GENERAL AMERICAN INVESTORS CO INC

Key Holdings

• Alphabet Inc. (GOOG, Class C) is the single largest holding at $109.17M (12.33% of the portfolio). This is a high-conviction position by both absolute dollars and portfolio weight.
• Broadcom (AVGO, $68.78M; 7.77%) and ASML ($60.02M; 6.78%) show sizeable exposure to semiconductor technology and capital-equipment franchises.
• GE Vernova (GEV, $61.49M; 6.95%) and Arch Capital (Arch, $54.44M; 6.15%) are large non-mega-cap allocations and together indicate sizeable exposure outside the FAANG/mega-cap cluster.
• The remainder of the top-10 includes Everest Group, Cameco (CCJ), Costco, Nelnet (NNI) and NVIDIA (NVDA), combining technology, financials, materials and consumer-defensive exposures. Top-10 positions drive the majority of portfolio risk and return potential.

Sector Allocation and Notable Tilts

• Technology is the largest identified sector at $208.85M, approximately 23.6% of the portfolio.
• Communication Services is the second-largest clear sector at $153.14M (17.3%).
• Healthcare is $108.47M (12.3%); Financial Services $87.29M (9.9%).
• An unusually large “Unknown” bucket of $184.24M (20.8%) reduces transparency and should be investigated by outside observers — this amount is material relative to total assets and could include ADRs, foreign listings, private/illiquid holdings, or securities not mapped to standard sectors in the dataset.
• Smaller allocations: Basic Materials ~$39.7M (4.5%), Utilities ~$35.2M (4.0%), Consumer Defensive ~$30.6M (3.5%), Energy ~$16.5M (1.9%) and various small-cap or niche holdings in other sectors. Overall, the portfolio tilts toward technology/communication services (combined ~40.9%) and has material healthcare and financial holdings, with a notable allocation outside conventional sector classifications (the Unknown 20.8%).