Canadian General Investments: Investment Update - Unaudited
Canadian General Investments, Limited - GlobeNewswire - Thu Jan 4, 10:54AM CST
TORONTO, Canada, Jan. 04, 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 December 31, 2023 was $55.63, resulting in a one-year NAV return, with dividends reinvested, of 17.4%. This compares with the 11.8% return of the benchmark S&P/TSX Composite Index on a total return basis for the same period.
The Company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at December 31, 2023, the leverage represented 15.1% of CGI’s net assets, up from 14.9% at the end of 2022.
The closing price for CGI’s common shares at December 31, 2023 was $34.73, resulting in an annual share price return, with dividends reinvested, of 9.5%.
The sector weightings of CGI’s investment portfolio at market as of December 31, 2023 were as follows:
Industrials
25.3%
Information Technology
21.9%
Energy
12.4%
Financials
10.8%
Consumer Discretionary
10.8%
Materials
10.7%
Real Estate
4.6%
Communication Services
2.0%
Cash & Cash Equivalents
0.8%
Health Care
0.7%
The top ten investments which comprised 36.6% of the investment portfolio at market as of December 31, 2023 were as follows: