Canadian General Investments (LSE:CGI and TSE:CGI) was launched in 1930, it is North America’s second-oldest closed-end fund. Since 1956, it has been managed by Morgan Meighen & Associates. Portfolio manager Greg Eckel invests with a medium- to long-term outlook in a broad selection of primarily Canadian equities, aiming to outperform the total return of the benchmark S&P/TSX Composite Index. CGI has a favourable tax status, but to maintain this, the trust is unable to repurchase its shares to help manage the share price discount to net asset value. CGI has followed a levered strategy since 1998 and more than 50% of its shares are held by related parties.
In this webcast, Morgan Meighen’s executive vice president and chief operating officer Jonathan Morgan provides an introduction to CGI. He suggests why investors may consider investment in Canada. Morgan then highlights recent changes in the portfolio. He discusses the trust’s gearing policy, past investment performance and the trust’s dividend policy.