Canadian General Investments: Investment Update - Unaudited

Executive Summary

• Canadian General Investments reported an unaudited NAV of $80.47 per share as of September 30, 2025, delivering a YTD return of 17.4% and a 12‑month return of 25.0% (dividends reinvested).
• Leverage decreased to 11.9% of net assets, down from 13.8% at year‑end 2024, indicating a de‑risking trend.
• The portfolio’s sector weighting and top ten holdings were disclosed, showing concentration in Information Technology (24.7%) and notable positions such as Celestica (6.4%) and NVIDIA (5.3%).

Key Details

• NAV per share: $80.47 (unaudited) as of 2025‑09‑30.
• YTD NAV return (incl. dividends): 17.4%; 12‑month NAV return: 25.0%.
• Benchmark comparison: S&P/TSX Composite Index returned 23.9% YTD and 28.6% over the same 12‑month period (total return).
• Leverage ratio: 11.9% of net assets on 2025‑09‑30, down from 13.8% at 2024‑12‑31 and 12.8% on 2024‑09‑30.
• Share price (closing 2025‑09‑30): $46.52; YTD share price return (incl. dividends): 17.3%; 12‑month share price return: 19.6%.
• Sector weightings (market value, 2025‑09‑30):
• Information Technology – 24.7%
• Industrials – 19.4%
• Materials – 15.5%
• Financials – 14.0%
• Energy – 12.7%
• Consumer Discretionary – 8.8%
• Real Estate – 4.0%
• Communication Services – 0.6%
• Cash & Cash Equivalents – 0.3%
• Top ten holdings (market value, 2025‑09‑30):
  1. Celestica Inc. – 6.4% of portfolio
  2. NVIDIA Corporation – 5.3%
  3. Franco‑Nevada Corporation – 4.8%
  4. Shopify Inc. – 3.5%
  5. WSP Global Inc. – 3.4%
  6. Canadian Pacific Kansas City Ltd. – 3.2%
  7. Mastercard Incorporated – 3.0%
  8. Dollarama Inc. – 3.0%
  9. First Quantum Minerals Ltd. – 3.0%
  10. Cameco Corporation – 2.8%

Notable Quotes

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