Canadian General Investments - Recent performance affected by top-down events
Canadian General Investments (CGI) is managed by Greg Eckel at Morgan Meighen & Associates (MMA). He explains that in 2022, the stock market has been driven by macroeconomic events and investors have essentially ignored company fundamentals, which are the long-term drivers of share prices. The manager is sticking to his principles and continuing to focus on stock selection – a strategy that has led to a very commendable long-term record of outperformance. Eckel believes that stock market volatility is likely to persist as central banks need to further tighten monetary policy to combat higher inflation; he does not anticipate a repeat of the V-shaped market recovery seen during the COVID-19 pandemic. If the macroeconomic backdrop improves, the manager expects quality companies to outperform, so for now he is ‘weathering the storm’ and looking forward to sunnier times.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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