Canadian General Investments Ld Portfolio Update (9636I)
07 April 2020 - 2:03AM
UK Regulatory
TIDMCGI
RNS Number : 9636I
Canadian General Investments Ld
06 April 2020
FOR: CANADIAN GENERAL INVESTMENTS, LIMITED
TSX SYMBOLS: CGI, CGI.PR.D
LONDON STOCK EXCHANGE: CGI
April 6, 2020
Canadian General Investments: Investment Update - Unaudited
TORONTO, CANADA - Canadian General Investments, Limited (CGI or
the Company) reports on an unaudited basis that its net asset value
per share (NAV) at March 31, 2020 was $27.39, resulting in
year-to-date and 12-month NAV returns, with dividends reinvested,
of -25.5% and -19.9%, respectively. These compare with the -20.9%
and -14.2% 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 March 31, 2020, the combined leverage
afforded by both forms of leverage represented 30.6% of CGI's net
assets, up from 22.7% at the end of 2019 and 20.6% at March 31,
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
impact on the value of investments held by CGI during the first
half of 2020, and potentially beyond. While it is too early to
predict the overall impact of COVID-19 related factors, during a
time of increased uncertainty and volatility, it is to be expected
that the financial results could continue to be negatively affected
in the near term. 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 March 31, 2020 was
$19.50, resulting in year-to-date and 12-month share price returns,
with dividends reinvested, of -25.0% and -17.0%, respectively.
The sector weightings of CGI's investment portfolio at market as
of March 31, 2020 were as follows:
Information Technology 27.1%
Industrials 17.9%
Consumer Discretionary 14.3%
Materials 12.6%
Financials 9.5%
Energy 6.1%
Cash & Cash Equivalents 3.9%
Communication Services 3.3%
Real Estate 3.0%
Health Care 1.4%
Utilities 0.9%
The top ten investments which comprised 42.3% of the investment
portfolio at market as of March 31, 2020 were as follows:
Shopify Inc. 7.1%
Franco-Nevada Corporation 5.5%
Canadian Pacific Railway Limited 4.8%
NVIDIA Corporation 4.5%
Amazon.com, Inc. 4.3%
Cash 3.9%
Mastercard Incorporated 3.9%
Royal Bank of Canada 2.9%
Apple Inc. 2.8%
Bank of Montreal 2.6%
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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