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

NEW YORK--(BUSINESS WIRE)--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.