Edison issues review on Canadian General Inv.
London, UK, 18 May 2021
Edison issues review on Canadian General Investments (CGI)
Canadian General Investments (CGI) has been managed by Greg Eckel at Morgan Meighen & Associates (MMA) since 2009. He comments that his strategy of investing in high-quality companies for the long term has proved to be successful, and he aims to 'deliver more of the same'. The manager is 'very happy with the value CGI has generated for its shareholders'. Its diversified portfolio includes a number of themes including companies offering decarbonisation products and services, while the manager considers 'now may be the time' to consider investing in Canada given the broad range of later-cycle opportunities available and relatively attractive company valuations.
CGI's shares trade at a persistently wide discount (range of 26.5% to 38.0% over the last year), which may be due to the less than 50% free float or the relatively high level of gearing (although this has declined meaningfully in recent quarters due to strong NAV performance). However, CGI's discount has been narrower in the past, its shares traded close to NAV in 2006. Given the company's very strong performance track record one could argue that a higher valuation is warranted.
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