General American Investors Files Certified Shareholder Report for Year Ended December 31, 2020

Rhea-AI Summary

General American Investors Company, listed on the NYSE under the symbol GAM, filed its 2020 Certified Shareholder Report (Form N-CSR) with the SEC. The report reveals net assets applicable to common stock at $1.088 billion, representing a modest increase from $1.082 billion in 2019. However, net investment income fell to $3.13 million, down from $8.22 million in the prior year. The company reported a net gain on investments of $73.84 million, significantly lower than $288.66 million in 2019. Dividends to common stockholders increased to $60.59 million.

Positive

• Net assets applicable to common stock increased to $1.088 billion from $1.082 billion in 2019.
• Dividends and distributions to common shareholders rose to $60.59 million in 2020, compared to $59.14 million in 2019.

Negative

• Net investment income decreased significantly to $3.13 million from $8.22 million in 2019.
• Net gain on investments dropped to $73.84 million, down from $288.66 million in the prior year.

General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), filed with the U.S. Securities and Exchange Commission (SEC) its Certified Shareholder Report (Form N-CSR) for the year ended December 31, 2020. The Form N-CSR, which contains the Company’s 2020 Annual Report, is available at the SEC’s website: www.sec.gov and the Company’s website: www.generalamericaninvestors.com.

The 2020 Annual Report is also available on the Company's website and the Proxy Statement, pertaining to the Company’s Annual Meeting of Stockholders to be held on April 28, 2021, is also available on the website.

The Annual Report indicates that as of and for the year ended:

	2020	2019
Net Assets Applicable to Common Stock	$1,087,971,063	$1,081,697,614
Per Common Share	$44.00*	$43.70**
Net Investment Income	$3,134,606	$8,218,332
Per Common Share	$0.13	$0.33
Net Gain (Loss) on Investments	$73,837,456	$288,658,575
Per Common Share	$3.10	$11.78
Common Shares Outstanding	24,728,206	24,753,191
Dividends and Distributions to Common Shareholders	$60,588,552	$59,144,808
Per Common Share	$2.50	$2.45
Dividends and Distributions to Preferred Shareholders	$11,311,972	$11,311,972
Per Common Share	$0.46	$0.46

*	After dividends and distributions of $2.50 per share paid in December 2020.
**	After dividends and distributions of $2.45 per share paid in December 2019.

The Company also reported that it purchased 750,415 shares of its outstanding common stock in the open market during 2020. The Board of Directors has authorized repurchasing common shares when they are trading at a discount in excess of 8%. The Company is also authorized to repurchase up to one million shares of its 5.95% Cumulative Preferred Stock, Series B (symbol GAM Pr B on NYSE) when they are trading at less than $25 per share. The aggregate liquidation value of the preferred stock is $190.1 million.

The five largest stock holdings in the Company’s portfolio at December 31, 2020 included: Microsoft Corporation, Republic Services, ASML Holding N.V., Alphabet Inc., and Amazon.com, Inc.

General American Investors was founded in 1927, has been publicly traded since its inception and has been listed on the NYSE since 1930. The objective of the Company is long-term capital appreciation through investment in companies with above average growth potential.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210219005363/en/

FAQ

What were General American Investors' net assets applicable to common stock for 2020?

The net assets applicable to common stock were $1.088 billion for the year ended December 31, 2020.

How much did General American Investors report in net investment income for 2020?

General American Investors reported net investment income of $3.13 million for 2020.

What earnings did General American Investors post on investments in 2020?

The company posted a net gain on investments of $73.84 million for the year 2020.

What was the dividend distribution to common shareholders for General American Investors in 2020?

Dividends and distributions to common shareholders amounted to $60.59 million in 2020.

What is the stock symbol for General American Investors?

The stock symbol for General American Investors is GAM.