Canadian General Investments

LN: CGI

Market CapC$668m

Last Close C$32.03

CCPEOL is a closed-end investment company, domiciled in Jersey and listed in London. It invests through a Luxembourg vehicle, CVC European Credit Opportunities (CEC), aiming to provide investors with regular income and capital appreciation from a diversified portfolio of predominantly sub-investment grade debt instruments. The portfolio is split into two pools: performing credit and credit opportunities. CCPEOL has two classes of share: sterling shares (CCPG) and euro shares (CCPE) traded on LSE.

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Investment summary

Canadian General Investments (CGI) has been managed by Greg Eckel at Morgan Meighen & Associates (MMA) since 2009. Despite elevated levels of stock market volatility, he is maintaining his disciplined approach to stock selection, seeking high-quality companies that can be held for the long term. The manager believes the chance of a recession in Canada is ‘slim to none in the near to medium term’ as the economy is in ‘good shape’. However, if changes to the portfolio are required, due to a sustained change in the investment backdrop, they will be undertaken in a measured way. CGI has a progressive dividend policy, paying regular quarterly dividends; the total distribution in FY21 was 4.8% higher year-on-year and the fund currently offers a 2.5% yield.