Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

On an unaudited basis, Canadian General Investments Ltd.'s net asset value per share at Aug. 31, 2024, was $63.63, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 15.8 per cent and 12.4 per cent, respectively. These compare with the 13.7-per-cent and 18.8-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 Aug. 31, 2024, the leverage represented 13.2 per cent of Canadian General's net assets, down from 15.1 per cent at the end of 2023 and 14.6 per cent at Aug. 31, 2023.

The closing price for Canadian General's common shares at Aug. 31, 2024, was $38.05, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 11.8 per cent and 6.2 per cent, respectively.

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

Information technology:  22.9 per cent

Industrials:  22.3 per cent

Financials:  13.5 per cent

Materials:  12.3 per cent

Energy:  12.3 per cent

Consumer discretionary:  10.1 per cent

Real estate:  4.4 per cent

Communication services:  1.5 per cent

Cash and cash equivalents:  0.7 per cent

The top-10 investments which comprised 39.0 per cent of the investment portfolio at market as of Aug. 31, 2024, were as follows.

Nvidia Corp.:  6.9 per cent

TFI International Inc.:  4.6 per cent

Canadian Pacific Kansas City Ltd.:  4.2 per cent

Apple Inc.:  3.9 per cent

The Descartes Systems Group Inc.:  3.6 per cent

WSP Global Inc.:  3.5 per cent

West Fraser Timber Co. Ltd.:  3.3 per cent

Franco-Nevada Corp.:  3.1 per cent

MasterCard Inc.:  3.1 per cent

Dollarama Inc.:  2.8 per cent