Canadian General Investments Ld Edison's update on Canadian General Investments
11 Maio 2023 - 8:17AM
RNS Non-Regulatory
TIDMCGI
Canadian General Investments Ld
11 May 2023
London, UK, 11 May 2023
Edison issues update on Canadian General Investments (CGI)
Canadian General Investments has been managed by Greg Eckel at
Morgan Meighen & Associates since 2009. He has a very patient
and consistent fundamental investment approach, which has delivered
significant outperformance over the long term for CGI's
shareholders. Last year proved to be a difficult period, as
essentially energy stocks were the 'only game in town' and the fund
has an underweight position in this sector. Also, technology
stocks, which had served CGI well over a multi-year period, fell
out of favour with investors. However, 2023 has started well, the
stock market has rotated and the fund's performance has benefited
from its sector positioning. The manager is confident that CGI's
current portfolio holdings are well-placed to get the fund back on
track. While he does seek new opportunities, Eckel is mindful never
to neglect his current holdings. He believes that very often, the
best outcome is to do nothing, which is reflected in a very low
portfolio turnover of c 2% in 2022 and a c 6% five-year
average.
Canada's base interest rate appears to have peaked and inflation
has declined considerably since mid-2022, helped by a lower oil
price. However, economic activity is slowing as the effects of
earlier rate hikes are feeding through. In an uncertain
environment, where stock market volatility remains high, a diverse
portfolio of high-quality companies should be in a relatively
strong position to weather the storm.
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