General American Investors Closed Fund (GAM) Fair Value & Analysis
Financial Services · US · Market cap $1.6B · ISIN US3688021043
What is General American Investors Closed Fund really worth?
General American Investors Closed Fund
GAM · US
A solid business, trading 51% below our fair value of $135.78.
As of Aug 17, 2026, the fair value of General American Investors Closed Fund is $135.78 per share against a price of $66.48, so the fair value sits 104% above the price. A model estimate blended from multiple valuation models, recalculated regularly.
Risks
For context
Fair value as of: Aug 17, 2026
From 8 valuation models · updated 20 days ago
Fair value updated Aug 17, 2026, revised from $134.94 to $135.78 (+0.6%) since Aug 13, 2026. Share price +0.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case ($71.02). The market is more pessimistic than our downside scenario.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range ($71.02 to $169.72) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 17, 2026.
How to read this chart
60‑month range $23.90 – $67.95 · fair‑value band $71.02 – $169.72 · the $66.48 price screens below the $135.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 17, 2026.
Analysis
General American Investors Closed Fund (GAM) currently trades at $66.48, while our model-based Fair Value estimate is $135.78, implying the stock looks roughly 51.0% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of $499.09 per share, and 5 of the 8 models we run sit above the $66.48 price. Bear case: the Dividend Discount group reads lowest at $17.46, and 3 of the 8 models stay below the price. Evidence for this calculation is low.
Revenue declined 22.1% year over year. It earns a return on equity of 20.6%. Net debt stands at $1.4M. The stock trades on a trailing P/E of 4.6. Fundamentals as of Aug 17, 2026
Our scenario range runs from $71.02 (bear case) to $169.72 (bull case); at $66.48, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 37% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 104%, GAM screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $6.51 per share, which is 4.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 8 models by family
Widest divergence: Earnings-Based ($499.09) versus Dividend Discount ($17.46). Highest evidence: Gordon GGM (66).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 70
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
General American Investors Company, Inc. is a publicly owned investment manager. The firm invests in the public equity markets of United States. It invests in growth stocks of companies.
Full company description
General American Investors Company, Inc. is a publicly owned investment manager. The firm invests in the public equity markets of United States. It invests in growth stocks of companies. It makes investments in Information Technology, Financials, Consumer Staples, Consumer Discretionary, Retailing, Communication Services, Industrials, Health Care, Energy and Materials. The firm employs fundamental analysis with a bottom-up stock picking approach to make its investments. It conducts in-house research to make its investments. General American Investors Company, Inc. was founded in 1927 and is based in New York, New York.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
General American Investors Closed Fund reported revenue of $164M in FY2025 versus $308M in FY2021, a compound −14.6%/yr. Reported net income was $340M in FY2025, compounding +3.7%/yr from FY2021.
of which total revenue +27.9 % · buybacks/dilution +7.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Asset Management · 695 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Asset Management median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 78/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 408.05 | kr 827.56 | +103% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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