Canadian General Investments: Investment Update

Canadian General Investments: Investment Update

TORONTO, Canada, March 03, 2021 (News) — Canadian General Investments, Limited (CGI) (TSX: CGI, CGI.PR.D) (LSE: CGI) reports on an unaudited basis that its net asset value per share (NAV) at February 28, 2021 was $52.52, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 5.4% and 53.9%, respectively. These compare with the 4.0% and 14.7% 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 February 28, 2021, the combined leverage afforded by both forms of leverage represented 16.0% of CGI’s net assets, down from 16.8% at the end of 2020 and 24.1% at February 29, 2020.

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 February 28, 2021 was $37.65, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 8.8% and 61.4%, respectively.

The sector weightings of CGI’s investment portfolio at market as of February 28, 2021 were as follows:

Information Technology27.8%
Industrials23.2%
Materials16.4%
Consumer Discretionary10.7%
Financials9.6%
Energy4.7%
Real Estate3.5%
Communication Services2.0%
Health Care1.4%
Utilities0.4%
Cash & Cash Equivalents0.3%

The top ten investments which comprised 37.7% of the investment portfolio at market as of February 28, 2021 were as follows:

Shopify Inc.8.1%
Canadian Pacific Railway Limited4.1%
First Quantum Minerals Ltd.3.9%
West Fraser Timber Co. Ltd.3.5%
NVIDIA Corporation3.4%
Lightspeed POS Inc.3.2%
Franco-Nevada Corporation3.1%
Amazon.com, Inc.3.0%
Square, Inc.2.7%
Mastercard Incorporated2.7%

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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