Canadian General Investments - Potential for Canadian outperformance
Canadian General Investments (CGI) is managed by Greg Eckel at Morgan Meighen & Associates (MMA). He believes that investors could be rewarded by an allocation to Canada, rather than automatically heading to the US, which tends to be the default option for North American exposure. The manager highlights the very commendable returns that CGI has achieved over the long term, with 1.4pp annual share price outperformance versus the Canadian market over the last 25 years, and an even greater 2.3pp annual outperformance over the last 50 years. Eckel is unconstrained by the sector weightings of the S&P/TSX Composite Index benchmark, evidenced by a very long-term underweight to financial stocks. CGI has recently confirmed that 2024 will mark the 11th consecutive year of higher dividends. The company’s margin facility has recently been drawn down by a further C$25m to C$200m.Canadian General Investments is a closed-end investment fund focused on medium to long-term investments in Canadian corporations. Co.'s investment objective is to provide better than average returns to investors through prudent security selection, timely recognition of capital gains/losses and appropriate income generating instruments. As of Dec 31 2010, Co. had total investment portfolio valued at C$647,103,000 and total assets valued at C$651,038,000.
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