CGI Canadian General Investments Limited

Canadian General Investments, Limited's (CGI or the Company)
(TSX:CGI)(TSX:CGI.PR.B)(TSX:CGI.PR.C)(LSE:CGI) net asset value at June 30, 2012
was $433,668,000, representing a 1.7% increase from the $426,413,000 at the end
of 2011. CGI's net asset value per share (NAV) at June 30, 2012 was $20.79, up
from $20.44 at year end 2011. The NAV return, with dividends reinvested, for the
six months ended June 30, 2012 was 2.3%, and the market value total return to
shareholders was -4.6% compared with a -1.5% total return for the benchmark
S&P/TSX Composite Index (S&P/TSX).


At June 30, 2012 the portfolio was overweight in Industrials and Consumer
Discretionary and underweight Financials and Energy, as compared to the sector
weightings in the S&P/TSX. 


Equities in the Materials and Energy sectors have succumbed to lower pricing for
oil, gas, fertilizers and most other commodities resulting in year-to-date price
returns of -11.2% and -9.1%, respectively. These were by far the second and
third worst performing groups in the S&P/TSX. Fortunately for CGI, though not
unscathed, its better performance relative to the benchmark was assisted by
continued underweighting in Energy. Holdings in these areas did generate the
greatest individual losses for the Company. However, two of the top five
positive contributors for CGI also come from these groups. Franco-Nevada
Corporation, a royalties company and a top 10 holding of the Company, had an
outstanding result with its 18.7% return standing in stark contrast to the
-16.5% return for the Gold sub-sector overall. Pacific Rubiales Energy Corp. was
the other major contributor in this regard, rebounding in 2012 with a return of
over 15% compared to the overwhelmingly negative results for most of its peers
in the Energy sector.


Health Care, one of the smallest of the sectors in the S&P/TSX, had the second
best performance in the index based on a substantial return by SXC Health
Solutions Corp., a health technology company. SXC is presently the largest
holding in the portfolio with an approximate 5% weighting.


During each of the first two quarters of both 2012 and 2011, CGI paid regular
income dividends of $0.06 per share to its common shareholders.


CGI is a closed-end equity fund, focussed on medium to long-term investments in
primarily Canadian corporations. Its objective is to provide better than average
returns to investors through prudent security selection, timely recognition of
capital gains/losses and appropriate income generating instruments.




FINANCIAL HIGHLIGHTS                                                        
(in thousands of dollars, except per share amounts)                         
                                                                            
                                                       For the Year Ended   
                                                        June 30,    June 30,
                                                            2012        2011
                                                    ------------------------
                                                                            
Net investment loss                                        (203)     (2,286)
Net gain (loss) on investments                             9,696    (15,971)
Increase (decrease) in net assets resulting from                            
 operations                                                9,493    (18,257)
Increase (decrease) in net assets resulting from                            
 operations per share                                       0.46      (0.88)
                                                                            
                                                             As at          
                                                      June 30,  December 31,
                                                          2012          2011
                                                  --------------------------
                                                                            
Selected data(1)                                                            
Net asset value                                        433,668       426,413
Net asset value per share                                20.79         20.44
                                                                            
Selected data according to GAAP(1)                                          
Net assets                                             431,759       424,875
Net assets per share                                     20.70         20.37



(1) The Company calculates the net asset value and net asset value per share on
the basis of the valuation principles set out in its annual information form.
These valuation principles differ from the requirements of Canadian generally
accepted accounting principles (GAAP), with the main difference relating to
securities that are listed on a public stock exchange. While the Company values
such securities based on the latest sale price, GAAP requires the use of the
closing bid price. Accordingly, bid prices are used in determining net assets
and net assets per share for purposes of the interim and annual financial
statements.


In the United Kingdom, copies of the Company's financial reports are available
from the National Storage Mechanism (http://www.hemscott.com/nsm.do). PDF
versions are also available at www.mmainvestments.com and at www.sedar.com.

Canadian General Investm... (TSX:CGI)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024

Canadian General Investm... (TSX:CGI)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024