Canadian General Investments: Investment Update - Unaudited

Executive Summary

• Canadian General Investments reported an unaudited NAV of $82.06 per share as of October 31, 2025, delivering YTD and 12‑month NAV returns (including dividends) of 19.8% and 25.4%, respectively.
• Leverage decreased to 11.7% of net assets, down from 13.8% at end‑2024, indicating a de‑risking of the balance sheet.
• The portfolio’s top ten holdings accounted for 40.74% of market value, with leading positions in Celestica, NVIDIA, and Shopify.

Key Details

• NAV per share (Oct 31 2025): $82.06 (unaudited).
• YTD NAV return (incl. dividends): 19.8%; 12‑month NAV return: 25.4%.
• Benchmark comparison (S&P/TSX Composite Total Return): 25.1% YTD, 28.7% 12‑month.
• Leverage ratio: 11.7% of net assets (down from 13.8% at Dec 31 2024 and 14.4% at Oct 31 2024).
• Closing share price (Oct 31 2025): $45.05; YTD price return (incl. dividends): 13.6%; 12‑month price return: 16.4%.
• Sector weightings (market value, Oct 31 2025):
• Information Technology – 27.1%
• Industrials – 18.8%
• Materials – 13.8%
• Financials – 13.6%
• Energy – 13.1%
• Consumer Discretionary – 8.5%
• Real Estate – 3.6%
• Cash & Cash Equivalents – 0.8%
• Communication Services – 0.7%
• Top ten holdings (market value % of portfolio, Oct 31 2025):
  1. Celestica Inc. – 8.8%
  2. NVIDIA Corporation – 5.6%
  3. Shopify Inc. – 4.0%
  4. Franco‑Nevada Corp. – 4.0%
  5. Cameco Corp. – 3.4%
  6. WSP Global Inc. – 3.3%
  7. Canadian Pacific Kansas City Ltd. – 3.0%
  8. Dollarama Inc. – 3.0%
  9. Mastercard Inc. – 2.9%
  10. First Quantum Minerals Ltd. – 2.7%

Notable Quotes

• “Our disciplined leveraging strategy continues to enhance shareholder returns while maintaining a prudent risk profile,” said Jonathan A. Morgan, President & CEO.