Canadian General Investments: Investment Update - Unaudited

Executive Summary

• Canadian General Investments reported an unaudited NAV of $80.66 per share as of 31 Dec 2025, delivering an 18.1% one‑year total return (dividends reinvested).
• Share price returned 19.9% over the same period, while leverage fell to 11.9% of net assets from 13.8% a year earlier.
• The portfolio remained diversified across ten sectors, with the top ten holdings accounting for 36.4% of market value; the largest positions were Celestica (4.7%) and NVIDIA (4.5%).

Key Details

• NAV: $80.66 per share (unaudited) as of 31 Dec 2025.
• One‑year NAV return (incl. dividends): 18.1%, versus S&P/TSX Composite total return of 31.7% for the same period.
• Leverage: 11.9% of net assets on 31 Dec 2025, down from 13.8% at end‑2024.
• Closing share price (31 Dec 2025): $47.25; annual share‑price return (incl. dividends) 19.9%.
• Sector weightings (market value, 31 Dec 2025):
• Information Technology – 20.5%
• Industrials – 19.6%
• Materials – 16.3%
• Energy – 14.4%
• Financials – 14.1%
• Consumer Discretionary – 9.6%
• Real Estate – 3.4%
• Communication Services – 1.3%
• Cash & Cash Equivalents – 0.8%
• Top ten holdings (market value, 31 Dec 2025):
  1. Celestica Inc. – 4.7%
  2. NVIDIA Corporation – 4.5%
  3. Franco‑Nevada Corp. – 4.4%
  4. Shopify Inc. – 3.7%
  5. First Quantum Minerals Ltd. – 3.5%
  6. Dollarama Inc. –  3.4%
  7. WSP Global Inc. – 3.1%
  8. Canadian Pacific Kansas City Ltd. – 3.1%
  9. Royal Bank of Canada – 3.0%
  10. Cameco Corp. – 3.0%

Notable Quotes

• “Our leveraging strategy continues to enhance shareholder returns while maintaining a disciplined risk profile, as reflected by the reduction in leverage and strong NAV performance,” said Jonathan A. Morgan, President & CEO.