GAM - General American Investors Co

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. June 29, 2026

   Saba cut its stake to 7.3% (from 8.3%). It has said it may push for changes.

   Original document →

2. Aug 18, 2025

   Saba raised its stake to 8.3% (from 7.3%). It has said it may push for changes.

   Original document →

3. May 2, 2025

   Saba raised its stake to 7.3% (from 6.3%). It has said it may push for changes.

   Original document →

4. Nov 26, 2024

   Saba raised its stake to 6.3% (from 5.1%). It has said it may push for changes.

   Original document →

5. Oct 28, 2024

   Saba now owns 5.1%. It has said it may push for changes.

   Original document →

About this fund

• Run by General American Investors Company, Inc. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.74 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 11% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 87% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0% a year in management fees; 1.1% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $65.20. The shares traded at $58.73, about 9.9% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 9% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +26.2%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

What the fund holds

Mostly shares (89%), the rest other holdings. About 80% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Cash and short-term - 11.5%
2. ASML Holding N.V., NY Reg Shrs - 6.3%
3. GE Vernova Inc., Common Stock - 4.8%
4. Berkshire Hathaway Inc. - class A shares, Common Stock - 4.8%
5. Apple Inc., Common Stock - 4.4%
6. Alphabet Inc. - class C shares, Common Stock - 4.3%
7. TJX Companies, Inc./The, Common Stock - 4.2%
8. Republic Services, Inc., Common Stock - 4.1%
9. Amazon.com, Inc., Common Stock - 4%
10. Broadcom Inc., Common Stock - 3%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →