General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), reported net assets applicable to the Company’s common stock as of March 31, 2011 of $1,003,834,212 as compared with net assets applicable to its common stock of $950,940,936 at December 31, 2010. The value at March 31, 2011 reflects an increase in net assets resulting from operations for the three month period then ended of $53,320,198 and a decrease of $426,922 reflecting the cost of repurchasing 15,075 shares of the Company’s common stock.
The first quarter report indicates that as of and for the three months ended:
|Net Assets Applicable to Common Stock||$1,003,834,212||$895,562,192|
|Per Common Share||$33.01*||$28.97|
|Net Investment Income (Loss)||($79,306)||$1,131,939|
|Per Common Share||—||$0.04|
|Net Gain on Investments||$56,227,497||$44,704,412|
|Per Common Share||$1.84||$1.51|
|Common Shares Outstanding||30,408,219||30,917,212|
|Dividends and Distributions to Preferred Stockholders||$2,827,993||$2,827,996|
|Per Common Share||$0.09||$0.09|
|*After dividend and distribution of $0.43 per share paid in December 2010.|
The five largest stock holdings in the Company’s portfolio at March 31, 2011 included The TJX Companies, Inc.; Weatherford International; Costco Wholesale Corporation; Apache Corporation; and QUALCOMM Incorporated.
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