Canadian General Investments: Investment Update - Unaudited

Executive Summary

• Canadian General Investments reported an unaudited net asset value (NAV) of $83.73 per share as of January 31, 2026, delivering a YTD return of 3.8% and a 12‑month return of 20.0% (dividends reinvested).
• Leverage decreased to 11.5% of net assets, down from 11.9% at end‑2025 and 13.5% at January 31, 2025, reflecting a de‑risking of the balance sheet.
• The portfolio’s top ten holdings accounted for 35.9% of market value, with notable positions in Franco‑Nevada (4.7%) and NVIDIA (4.5%).

Key Details

• NAV per share: $83.73 (unaudited) as of Jan 31, 2026.
• YTD NAV return (incl. dividends): 3.8%; 12‑month NAV return: 20.0%.
• Benchmark comparison: S&P/TSX Composite Index returned 0.8% YTD and 28.3% over the same 12‑month period (total return).
• Leverage ratio: 11.5% of net assets on Jan 31, 2026 (down from 11.9% at Dec 31, 2025; down from 13.5% on Jan 31, 2025).
• Share price (closing Jan 31, 2026): $49.42; YTD share‑price return (incl. dividends): 4.6%; 12‑month share‑price return: 27.7%.
• Sector weightings (market value, Jan 31, 2026): Industrials 20.6%, Information Technology 17.9%, Materials 16.9%, Energy 16.9%, Financials 13.4%, Consumer Discretionary 9.3%, Real Estate 3.1%, Communication Services 1.3%, Cash & Cash Equivalents 0.6%.
• Top ten holdings (market value % of portfolio, Jan 31, 2026):
• Franco‑Nevada Corp.: 4.7%
• NVIDIA Corp.: 4.5%
• Celestica Inc.: 4.3%
• Cameco Corp.: 3.9%
• First Quantum Minerals Ltd.: 3.6%
• WSP Global Inc.: 3.2%
• Canadian Pacific Kansas City Ltd.: 3.0%
• Dollarama Inc.: 2.9%
• Shopify Inc.: 2.9%
• Royal Bank of Canada: 2.9%

Notable Quotes

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