TD Asset Management Exits GAI Preferred B 5.95% Stake

TL;DR

**TD Asset Management Inc. no longer holds GAI preferred shares as of Dec 31, 2023.**

AI Summary

TD Asset Management Inc. filed an amended SC 13G/A on February 9, 2024, indicating a significant change in its beneficial ownership of General American Investors Company, Inc. (GAI) Preferred B 5.95% shares. As of December 31, 2023, TD Asset Management Inc. reported having zero sole or shared voting and dispositive power over these shares, a notable reduction from previous filings. This matters to investors because it signals that a major institutional investor, TD Asset Management Inc., no longer holds a reportable stake in GAI's preferred stock, potentially reducing institutional demand or confidence in that specific security.

Why It Matters

This filing shows a major institutional investor, TD Asset Management Inc., has divested its reportable stake in General American Investors Company, Inc.'s preferred shares, which could impact market perception and liquidity for that security.

Risk Assessment

Risk Level: low — The filing indicates a change in institutional ownership, which is a common occurrence and doesn't inherently pose a high risk to the company itself.

Analyst Insight

An investor in General American Investors Company, Inc. Preferred B 5.95% should monitor trading volume and price action for this specific preferred stock, as the exit of a large institutional holder like TD Asset Management Inc. could lead to reduced demand or increased selling pressure.

Key Numbers

• 0 — Sole Voting Power (TD Asset Management Inc. holds zero sole voting power over GAI Preferred B 5.95% shares as of Dec 31, 2023.)
• 0 — Shared Voting Power (TD Asset Management Inc. holds zero shared voting power over GAI Preferred B 5.95% shares as of Dec 31, 2023.)
• 0 — Sole Dispositive Power (TD Asset Management Inc. holds zero sole dispositive power over GAI Preferred B 5.95% shares as of Dec 31, 2023.)
• 36880241 — CUSIP Number (Identifies the General American Investors Company, Inc. Preferred B 5.95% securities.)

Key Players & Entities

• TD Asset Management Inc. (company) — the reporting person who filed the SC 13G/A
• General American Investors Company, Inc. (company) — the issuer of the securities
• Epoch Investment Partners, Inc. (company) — a group member listed in the filing
• Canada (country) — place of organization for TD Asset Management Inc.
• December 31st, 2023 (date) — date of event requiring the filing

Forward-Looking Statements

• The liquidity for General American Investors Company, Inc. Preferred B 5.95% shares may decrease due to the exit of a major institutional holder. (General American Investors Company, Inc.) — medium confidence, target: Q2 2024
• Other institutional investors might re-evaluate their positions in GAI preferred shares following TD Asset Management Inc.'s divestment. (General American Investors Company, Inc.) — low confidence, target: Q2 2024

FAQ

Filing Documents

• d728693dsc13ga.htm (SC 13G/A) — 54KB
• d728693dex991.htm (EX-99.1) — 5KB
• 0001193125-24-029397.txt ( ) — 60KB

(b)

Item 2(b). Address of Principal Business Office

(c)

Item 2(c). Citizenship (i) TD Asset Management Inc. (TDAM) Canada Trust Tower, 161 Bay Street, 35th Floor, Toronto, Ontario, M5J 2T2 Citizenship: Canada (ii) Epoch Investment Partners, Inc. (Epoch) One Vanderbilt Avenue, New York, NY 10017 Citizenship: USA The foregoing persons are hereinafter sometimes collectively referred to as the Reporting Persons. The Reporting Persons are wholly-owned subsidiaries of TD Bank Financial Group. The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended (the Act), the beneficial owner of the shares reported herein. Item2(d). Title of Class of Securities: GENERAL AMERN INVS CO INC PFD B 5.95% Item2(e). CUSIP Number: 36880241 Item3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: This Item 3 is not applicable. Page 4 of 9 Item4. (a) Amount beneficially owned: TDAM individually beneficially owns 0 shares of Preferred Stock. Epoch individually beneficially owns 406,116 shares of Preferred Stock. Collectively, the Reporting Persons beneficially own 406,116 shares of Preferred Stock. (b) Percent of class: The ownership percentages set forth below are based on 7,601,553 shares of the Issuers Preferred Stock outstanding as of December 31st, 2023. TDAM may be deemed to beneficially own approximately 0.00% of the outstanding shares of Preferred Stock. Epoch may be deemed the beneficial owner of approximately 5. 34% of the shares of Preferred Stock outstanding. Collectively, the Reporting Persons may be deemed the beneficial owner of approximately 5.34 % of the outstanding shares of Preferred Stock. (c) Number of Shares as to which the Reporting Person has: TDAM : (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole po

View Full Filing

View this SC 13G/A filing on SEC EDGAR