Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

Canadian General Investments Ltd.'s net asset value per share (NAV) on an unaudited basis at Oct. 31, 2023, was $50.60, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 6.3 per cent for both periods. These compare with the 0.1-per-cent and 0.4-per-cent returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.

The company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at Oct. 31, 2023, the leverage represented 16.6 per cent of Canadian General's net assets, up from 14.9 per cent at the end of 2022 and 14.8 per cent at Oct. 31, 2022.

The closing price for Canadian General's common shares at Oct. 31, 2023, was $32.58, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 2 per cent and 6.7 per cent, respectively.

The sector weightings of Canadian General's investment portfolio at market as of Oct. 31, 2023, were as follows:

Information technology:    23.3 per cent 
Industrials:                 22 per cent 
Energy:                    13.3 per cent 
Materials:                 12.9 per cent 
Consumer discretionary:    11.7 per cent 
Financials:                 9.5 per cent 
Real estate                 4.3 per cent 
Communication services:     1.8 per cent 
Health care:                0.8 per cent 
Cash and cash equivalents:  0.4 per cent 

The top 10 investments which comprised 40 per cent of the investment portfolio at market as of Oct. 31, 2023, were as follows:

  
NVIDIA Corp.:                        7.1 per cent 
Canadian Pacific Kansas City Ltd.:   4.6 per cent 
TFI International Inc.:              4.4 per cent 
Apple Inc.:                            4 per cent 
Franco-Nevada Corp.:                   4 per cent 
WSP Global Inc.:                     3.5 per cent 
Mastercard Inc.:                     3.3 per cent 
The Descartes Systems Group Inc.:    3.3 per cent 
West Fraser Timber Co. Ltd.:         3.2 per cent 
Enerplus Corp.:                      2.6 per cent