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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 09/30/2025 | |
|---|---|
| NAV (XGAMX) | $69.74 |
| Common Closing Price | $62.21 |
| Preferred Liquidation Preference | $25.00 |
| Preferred Closing Price | $25.09 |
| Net Assets - Common | $1,619.2 mil. |
| Liquidation Value - Preferred | $190.0 mil. |
| Total | $1,809.2 mil. |
| Asset Coverage | 952% |
| Annual Data | |
|---|---|
| Expense Ratio | 1.11% |
| 2024 Dividend & Distribution | $4.50 |
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 September 30, 2025, the Company has repurchased a total of 33.7 million shares of Common Stock at a total cost of $1.1 billion. During the nine months ended September 30, 2025, 252,180 shares of Common Stock were repurchased at a cost of $13,545,059, a discount of 12.5% to net asset value.
| Industry Sector | % Common Net Assets* | ||
|---|---|---|---|
| Information Technology | 26.6% | ||
| Financials | 17.0% | ||
| Industrials | 14.3% | ||
| Health Care | 9.8% | ||
| Consumer Discretionary | 9.6% | ||
| Communication Services | 7.2% | ||
| Consumer Staples | 6.7% | ||
| Energy | 5.6% | ||
| Materials | 4.3% | ||
| Utilities | 1.8% | ||
| Other | 0.3% | ||
| Total Long-Term Investments | 103.2 | ||
| Cash, equivalents, receivables and other assets less liabilities | 8.5 | ||
| Preferred Stock, at liquidation value | -11.7% | ||
| Total Net Assets Applicable to Common Stock | 100.0% | ||
| * Net Assets Applicable to the Company's Common Stock |
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| Holding | Shares | Value | % Common Net Assets* |
|---|---|---|---|
Microsoft CorporationMicrosoft 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. |
180,000 | $93,231,000 | 5.8% |
Berkshire Hathaway Inc. - Class ABerkshire 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. |
110 | $82,962,000 | 5.1% |
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 free cash flow. |
355,625 | $81,608,825 | 5.0% |
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. |
525,092 | $75,896,797 | 4.7% |
Alphabet Inc. - Class CAlphabet is a leading global technology firm that is extending its internet search capability and AI innovation to social media, enterprise IT, and mobile electronic devices. Alphabet also has significant optionality. |
294,923 | $71,828,497 | 4.4% |
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. |
280,705 | $71,475,914 | 4.4% |
Amazon.com, Inc.Amazon serves consumers through online and physical stores. Amazon offers programs that enable sellers to grow their businesses, sell their products, and fulfill orders using services, and programs to publish and sell content. Amazon serves developers and enterprises through AWS, which offers technology services. Amazon also manufactures and sells electronic devices and provides advertising services to sellers, vendors, publishers, authors, and others. |
286,000 | $62,797,020 | 3.9% |
GE Vernova Inc.GE Vernova is a global leader in the electric power industry providing hardware and services to generate, transfer and convert electricity. The company enables 25% of global electricity generation via gas, wind, nuclear, hydro and wind power. The company allocates capital with the goal of serve a growing market while expanding operating margins and returning one-third of free cash flow to investors. |
100,000 | $61,490,000 | 3.8% |
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. |
62,000 | $60,021,580 | 3.7% |
Arch Capital Group Ltd.Arch Capital has a high quality balance sheet. Management exercises prudent underwriting discipline, insurance cycle management, expense control, and share buybacks. |
600,000 | $54,438,000 | 3.4% |
| $715,749,633 | 44.2% | ||
| * 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* |
|---|---|---|---|
| 9 mos.** | 22.56% | 21.30% | 14.83% |
| 1 Year | 26.66% | 20.98% | 17.60% |
| 3 Years | 29.86% | 27.15% | 24.94% |
| 5 Years | 20.55% | 18.67% | 16.47% |
| 10 Years | 15.08% | 14.20% | 15.30% |
| 20 Years | 9.87% | 9.49% | 10.95% |
| * With dividends and distributions reinvested/with income. ** not annualized |
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