Canadian General Investments: Investment Update - Unaudited
Canadian General Investments, Limited - GlobeNewswire - Wed Apr 3, 2:51PM CDT
TORONTO, Canada, April 03, 2024 (GLOBE NEWSWIRE) -- Canadian General Investments, Limited (CGI) (TSX:CGI) (LSE: CGI) reports on an unaudited basis that its net asset value per share (NAV) at March 31, 2024 was $62.80, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 13.4% and 22.2%, respectively. These compare with the 6.6% and 14.0% 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 bank borrowing, with the intent to enhance returns to common shareholders. As at March 31, 2024, the leverage represented 13.4% of CGI’s net assets, down from 15.1% at the end of 2023 and 16.0% at March 31, 2023.
The closing price for CGI’s common shares at March 31, 2024 was $37.69, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 9.3% and 17.3%, respectively.
The sector weightings of CGI’s investment portfolio at market as of March 31, 2024 were as follows:
Industrials
24.7
%
Information Technology
21.0
%
Energy
13.5
%
Financials
13.0
%
Materials
10.6
%
Consumer Discretionary
9.6
%
Real Estate
4.2
%
Cash & Cash Equivalents
1.8
%
Communication Services
1.6
%
The top ten investments which comprised 39.0% of the investment portfolio at market as of March 31, 2024 were as follows: