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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 03/31/2024
NAV (XGAMX) $57.09
Common Closing Price $46.51
Preferred Liquidation Preference $25.00
Preferred Closing Price $25.29
Net Assets - Common $1,346.4 mil.
Liquidation Value - Preferred $190.0 mil.
Total $1,536.4 mil.
Asset Coverage 808%
Annual Data
Expense Ratio 1.35%
2023 Dividend & Distribution $2.65

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 March 31, 2024, the Company has repurchased a total of 32.6 million shares of Common Stock at a total cost of $1.0 billion. During the three months ended March 31, 2024, 147,831 shares of Common Stock were repurchased at a cost of $6,503,772 a discount of 17.8% to net asset value.

Largest Sectors

As of 03/31/2024
Industry Sector % Common Net Assets*
Information Technology 24.8%
Financials 19.8%
Health Care 11.9%
Consumer Discretionary 10.1%
Industrials 9.6%
Consumer Staples 8.9%
Communication Services 8.4%
Energy 5.3%
Materials 4.7%
Utilities 0.9%
Other 1.3%
Total Long-Term Investments 105.7%
Cash, equivalents, receivables and other assets less liabilities 8.4%
Preferred Stock, at liquidation value -14.1%
Total Net Assets Applicable to Common Stock 100.0%
* Net Assets Applicable to the Company's Common Stock

Ten Largest Equity Holdings

As of 03/31/2024
Holding Shares Value % Common
Net Assets*
Microsoft Corporation

Microsoft offers an array of services, including cloud-based solutions that provide customers with software, services, platforms, content, solution support, and consulting services. Products include operating systems, cross-device productivity and collaboration applications, server applications, business solution applications, desktop and server management tools, software development tools, video games, online advertising, and devices (e.g., PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories.

205,000 $86,247,600 6.4%
Republic Services, Inc.

Republic Services is a provider of environmental services in the United States and Canada through collection operations, transfer stations, recycling centers, active landfills, treatment, recovery and disposal facilities, treatment, storage and disposal facilities, salt water disposal wells, deep injection wells, and a polymer center. Republic Services is also engaged in landfill gas-to-energy and other renewable energy projects and post-closure responsibility for closed landfills.

448,897 $85,936,842 6.4%
Berkshire Hathaway Inc. - Class A

Berkshire Hathaway is a holding company owning subsidiaries engaged in numerous diverse business activities including insurance businesses conducted on both a primary basis and a reinsurance basis, a freight rail transportation business, and a group of utility and energy generation and distribution businesses. Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, services, retailing and other activities.

110 $69,788,400 5.2%
Alphabet Inc. - Class C

Alphabet is a holding company that delivers cost-effective online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services as well as communication and collaboration tools, and sells other products and services (e.g., consumer subscription-based products, apps and in-app purchases, and devices).

444,923 $67,743,976 5.0%
ASML Holding N.V.

ASML is a leading supplier to the semiconductor industry and provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). ASML pursues the advancement of more affordable, more powerful and more energy-efficient microchips by enabling the groundbreaking technology to solve some of humanity’s challenges.

69,600 $67,544,712 5.0%
Arch Capital Group Ltd.

Arch Capital is a Bermuda-based company that provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries. Arch Capital provides a full range of property, casualty and mortgage insurance and reinsurance lines, and focuses on writing specialty lines of insurance and reinsurance.

675,249 $62,420,018 4.6%
Apple Inc.

Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services.

351,000 $60,189,480 4.5%
The TJX Companies, Inc.

TJX is a leading off-price apparel and home fashions retailer in the United States and worldwide. TJX has numerous stores and branded e-commerce sites that offer a rapidly changing assortment of quality, fashionable, brand name and designer merchandise at prices generally substantially below full-price retailers’ (including department, specialty, and major online retailers) regular prices on comparable merchandise.

525,092 $53,254,830 4.0% Inc.

Amazon serves consumers through online and physical stores and focuses on selection, price, and convenience. 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 a broad set of on-demand technology services. Amazon also manufactures and sells electronic devices and provides advertising services to sellers, vendors, publishers, authors, and others.

286,000 $51,588,680 3.8%
Everest Group, Ltd.

Everest is a Bermuda-based reinsurance and insurance organization that is a leading financial services institution focused on diversifying its portfolio and geographic presence. Through direct and indirect subsidiaries operating in the U.S. and internationally, Everest serves a diverse group of clients worldwide, providing extensive product and distribution capabilities, a strong balance sheet, an innovative culture, and access to world-class talent.

129,196 $51,355,410 3.8%
$656,069,948 48.7%
* Net Assets Applicable to the Company's Common Stock

Investment Results on an Annualized Basis

For Periods ended 03/31/2024
Years or Period GAM Stockholder Return (Market Price)* GAM Net Asset Value Return* Standard & Poor's 500 Stock Index Return*
3 mos.** 8.3% 9.9% 10.6%
1 Year 27.0% 30.0% 29.9%
3 Years 11.4% 13.2% 11.5%
5 Years 13.6% 14.3% 15.1%
10 Years 10.4% 11.0% 13.0%
20 Years 8.8% 9.0% 10.1%
* With dividends and distributions reinvested/with income.
** not annualized

10-Year Investment Results

For the period ended March 31, 2024, assuming an initial investment of $10,000
10-Year Investment Results