General American Investors Tops Benchmark in 2025 via Robust NAV Gains

• NAV Return 2025: 25.75% (S&P 500: 17.88%)
• Net Assets: 1.57 billion USD
• NAV per Share: 65.20 USD
• Distributions 2025: 6.65 USD per share

Focused exposure to Technology and Financials

The standout result stemmed largely from a broader market recovery and the portfolio?s targeted bets in technology and financials. By year-end, the NAV per common share stood at 65.20 USD, up from 57.78 USD a year earlier. But what helped this jump outperform the market?

A key factor was the shrinking discount to NAV, which finished the year at 9.9%. As a result, the shareholder market return reached 28.31%, surpassing the NAV growth of 25.75%. The portfolio remains concentrated: the ten largest positions account for nearly 48% of net assets. Heavyweights such as Alphabet, Microsoft, Apple, and Amazon drove the performance.

Dividends and share repurchases

Beyond price appreciation, the company continued to return capital to shareholders. For the full year 2025, total distributions to common shareholders amounted to 6.65 USD per share, largely funded by realized long-term capital gains.

Should investors sell immediately? Or is it worth buying General American Investors?

The buyback program remained active as well. In the past year, 388,307 common shares were repurchased on the open market. Management is authorized to pursue further repurchases as long as the stock trades at a discount of at least 8% to NAV.

Midweek, the board announced a quarterly dividend of 0.371875 USD per share for the preferred stock.

Dividend payments are scheduled for March 24, 2026, to all holders of record as of March 9, 2026. The next annual meeting is set for April 15, 2026, where management will outline the strategic direction for the new fiscal year.

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General American Investors Stock: New Analysis - 14 February

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