Canadian General Investments: Investment Update - Unaudited

Monday, June 5, 2023
 
NEWS RELEASE TRANSMITTED BY GLOBENEWSWIRE
FOR: CANADIAN GENERAL INVESTMENTS, LIMITED
TSX SYMBOLS: CGI, CGI.PR.D
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 May 31, 2023 was $52.23, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 9.3% and 3.7%, respectively.  These compare with the 2.3% and -2.5% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.
 
The Company employs a leveraging strategy, by way of preference shares and bank borrowing, with the intent to enhance returns to common shareholders. As at May 31, 2023, the combined leverage afforded by both forms of leverage represented 16.1% of CGI’s net assets, up from 14.9% at the end of 2022 and down from 16.4% at May 31, 2022.
 
The closing price for CGI’s common shares at May 31, 2023 was $33.25, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 3.5% and -6.2%, respectively.
 
The sector weightings of CGI’s investment portfolio at market as of May 31, 2023 were as follows:
 

Information Technology

23.2%

Industrials

21.2%

Materials

15.9%

Consumer Discretionary

11.1%

Energy

10.5%

Financials

9.6%

Real Estate

4.9%

Communication Services

2.1%

Health Care

0.9%

Cash & Cash Equivalents

0.6%

The top ten investments which comprised 40.9% of the investment portfolio at market as of May 31, 2023 were as follows:

NVIDIA Corporation

6.8%

Canadian Pacific Kansas City Limited

4.7%

Franco-Nevada Corporation

4.5%

First Quantum Minerals Ltd.

4.0%

Apple Inc.

3.9%

TFI International Inc.

3.9%

West Fraser Timber Co. Ltd.

3.7%

The Descartes Systems Group Inc.

3.3%

WSP Global Inc.

3.1%

Mastercard Incorporated

3.0%
 
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian General Investments, Limited
Jonathan A. Morgan
President and CEO
Phone: (416) 366-2931
Fax: (416) 366-2729