We first made a name for ourselves managing Third Canadian General Investment Trust Limited, founded in 1928 and Canadian General Investments, Limited (CGI), founded in 1930. Today, CGI is traded in both Toronto and London, and remains a bedrock of Morgan Meighen investment management.
Closed-end funds, like their open-end mutual fund cousins, invest in a pool of assets on behalf of a group of investors who share common investment objectives. Unlike mutual funds, however, closed-end funds issue a fixed number of shares traded on the stock exchange identically to other listed stock. Plus a simple and transparent commission is charged by the brokerage on purchase and sale, rather than a front-end or back-end load sales charge.