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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 03/31/2023 | |
|---|---|
| NAV (XGAMX) | $46.66 |
| Common Closing Price | $38.91 |
| Preferred Liquidation Preference | $25.00 |
| Preferred Closing Price | $25.82 |
| Net Assets - Common | $1,117.9 mil. |
| Liquidation Value - Preferred | $190.1 mil. |
| Total | $1,308.0 mil. |
| Asset Coverage | 688% |
| 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 March 31, 2023, the Company has repurchased a total of 31.7 million shares of Common Stock at a total cost of $968.8 million. During the three months ended March 31, 2023, 19,246 shares of Common Stock were repurchased at a cost of $725,535 a discount of 16.7% to net asset value.
| Industry Sector | % Common Net Assets* | ||
|---|---|---|---|
| Information Technology | 23.3% | ||
| Financials | 20.1% | ||
| Industrials | 11.1% | ||
| Consumer Staples | 10.2% | ||
| Communication Services | 9.1% | ||
| Consumer Discretionary | 8.8% | ||
| Health Care | 8.1% | ||
| Materials | 5.0% | ||
| Energy | 4.9% | ||
| Other | 0.7% | ||
| Total Long-Term Investments | 101.3% | ||
| Cash, equivalents, receivables and other assets less liabilities | 15.7% | ||
| Preferred Stock, at liquidation value | -17.0% | ||
| Total Net Assets Applicable to Common Stock | 100.0% | ||
| * Net Assets Applicable to the Company's Common Stock |
|||
| 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 | $70,976,302 | 6.4% |
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. |
215,000 | $61,984,500 | 5.6% |
Arch Capital Group Ltd.Arch Capital generates premiums of approximately $15 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. |
863,403 | $58,599,162 | 5.3% |
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. |
79,600 | $54,184,516 | 4.8% |
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 | $52,932,900 | 4.7% |
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 | $51,216,000 | 4.6% |
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 | $46,254,752 | 4.1% |
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. |
429,923 | $44,711,992 | 4.0% |
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 | $41,146,209 | 3.7% |
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 | $39,591,781 | 3.5% |
| $521,598,114 | 46.7% | ||
| * 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* |
|---|---|---|---|
| 3 mos.** | 7.6% | 7.5% | 7.5% |
| 1 Year | -5.9% | -5.4% | -7.7% |
| 3 Years | 19.3% | 19.2% | 18.6% |
| 5 Years | 9.8% | 10.0% | 11.2% |
| 10 Years | 9.8% | 10.1% | 12.2% |
| 20 Years | 9.0% | 9.1% | 10.3% |
| * With dividends and distributions reinvested/with income. ** not annualized |
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