GAM: Moving To Hold After The Run-Up (Rating Downgrade) [Seeking Alpha]
General American Investors, Inc. (GAM)
US:NYSE Investor Relations:
generalamericaninvestors.com/additional-info
Company Research
Source: Seeking Alpha
Follow Play 7min Summary General American Investors has outperformed the S&P 500 by over 25% since our last coverage, driven by a tightening discount to NAV and portfolio outperformance. GAM's portfolio mimics the S&P 500 but with only 70 stocks, focusing on NAV growth and a 5% distribution yield. The current market conditions and GAM's stretched valuation metrics prompt us to downgrade the fund from 'Buy' to 'Hold'. Despite strong recent performance, the high P/E ratio and stretched z-stat indicate a less attractive entry point for GAM. Liudmila Chernetska/iStock via Getty Images Thesis General American Investors (GAM ) is an equity closed end fund we last covered at the beginning of the year. In our last article we highlighted how the fund managed to have a robust, albeit unexciting distribution, and how the name was a good proxy for the S&P 500 and had the potential to outperform. While some CEFs aim to over-distribute to garner investor attention, others such
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GAM
Sec Filings
- 11/14/24 - Form SCHEDULE
- 11/6/24 - Form SC
- 10/31/24 - Form NPORT-P
- GAM's page on the SEC website