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, 2012 of $987,992,055 as compared with net assets applicable to its common stock of $886,537,370 at December 31, 2011. The value at March 31, 2012 reflects an increase in net assets resulting from operations for the three month period then ended of $117,487,714 and a decrease of $16,033,029 reflecting the cost of repurchasing 587,157 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||$987,992,055||$1,003,834,212|
|Per Common Share||$33.86*||$33.01|
|Net Investment Loss||($201,682)||($79,306)|
|Per Common Share||($0.01)||—|
|Net Gain on Investments||$120,517,389||$56,227,497|
|Per Common Share||$4.19||$1.84|
|Common Shares Outstanding||29,179,232||30,408,219|
|Dividends and Distributions to Preferred Stockholders||$2,827,993||$2,827,993|
|Per Common Share||$0.10||$0.09|
|*After dividend and distribution of $0.50 per share paid in December 2011.|
The five largest stock holdings in the Company’s portfolio at March 31, 2012 included The TJX Companies, Inc.; QUALCOMM Inc.; Epoch Holding Corp.; Costco Wholesale Corp.; and Diageo plc ADR.
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