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Canadian General Investments’ objective is to provide better-than-average returns to shareholders by investing in a diversified portfolio of primarily Canadian equities. It aims to achieve this through prudent security selection, timely recognition of capital gains/losses and appropriate use of income-generating instruments. CGI’s performance is measured against the S&P/TSX Composite Index.
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Director, Investment Trusts
Jonathan A. Morgan
President and CEO
Vanessa L. Morgan
Chairman
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 1.4 | 2.9 | (5.4) |
| Relative | 4.8 | 5.2 | (2.5) |
| 52 week high/low | C$36.8/C$28.9 |
Canadian General Investments (CGI) has been managed by Greg Eckel at Morgan Meighen & Associates (MMA) since 2009. He has a very patient and consistent fundamental investment approach, which has delivered significant outperformance over the long term for CGI’s shareholders. Last year proved to be a difficult period, as essentially energy stocks were the ‘only game in town’ and the fund has an underweight position in this sector. Also, technology stocks, which had served CGI well over a multi year period, fell out of favour with investors. However, 2023 has started well, the stock market has rotated and the fund’s performance has benefited from its sector positioning. The manager is confident that CGI’s current portfolio holdings are well-placed to get the fund back on track. While he does seek new opportunities, Eckel is mindful never to neglect his current holdings. He believes that very often, the best outcome is to do nothing, which is reflected in a very low portfolio turnover of c 2% in 2022 and a c 6% five-year average.
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