Canadian General Investments: Investment Update – Unaudited
December 02 2020 - 3:08PM
Canadian General Investments, Limited (TSX: CGI, CGI.PR.D) (LSE:
CGI) reports on an unaudited basis that its net asset value
per share (NAV) at November 30, 2020 was $47.40, resulting in
year-to-date and 12-month NAV returns, with dividends reinvested,
of 30.9% and 33.8%, respectively. These compare with the 3.8% and
4.3% 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, in an effort to
enhance returns to common shareholders. As at November 30, 2020,
the combined leverage afforded by both forms of leverage
represented 17.7% of CGI’s net assets, down from 22.7% at the end
of 2019 and 23.2% at November 30, 2019.
The worldwide spread of novel coronavirus
(COVID-19) and its impact on such factors as business operations,
supply chains, travel, commodity prices and consumer confidence,
and the associated impact on domestic and international equity
markets and fixed income yields, is expected to continue to have a
significant influence on the equity markets and could significantly
impact the value of investments held by CGI. Morgan Meighen &
Associates Limited, the manager of the Company, will maintain its
consistent, steady, long-term approach of holding diversified,
appropriate investments, while pursuing selective new
opportunities.
The closing price for CGI’s common shares at
November 30, 2020 was $32.20, resulting in year-to-date and
12-month share price returns, with dividends reinvested, of 26.8%
and 36.7%, respectively.
The sector weightings of CGI’s investment
portfolio at market as of November 30, 2020 were as follows:
|
Information Technology |
28.0% |
|
|
Industrials |
20.4% |
|
|
Materials |
15.9% |
|
|
Consumer Discretionary |
13.6% |
|
|
Financials |
9.2% |
|
|
Energy |
4.5% |
|
|
Real Estate |
3.6% |
|
|
Communication Services |
2.3% |
|
|
Health Care |
1.3% |
|
|
Cash & Cash Equivalents |
0.7% |
|
|
Utilities |
0.5% |
|
The top ten investments which comprised 37.2% of
the investment portfolio at market as of November 30, 2020 were as
follows:
|
Shopify Inc. |
7.5% |
|
|
Franco-Nevada Corporation |
4.3% |
|
|
Canadian Pacific Railway Limited |
4.1% |
|
|
NVIDIA Corporation |
3.8% |
|
|
Amazon.com, Inc. |
3.5% |
|
|
Mastercard Incorporated |
2.9% |
|
|
First Quantum Minerals Ltd. |
2.8% |
|
|
Square, Inc. |
2.8% |
|
|
Apple Inc. |
2.8% |
|
|
Lightspeed POS Inc. |
2.7% |
|
FOR FURTHER INFORMATION PLEASE CONTACT: Canadian
General Investments, Limited Jonathan A. Morgan President and CEO
Phone: (416) 366-2931 Fax: (416) 366-2729 e-mail:
cgifund@mmainvestments.com website:
www.canadiangeneralinvestments.ca
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