GAM - General American Investors Co

What this means for you

Saba and Spencer Davidson have 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. May 15, 2026

   Lazard Asset Management LLC raised its stake to 6.7% (from 5.6%), as a passive investor.

   Original document →

3. Jan 6, 2026

   Spencer Davidson now owns 6%. It has said it may push for changes.

   Original document →

4. Aug 18, 2025

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

   Original document →

5. May 15, 2025

   Lazard Asset Management LLC filed an updated notice; it still owns 5.6%, as a passive investor.

   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 →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -12.1%; at +10%, about +10.5%. As of Dec 31, 2025, from the fund's annual 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 →
  Among the 53 funds we follow that invest in shares, none charges a lower management fee and 11 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

What a holder made

• The holdings over the last twelve months we have, to June 30, 2026: +26.2%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

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 →