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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 12/31/2022 | |
|---|---|
| NAV (XGAMX) | $43.42 |
| Common Closing Price | $36.15 |
| Preferred Liquidation Preference | $25.00 |
| Preferred Closing Price | $25.50 |
| Net Assets - Common | $1,041.2 mil. |
| Liquidation Value - Preferred | $190.1 mil. |
| Total | $1,231.3 mil. |
| Asset Coverage | 648% |
| Annual Data | |
|---|---|
| Expense Ratio | 1.13% |
| 2022 Dividend & Distribution | $1.50 |
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 December 31, 2022, the Company has repurchased a total of 31.7 million shares of Common Stock at a total cost of $968.1 million. During the twelve months ended December 31, 2022, 666,903 shares of Common Stock were repurchased at a cost of $25,135,568 a discount of 16.8% to net asset value.
| Industry Sector | % Common Net Assets* | ||
|---|---|---|---|
| Information Technology | 21.7% | ||
| Financials | 21.6% | ||
| Consumer Discretionary | 11.0% | ||
| Consumer Staples | 10.4% | ||
| Industrials | 10.4% | ||
| Communication Services | 9.4% | ||
| Health Care | 8.7% | ||
| Energy | 5.6% | ||
| Materials | 5.1% | ||
| Other | 0.6% | ||
| Total Long-Term Investments | 104.5% | ||
| Cash, equivalents, receivables and other assets less liabilities | 13.8% | ||
| Preferred Stock, at liquidation value | -18.3% | ||
| 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* |
|---|---|---|---|
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 | $67,706,206 | 6.5% |
Arch Capital Group Ltd.Arch Capital generates premiums of approximately $14 billion and has a high quality A+ rated balance sheet. The company’s management team exercises prudent underwriting discipline, insurance cycle management, expense control, and share buybacks yielding above average book value growth and shareholder returns. |
913,403 | $57,343,440 | 5.5% |
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. |
235,000 | $56,357,700 | 5.4% |
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. Berkshire is positioned to provide long term, relatively defensive returns due to its conservative balance sheet. |
110 | $51,558,206 | 5.0% |
Alphabet Inc. - Class CAlphabet 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 | $45,252,300 | 4.3% |
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 | $43,787,323 | 4.2% |
ASML Holdings 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. |
79,600 | $43,493,440 | 4.2% |
Everest Re Group, Ltd.Everest Re is one of the largest independent U.S. property and casualty reinsurers, generates annual premiums of approximately $14 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 | $42,798,759 | 4.1% |
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. |
321,000 | $41,707,530 | 4.0% |
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 | $37,658,033 | 3.6% |
| $487,662,937 | 46.8% | ||
| * 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* |
|---|---|---|---|
| 1 Year | -14.9% | -14.1% | -18.1% |
| 3 Years | 4.7% | 6.0% | 7.7% |
| 5 Years | 7.9% | 8.4% | 9.4% |
| 10 Years | 10.3% | 10.4% | 12.6% |
| 20 Years | 8.5% | 8.7% | 9.8% |
| 30 Years | 9.1% | 9.8% | 9.6% |
| 40 years | 11.1% | 11.7% | 11.2% |
| 50 Years | 11.5% | 11.6% | 10.3% |
| * With dividends and distributions reinvested/with income. |
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