Canadian General Investments: Investment Update - Unaudited

Thursday, January 4, 2024
 
NEWS RELEASE TRANSMITTED BY GLOBENEWSWIRE
FOR: CANADIAN GENERAL INVESTMENTS, LIMITED
TSX: CGI
LONDON STOCK EXCHANGE: CGI
 
Canadian General Investments: Investment Update - Unaudited
 
TORONTO, CANADA – Canadian General Investments, Limited (CGI) reports on an unaudited basis that its net asset value per share (NAV) at December 31, 2023 was $55.63, resulting in a one-year NAV return, with dividends reinvested, of 17.4%.  This compares with the 11.8% return of the benchmark S&P/TSX Composite Index on a total return basis for the same period.
 
The Company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at December 31, 2023, the leverage represented 15.1% of CGI’s net assets, up from 14.9% at the end of 2022.
 
The closing price for CGI’s common shares at December 31, 2023 was $34.73, resulting in an annual share price return, with dividends reinvested, of 9.5%.
 
The sector weightings of CGI’s investment portfolio at market as of December 31, 2023 were as follows:
 

Industrials

25.3%

Information Technology

21.9%

Energy

12.4%

Financials

10.8%

Consumer Discretionary

10.8%

Materials

10.7%

Real Estate

4.6%

Communication Services

2.0%

Cash & Cash Equivalents

0.8%

Health Care

0.7%

The top ten investments which comprised 36.6% of the investment portfolio at market as of December 31, 2023 were as follows:

NVIDIA Corporation

4.7%

TFI International Inc.

4.7%

Canadian Pacific Kansas City Limited

4.5%

Apple Inc.

3.7%

West Fraser Timber Co. Ltd.

3.5%

The Descartes Systems Group Inc.

3.3%

WSP Global Inc.

3.3%

Franco-Nevada Corporation

3.2%

Mastercard Incorporated

3.0%

Bank of Montreal

2.7%
 
FOR FURTHER INFORMATION PLEASE CONTACT:
Jonathan A. Morgan
President & CEO
Phone: (416) 366-2931
Fax: (416) 366-2729