 $51,801,623 4.9%
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.

360,686 $48,317,496 4.6%
Arch Capital Group Ltd.

Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums of approximately $6.5 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.

1,080,000 $40,046,400 3.8%
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.

35,500 $38,372,305 3.6%
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.

345,000 $35,715,735 3.4%
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.

170,850 $35,524,841 3.3%
Berkshire Hathaway Inc. - Class A

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.

     110 $35,018,500 3.3%
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 with turnover of approximately $241B.

18,000 $34,085,340 3.2%
Cisco Systems, Inc.

Cisco is the leading global provider of telecommunications infrastructure products and services that span networking, security, collaboration, and cloud applications. Cisco benefits from secular technology trends and is also successfully executing a multi-year transition. Cisco offers an attractive valuation with solid growth, strong shareholder yield, and moderate risk.

600,000 $32,838,000 3.1%
$407,510,597 38.5%
* Net Assets Applicable to the Company's Common Stock