Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
31 Outubro 2024 - 5:23PM
Edgar (US Regulatory)
General American
Investors
STATEMENT OF INVESTMENTS
September 30, 2024 (Unaudited)
|
|
SHARES |
|
COMMON STOCKS | |
| VALUE | |
COMMUNICATION |
|
MEDIA AND ENTERTAINMENT (6.3%) | |
| | |
SERVICES |
|
419,923 |
|
Alphabet Inc. - Class C | |
$ | 70,206,926 | |
(7.7%) |
|
1,002,188 |
|
Angi Inc. - Class A (a) | |
| 2,585,645 | |
|
|
22,000 |
|
Meta Platforms, Inc. - Class A | |
| 12,593,680 | |
|
|
56,478 |
|
The Walt Disney Company | |
| 5,432,619 | |
|
|
|
|
| (Cost $27,600,320) |
| 90,818,870 | |
|
|
TELECOMMUNICATION SERVICES (1.4%) | |
| | |
|
|
906,602 |
|
AT&T Inc. | |
| 19,945,244 | |
|
|
274,199 |
|
GCI Liberty, Inc. Escrow (a) | |
| — | |
|
|
|
|
| (Cost $15,799,818) |
| 19,945,244 | |
|
|
|
|
| (Cost $43,400,138) |
| 110,764,114 | |
CONSUMER |
|
AUTOMOBILES AND COMPONENTS (0.1%) |
|
| | |
DISCRETIONARY |
|
100,000 |
|
Ford Motor Company |
(Cost $1,361,410) |
| 1,056,000 | |
(9.8%) |
|
|
|
|
|
| | |
|
|
CONSUMER SERVICES (1.8%) |
|
| | |
|
|
173,157 |
|
Expedia Group, Inc. (a) |
(Cost $19,509,499) |
| 25,630,699 | |
|
|
|
|
|
|
| | |
|
|
DISTRIBUTION AND RETAIL (7.9%) |
|
| | |
|
|
286,000 |
|
Amazon.com, Inc. (a) |
|
| 53,290,380 | |
|
|
525,092 |
|
The TJX Companies, Inc. |
|
| 61,719,314 | |
|
|
|
|
|
(Cost $12,034,026) |
| 115,009,694 | |
|
|
|
|
|
(Cost $32,904,935) |
| 141,696,393 | |
|
|
| |
| | |
CONSUMER |
|
DISTRIBUTION AND RETAIL (2.5%) | |
| | |
STAPLES |
|
41,000 |
|
Costco Wholesale Corporation | (Cost $1,238,971) |
| 36,347,320 | |
(8.6%) |
|
|
|
| |
| | |
|
|
FOOD, BEVERAGE AND TOBACCO (4.1%) | |
| | |
|
|
325,000 |
|
Nestlé S.A. (Switzerland) | |
| 32,624,801 | |
|
|
160,000 |
|
PepsiCo, Inc. | |
| 27,208,000 | |
|
|
|
|
| (Cost $18,526,343) |
| 59,832,801 | |
|
|
HOUSEHOLD AND PERSONAL PRODUCTS (2.0%) | |
| | |
|
|
466,461 |
|
Unilever PLC (Netherlands/United Kingdom) | (Cost $12,929,503) |
| 28,934,047 | |
|
|
|
|
| (Cost $32,694,817) |
| 125,114,168 | |
|
|
|
|
| |
| | |
ENERGY |
|
504.230 |
|
Cameco Corporation (Canada) | |
| 24,082,025 | |
(5.7%) |
|
81,991 |
|
Chevron Corporation | |
| 12,074,815 | |
|
|
1,020,030 |
|
Energy Transfer LP | |
| 16,371,481 | |
|
|
141,100 |
|
Exxon Mobil Corporation | |
| 16,539,742 | |
|
|
1,173,370 |
|
Gulf Coast Ultra Deep Royalty Trust | |
| 15,547 | |
|
|
234,556 |
|
Valaris Limited (Bermuda) (a) | |
| 13,076,497 | |
|
|
|
|
| (Cost $51,314,033) |
| 82,160,107 | |
FINANCIALS |
|
BANKS (2.4%) | |
| | |
(19.1%) |
|
80,000 |
|
JPMorgan Chase & Co. | |
| 16,868,800 | |
|
|
101,100 |
|
M&T Bank Corporation | |
| 18,007,932 | |
|
|
|
|
| (Cost $3,337,828) |
| 34,876,732 | |
|
|
FINANCIAL SERVICES (7.2%) | |
| | |
|
|
110 |
|
Berkshire Hathaway Inc. - Class A (a)(b) | |
| 76,029,800 | |
|
|
243,415 |
|
Nelnet, Inc. - Class A | |
| 27,574,051 | |
|
|
|
|
| (Cost $2,968,650) |
| 103,603,851 | |
|
|
INSURANCE (9.5%) | |
| | |
|
|
600,000 |
|
Arch Capital Group Ltd. (a) (Bermuda) | |
| 67,128,000 | |
|
|
134,686 |
|
Everest Group, Ltd. (Bermuda) | |
| 52,774,015 | |
|
|
220,327 |
|
MetLife, Inc. | |
| 18,172,571 | |
|
|
|
|
| (Cost $17,083,322) |
| 138,074,586 | |
|
|
|
|
| (Cost $23,389,800) |
| 276,555,169 | |
General American
Investors
STATEMENT OF
INVESTMENTS - continued
September 30, 2024 (Unaudited)
|
|
SHARES |
|
COMMON STOCKS | |
| VALUE | |
HEALTH CARE |
|
EQUIPMENT AND SERVICES (3.5%) | |
| | |
(11.8%) |
|
20,000 |
|
The Cigna Group | |
$ | 6,928,800 | |
|
|
37,000 |
|
Humana Inc. | |
| 11,719,380 | |
|
|
200,434 |
|
iCAD, Inc. (a) | |
| 313,679 | |
|
|
207,350 |
|
Solventum Corporation (a) | |
| 14,456,442 | |
|
|
106,601 |
|
Tenet Healthcare Corporation (a) | |
| 17,717,086 | |
|
|
|
|
| (Cost $39,373,806) |
| 51,135,387 | |
|
|
PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES (8.3%) | |
| | |
|
|
30,000 |
|
Amgen Inc. | |
| 9,666,300 | |
|
|
60,010 |
|
Danaher Corporation | |
| 16,683,980 | |
|
|
144,900 |
|
Gilead Sciences, Inc. | |
| 12,148,416 | |
|
|
261,780 |
|
Intra-Cellular Therapies, Inc. (a) | |
| 19,154,443 | |
|
|
204,326 |
|
Merck & Co., Inc. | |
| 23,203,261 | |
|
|
540,808 |
|
Pfizer Inc. | |
| 15,650,983 | |
|
|
294,350 |
|
Quantum-Si Incorporated - Class A (a) | |
| 259,676 | |
|
|
11,876 |
|
Regeneron Pharmaceuticals, Inc. (a) | |
| 12,484,526 | |
|
|
539,738 |
|
SIGA Technologies, Inc. | |
| 3,643,231 | |
|
|
150,072 |
|
Stevanato Group S.p.A. (Italy) | |
| 3,001,440 | |
|
|
827,180 |
|
Valneva SE (a) (France) | |
| 2,451,103 | |
|
|
354,361 |
|
Valneva SE ADR (a) (France) | |
| 2,154,515 | |
|
|
|
|
| (Cost $77,286,675) |
| 120,501,874 | |
|
|
|
|
| (Cost $116,660,481) |
| 171,637,261 | |
INDUSTRIALS |
|
CAPITAL GOODS (5.3%) | |
| | |
(11.3%) |
|
874,008 |
|
BAE Systems plc (United Kingdom) | |
| 14,460,252 | |
|
|
110,000 |
|
GE Vernova Inc. (a) | |
| 28,047,800 | |
|
|
60,785 |
|
L3Harris Technologies, Inc. | |
| 14,458,928 | |
|
|
165,000 |
|
RTX Corporation | |
| 19,991,400 | |
|
|
|
|
| (Cost $47,295,857) |
| 76,958,380 | |
|
|
COMMERCIAL AND PROFESSIONAL SERVICES (5.5%) | |
| | |
|
|
395,625 |
|
Republic Services, Inc. | (Cost $5,467,965) |
| 79,457,325 | |
|
|
|
|
| |
| | |
|
|
TRANSPORTATION (0.5%) | |
| | |
|
|
100,583 |
|
Uber Technologies, Inc. (a) | (Cost $6,684,873) |
| 7,559,818 | |
|
|
|
|
| (Cost $59,448,695) |
| 163,975,523 | |
INFORMATION |
|
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT (8.5%) | |
| | |
TECHNOLOGY |
|
433,364 |
|
AIXTRON SE (Germany) | |
| 7,696,674 | |
(23.8%) |
|
61,652 |
|
Applied Materials, Inc. | |
| 12,456,787 | |
|
|
62,000 |
|
ASML Holding N.V. (Netherlands) | |
| 51,661,500 | |
|
|
190,000 |
|
Broadcom Inc. | |
| 32,775,000 | |
|
|
1,347,393 |
|
indie Semiconductor, Inc. - Class A (a) | |
| 5,376,098 | |
|
|
65,009 |
|
Universal Display Corporation | |
| 13,645,389 | |
|
|
|
|
| (Cost $30,708,568) |
| 123,611,448 | |
|
|
SOFTWARE AND SERVICES (9.7%) | |
| | |
|
|
33,500 |
|
Adobe Inc. (a) | |
| 17,345,630 | |
|
|
200,000 |
|
Microsoft Corporation | |
| 86,060,000 | |
|
|
1,666,948 |
|
NextNav Inc. (a) | |
| 12,485,441 | |
|
|
41,381 |
|
Tyler Technologies, Inc. (a) | |
| 24,154,917 | |
|
|
|
|
| (Cost $39,189,977) |
| 140,045,988 | |
|
|
TECHNOLOGY, HARDWARE AND EQUIPMENT (5.6%) | |
| | |
|
|
316,000 |
|
Apple Inc. | |
| 73,628,000 | |
|
|
138,260 |
|
Cisco Systems, Inc. | |
| 7,358,197 | |
|
|
|
|
| (Cost $4,002,006) |
| 80,986,197 | |
|
|
|
|
| (Cost $73,900,551) |
| 344,643,633 | |
MATERIALS |
|
415,000
|
|
Agnico Eagle Mines Limited (Canada) | |
| 33,432,400 | |
(4.3%) |
|
672,438
|
|
Alamos Gold Inc. - Class A (Canada) | |
| 13,408,414 | |
|
|
816,056 |
|
Algoma Steel Group Inc. (Canada) | |
| 8,348,253 | |
|
|
243,593
|
|
Cleveland-Cliffs Inc. (a) | |
| 3,110,683 | |
|
|
957,591 |
|
Ferroglobe PLC (United Kingdom) | |
| 4,443,222 | |
|
|
|
|
| (Cost $41,596,508) |
| 62,742,972 | |
|
|
|
|
| |
| | |
UTILITIES |
|
290,000 |
|
Dominion Energy, Inc. | (Cost $14,065,950) |
| 16,759,100 | |
(1.2%) |
|
|
|
| |
| | |
|
|
|
|
| |
| | |
MISCELLANEOUS |
|
5,022,356 |
|
Other (c) | (Cost $19,543,707) |
| 21,835,414 | |
(1.5%) |
|
|
|
| |
| | |
|
|
|
|
TOTAL COMMON STOCKS (104.8%) | (Cost $508,919,615) |
| 1,517,883,854 | |
General American
Investors
STATEMENT OF
INVESTMENTS - continued
September 30, 2024 (Unaudited)
|
|
|
|
PURCHASED OPTIONS (a) | |
| VALUE | |
PUTS |
|
CONTRACTS
(100 shares each)
|
|
COMPANY/EXPIRATION DATE/
EXERCISE PRICE/NOTIONAL | |
| | |
TECHNOLOGY,
HARDWARE
AND EQUIPMENT
(0.0%) |
|
500 |
|
Apple Inc./October 18, 2024
/$215/$10,750,000 | (Cost $162,834) |
$ | 26,500 | |
|
|
|
|
| |
| | |
|
|
PRINCIPAL |
|
SHORT-TERM SECURITIES | |
| | |
|
|
|
|
U.S. Treasury Bills | |
| | |
|
$ |
27,000,000 |
|
Due October 31, 2024, 5.157% (d) | |
| 26,883,859 | |
|
|
25,000,000 |
|
Due February 20, 2025, 4.708% (d) | |
| 24,570,056 | |
|
|
|
|
| (Cost $51,419,647) |
| 51,453,915 | |
|
|
|
|
| |
| | |
|
|
SHARES |
|
| |
| | |
|
|
74,158,008 |
|
State Street Institutional Treasury Plus Money Market Fund, Trust Class, 4.90%
(e) | (Cost $74,158,008) |
| 74,158,008 | |
|
|
|
|
| |
| | |
|
|
|
|
TOTAL SHORT-TERM SECURITIES (8.7%) | (Cost $125,577,655) |
| 125,611,923 | |
|
|
|
|
| |
| | |
TOTAL INVESTMENTS (113.5%) | (Cost $634,660,104) |
| 1,643,522,277 | |
Liabilities in excess of other assets (-0.4%) | |
| (5,122,027 | ) |
|
|
|
|
| |
| 1,638,400,250 | |
PREFERRED STOCK (-13.1%) | |
| (190,038,825 | ) |
NET ASSETS APPLICABLE TO COMMON STOCK (100%) | |
$ | 1,448,361,425 | |
ADR - American Depository Receipt |
(a) |
Non-income producing security. |
(b) |
50 shares of 110 total shares held as collateral for options written. |
(c) |
Securities which have been held for less than one year, not previously disclosed, and not restricted. |
(d) |
Yield to maturity at purchase. |
(e) |
7-day yield. |
|
|
General American
Investors
SIGNIFICANT ACCOUTNING POLICIES AND OTHER MATTERS
September 30, 2024 (Unaudited)
General
American Investors Company, Inc. (the “Company”), established in 1927, is registered under the Investment Company Act of
1940 as a closed-end, diversified management investment company. It is internally managed by its officers under the
direction of the Board of Directors. |
|
|
The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting; Accounting Standards Codification 946, Financial Services – Investment Companies (“ASC 946”), and Regulation S-X. |
|
|
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, and gains and losses during the reported period. Changes in the economic environment, financial markets, and any other parameters used in determining these estimates could cause actual results to differ, and these differences could be material. |
|
|
|
a. SECURITY VALUATION Equity securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the period. Equity securities reported on the NASDAQ national market are valued at the official closing price on that day. Listed and NASDAQ equity securities for which no sales are reported on that day and other securities traded in the over-the-counter market are valued at the last bid price (asked price for options written) on the valuation date. Equity securities traded primarily in foreign markets are valued at the closing price of such securities on their respective exchanges or markets. Corporate debt, domestic and foreign, and U.S. government securities are generally traded in the over-the-counter market rather than on a national securities exchange. The Company utilizes the latest bid prices furnished by independent pricing services with respect to transactions in such securities to determine current market value if maturity date exceeds 60 days. Investments in such securities maturing within 60 days or less are valued at amortized cost. If, after the close of foreign markets, conditions change significantly, the price of certain foreign securities may be adjusted to reflect fair value as of the time of the valuation of the portfolio. Investments in money market funds are valued at their net asset value. |
|
|
|
b. OPTIONS The Company may purchase and write (sell) exchange traded put and call options on equity securities. The Company purchases put options or writes call options to hedge the value of portfolio investments while it purchases call options and writes put options to obtain market exposure. The risk associated with purchasing an option is that the Company pays a premium whether or not the option is exercised. Additionally, the Company bears the risk of loss of the premium and a change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums received from writing options are reported as a liability on the Statement of Assets and Liabilities. Those that expire unexercised are treated by the Company on the expiration date as realized gains on written option transactions in the Statement of Operations. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on written option transactions in the Statement of Operations. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Company has realized a gain or loss on investments in the Statement of Operations. If a written put option is exercised, the premium reduces the cost basis of the securities purchased by the Company and is parenthetically disclosed on the Statement of Assets and Liabilities. The Company as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. For exchange traded options purchased, the Company bears the risk of loss in the amount of the premiums paid plus appreciation in market value should a counterparty fail to perform under the contract. Options written by the Company do not give rise to counterparty risk as options written obligate the Company to perform. The Company has not entered into a master netting agreement with respect to options on equity securities. See Note 4 for option information. |
|
|
|
c. SECURITY TRANSACTIONS AND INVESTMENT INCOME Security transactions are recorded as of the trade date. Realized gains and losses are determined on the specific identification method. Dividend income and distributions to stockholders are recorded as of the ex-dividend dates. Interest income is recognized daily on the accrual basis, adjusted for the accretion of discounts and amortization of premiums. |
General American
Investors
SIGNIFICANT
ACCOUTNING POLICIES AND OTHER MATTERS - continued
September 30, 2024 (Unaudited)
|
d. FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies versus U.S. dollars on the date of valuation. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Company’s Board of Directors. The Company does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. These changes are combined and included in net realized and unrealized gain or loss on the Statement of Operations. |
|
|
|
Realized foreign exchange gains or losses may also arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses may also arise from changes in foreign exchange rates on foreign currency denominated assets and liabilities other than investments in securities held at the end of the reporting period. |
|
|
|
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. companies as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets. |
|
|
|
e. DIVIDENDS AND DISTRIBUTIONS The Company expects to pay dividends of net investment income and distributions of net realized capital and currency gains, if any, annually to common shareholders and quarterly to preferred shareholders. Dividends and distributions to common and preferred shareholders, which are determined in accordance with Federal income tax regulations, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified to paid-in capital as they arise. |
|
|
|
f. FEDERAL INCOME TAXES The Company’s policy is to fulfill the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income to its stockholders. Accordingly, no provision for Federal income taxes is required. In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Company’s tax positions taken or expected to be taken on Federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Company’s financial statements. |
|
|
|
g. INDEMNIFICATIONS In the ordinary course of business, the Company enters into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these indemnification provisions and expects any future risk of loss thereunder to be remote. |
General American
Investors
FAIR VALUE MEASUREMENTS
September 30, 2024 (Unaudited)
Various data inputs are used
in determining the value of the Company’s investments. These inputs are summarized in a hierarchy consisting of the three broad
levels listed below:
Level 1 - quoted prices in active markets for identical securities (including money market funds which are valued at net asset value,
typically $1 per share),
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, etc.), and
Level 3 - significant unobservable inputs (including assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities. No transfers among levels occurred during the nine months ended September 30, 2024. The following is a summary of the inputs
used to value the Company’s net assets as of September 30, 2024:
Assets | |
Level 1 | |
Level 2 | |
Level 3 | |
Total |
Common stocks | |
$ | 1,517,883,854 | | |
| — | | |
| — | | |
$ | 1,517,883,854 | |
Purchased options | |
| 26,500 | | |
| — | | |
| — | | |
| 26,500 | |
U.S. Treasury bills | |
| — | | |
$ | 51,453,915 | | |
| — | | |
| 51,453,915 | |
Money market fund | |
| 74,158,008 | | |
| — | | |
| — | | |
| 74,158,008 | |
Total | |
$ | 1,592,068,362 | | |
$ | 51,453,915 | | |
| — | | |
$ | 1,643,522,277 | |
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