Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

On an unaudited basis, Canadian General Investments Ltd.'s net asset value per share (NAV) at Jan. 31, 2024, was $56.94, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 2.4 per cent and 9.4 per cent, respectively. These compare with the 0.6-per-cent and 4.6-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 Jan. 31, 2024, the leverage represented 14.7 per cent of Canadian General's net assets, down from 15.1 per cent at the end of 2023 and up from 13.6 per cent at Jan. 31, 2023.

The closing price for Canadian General's common shares at Jan. 31, 2024, was $35.80, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 3.1 per cent and 9.7 per cent, respectively.

 The sector weightings of Canadian General's investment portfolio at market as of Jan. 31, 2024, were as follows:

• Industrials: 24.1 per cent;
• Information technology: 21.2 per cent;
• Financials: 13.5 per cent;
• Energy: 12.1 per cent;
• Consumer discretionary: 10.7 per cent;
• Materials: 10.3 per cent;
• Real estate: 4.6 per cent;
• Communication services: 1.9 per cent;
• Cash and cash equivalents: 0.8 per cent;
• Consumer staples: 0.8 per cent.

The top 10 investments which comprised 37.7 per cent of the investment portfolio at market as of Jan. 31, 2024, were as follows:

• NVIDIA Corp.: 5.9 per cent;
• Canadian Pacific Kansas City Ltd.: 4.6 per cent;
• TFI International Inc.: 4.5 per cent;
• Apple Inc.: 3.5 per cent;
• The Descartes Systems Group Inc.: 3.5 per cent;
• WSP Global Inc.: 3.4 per cent;
• West Fraser Timber Co. Ltd.: 3.3 per cent;
• Mastercard Inc.: 3.2 per cent;
• Franco-Nevada Corp.: 3.1 per cent;
• Shopify Inc.: 2.7 per cent.