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Highlights
Canadian General Investments (CGI) reported a net asset value (NAV) per share of CAD 80.47 as of September 30, 2025.
The company achieved 12-month and year-to-date NAV returns of 25.0% and 17.4%, respectively, with dividends reinvested.
Leverage decreased to 11.9% of net assets compared to 13.8% at the end of 2024.
Canadian General Investments, Limited (TSX:CGI) (LSE:CGI) announced on an unaudited basis that its net asset value (NAV) per share as of September 30, 2025, was CAD 80.47. The company recorded year-to-date and 12-month NAV returns, with dividends reinvested, of 17.4% and 25.0%, respectively.
These returns were compared with the S&P/TSX Composite Index, which recorded total returns of 23.9% year-to-date and 28.6% over 12 months for the same period. CGI’s investment performance continues to be aligned with its long-term strategy of generating capital appreciation and dividend income through diversified equity investments in Canadian and international markets.
Leverage and Capital Position
As part of its investment strategy, CGI employs a leveraging approach through bank borrowings aimed at enhancing returns to common shareholders. As of September 30, 2025, leverage represented 11.9% of net assets, a reduction from 13.8% at the end of 2024 and 12.8% a year earlier.
The closing market price of CGI’s common shares on September 30, 2025, stood at CAD 46.52, reflecting year-to-date and 12-month share price total returns, with dividends reinvested, of 17.3% and 19.6%, respectively.
Portfolio Composition
As of September 30, 2025, CGI’s investment portfolio maintained a diversified sector allocation. The largest exposures were to Information Technology (24.7%), Industrials (19.4%), Materials (15.5%), Financials (14.0%), and Energy (12.7%). Smaller positions were held in Consumer Discretionary (8.8%), Real Estate (4.0%), Communication Services (0.6%), and Cash & Cash Equivalents (0.3%).
This diversified allocation demonstrates a broad representation of Canada’s key economic sectors and supports CGI’s objective of long-term capital growth through disciplined portfolio management.
Top Ten Holdings
The top ten investments comprised 38.4% of the portfolio at market value as of September 30, 2025. These included:
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Celestica Inc. (6.4%)
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NVIDIA Corporation (5.3%)
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Franco-Nevada Corporation (4.8%)
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Shopify Inc. (3.5%)
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WSP Global Inc. (3.4%)
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Canadian Pacific Kansas City Limited (3.2%)
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Mastercard Incorporated (3.0%)
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Dollarama Inc. (3.0%)
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First Quantum Minerals Ltd. (3.0%)
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Cameco Corporation (2.8%)
Outlook
Canadian General Investments continues to manage its portfolio actively with an emphasis on total return through capital appreciation and dividend income. The company’s investment results, portfolio composition, and adjusted leverage position underscore its ongoing management approach within the Canadian and global equity markets.
