Canadian General Investments: Investment Update - Unaudited
TORONTO, Canada, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Canadian General Investments, Limited (CGI) (TSX:CGI) (LSE: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
e-mail:
website:
