GENERAL AMERICAN INVESTORS CO (GAM) Company Report

On January 27, 2026, GAM portfolio managers Albert Saporta and Randel Freeman sent an open letter to Honda Motor Co., Ltd. challenging its decision to sell its 50.65% controlling shareholding in Yutaka Giken for ¥1,470 per share, which is less than half of the ¥3,024 per share offered to minority shareholders by SAMIL.
The portfolio managers demand transparency on potential ancillary transactions related to the Yutaka Giken deal, noting that Honda's sale implies a value of ¥22 billion for Yutaka, a company with ¥42.2 billion in net cash and a tangible book value of ¥100.2 billion.
GAM also urged Honda to immediately cancel its approximately 26% treasury share holding to enhance earnings per share (EPS) and align with best corporate governance standards, as Honda's EPS growth has consistently lagged competitors.

Jan 28, 2026, 7:30 AM

CI Global Asset Management Launches Asset Allocation ETFs with Bitcoin and Gold Exposure

GAM

Product Launch

New Projects/Investments

CI Global Asset Management (GMA CI) launched new CI Asset Allocation ETF Funds+ on January 27, 2026, which are now trading on the Toronto Stock Exchange.
These funds offer diversified portfolios with allocations to non-traditional asset classes, specifically bitcoin and gold bullion.
Management and administration fees are waived or reduced until June 30, 2026, with CAD ETF series and F and P series launching at 0% fees.
The CI Balanced Asset Allocation ETF Fund+ (CBAP) targets 57% equities, 38% fixed income, and 5% other assets (2.5% each for gold and bitcoin), and the CI Equity Asset Allocation ETF Fund+ (CEQP) targets 92% equities and 8% other assets (4% each for gold and bitcoin).

Jan 27, 2026, 12:00 PM

GAM Portfolio Managers Escalate Concerns Over Yutaka Giken Tender Offer

GAM

M&A

Takeover Bid

Legal Proceedings

On January 21, 2026, portfolio managers from GAM-managed funds published a second open letter to Yutaka Giken Co., Ltd.'s Board of Directors, escalating their concerns regarding the proposed tender offer by Samvardhana Motherson International (SAMIL).
The portfolio managers stated that the Board's reply to their initial letter was "totally insufficient," as it did not justify selling the company for "essentially a zero economic value".
They highlighted that the SAMIL offer price represents only a 6.4% premium to the undisturbed share price, significantly lower than the 28.7% average premium in comparable transactions, and values the company below its net cash position.
Serious concerns were raised about potential ancillary transactions between SAMIL, Yutaka, and Honda post-closing, which they believe could benefit Honda and deprive Yutaka's minority shareholders of fair value.
GAM urges the Board to reconsider the transaction at the "critical Re-determination juncture," asserting that the tender offer price should be at least 50-70% higher than the current ¥3,024/share offered to Yutaka's minority shareholders.

Jan 22, 2026, 12:30 PM

General American Investors Announces 2025 Year-End Dividend and Distribution Details

GAM

Dividends

General American Investors (GAM) announced that the issue price for shares of its common stock for the 2025 year-end dividend and distribution will be $58.745 per share.
This issue price is below the net asset value of $65.40 per share on December 12, 2025.
The total dividend and distribution amounts to $6.40 per share, payable on December 26, 2025.
The distribution consists of $5.95 per share from net long-term capital gains and $0.45 per share from estimated undistributed net investment income for 2025.

Dec 12, 2025, 10:32 PM

General American Investors Company Declares Year-End Dividends and Distributions

GAM

Dividends

General American Investors Company declared a combined $6.40 per share dividend and distribution for common stock, consisting of $5.95 from net long-term capital gains and $0.45 from estimated undistributed net investment income for the full year 2025.
This common stock distribution is payable on December 26, 2025, to stockholders of record on November 17, 2025, with an option to receive cash or additional shares.
A cash dividend and distribution of $0.371875 per share was also declared for its 5.95% Cumulative Preferred Stock, Series B, payable on December 24, 2025, to holders of record on December 8, 2025.
As of October 31, 2025, the company had net assets of approximately $1.63 billion applicable to 23.2 million common shares outstanding, with a net asset value of $70.43 per share and a closing price of $63.75 per share.

Nov 5, 2025, 9:25 PM

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