London, UK, 8 November 2023
Edison issues update on Canadian General Investments (CGI): Outperformance from doing what it says on the tin
Canadian General Investments’ (CGI’s) manager Greg Eckel at Morgan Meighen & Associates (MMA) employs a steady, level-headed and patient approach to investing with low portfolio turnover. However, this strategy should not be underestimated as CGI has a very commendable long-term track record of outperformance. The manager is unconstrained by benchmark allocations and so far this year, CGI’s performance has benefited from a meaningful above-market weighting in technology companies and a larger below-market allocation to financial stocks. Having had an underweight exposure to energy stocks for many years, Eckel has been added to the sector as he believes that the current favourable commodity supply/demand balance is sustainable, while strong cash generation is enabling increased return to shareholders.
CGI offers investors a broad Canadian exposure, while up to 25% of the fund may be invested in niche US businesses that are unavailable in Canada. It employs a progressive dividend policy, whereby the total dividend, of four regular interim payments, is on track for the sixth year of C$0.04 per share annual increases. Based on its current share price, CGI’s dividend yield is 2.8%.
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