Portfolio Update
Updated : 17:17
FOR: CANADIAN GENERAL INVESTMENTS, LIMITED
TSX SYMBOLS: CGI, CGI.PR.D
LONDON STOCK EXCHANGE: CGI
March 3, 2021
Canadian General Investments: Investment Update - Unaudited
TORONTO, CANADA - Canadian General Investments, Limited (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 Technology | 27.8% |
Industrials | 23.2% |
Materials | 16.4% |
Consumer Discretionary | 10.7% |
Financials | 9.6% |
Energy | 4.7% |
Real Estate | 3.5% |
Communication Services | 2.0% |
Health Care | 1.4% |
Utilities | 0.4% |
Cash & Cash Equivalents | 0.3% |
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 Limited | 4.1% |
First Quantum Minerals Ltd. | 3.9% |
West Fraser Timber Co. Ltd. | 3.5% |
NVIDIA Corporation | 3.4% |
Lightspeed POS Inc. | 3.2% |
Franco-Nevada Corporation | 3.1% |
Amazon.com, Inc. | 3.0% |
Square, Inc. | 2.7% |
Mastercard Incorporated | 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
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.