Focussed on Canada
2025 Annual Report
Certain financial information contained in this report, including
investment growth rates, rates of return and other such statistical
information, are historical values; past performance is no assurance
or indicator of future returns. Share prices, net asset values and
investment returns will fluctuate. Stated historical returns assume
the reinvestment of all distributions. Such financial information
does not reflect any broker commissions, transaction costs or
such other fees and expenses which may have been applicable
nor income taxes payable by any shareholder, which would have
the effect of reducing such historical returns. Stated returns for
periods greater than one year are compound average annual
rates of return. Further information concerning risk can be found in
the Company’s Annual Information Form which is available on the
Company’s website at www.canadiangeneralinvestments.ca or on
SEDAR+ at www.sedarplus.com.
The Company is an investment fund, and as such, this annual
report to shareholders carries a variety of information concerning
stocks and other investments, all for informational purposes only.
The reader should assume that the Company and all individuals
and entities (including the Manager and members of its staff) who
have contributed to this publication may have a conflict of interest.
Readers should therefore not rely solely on this report in evaluating
whether or not to buy or sell securities discussed herein.
Benchmark of S&P/TSX Composite Index: This is an index of the
equity prices of the largest companies listed on the Toronto
Stock Exchange (TSX) and is comprised of about 70% of market
capitalization for all Canadian-based companies listed on the TSX.
Index returns cited are on a total return basis (including reinvestment
of distributions).
Artist BIO
Toronto artist Helen Pare works in acrylic paints in both impressionistic and abstract styles. She begins a landscape by referencing a photograph she has taken, embellishing the colours
with distinct design as she remembers it in her mind’s eye. Helen loves the beautiful colours and views that can be found in Canadian landscapes throughout the seasons.
“Safe Harbour” is based on a photo taken in the spring of the iconic lighthouse at Peggy’s Cove, Nova Scotia.
Helen is also a long-time employee of Morgan Meighen & Associates.
The financial statements and management report of fund performance were approved by the Board
of Directors on February 19, 2026.
Vanessa L. Morgan
Chair
i. the financial statements have
been prepared in accordance with
International Financial Reporting
Standards and give a true and fair view
of the assets, liabilities, financial position
and profit or loss of the Company;
ii. the management report of fund
performance includes a fair review of
the development and performance of
the business and the position of the
Company, together with a description of
the principal risks and uncertainties that
the Company faces.
Responsibility Statement
In accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom Financial Services
Authority, the Board of Directors confirms that to the best of its knowledge:
1
2025 Annual Report | Canadian General Investments, Limited
Dear Fellow Shareholders,
We are pleased to present the 2025 annual report for Canadian General Investments, Limited (CGI or the Company). In this report,
you will find information on the performance of CGI for 2025. The management report of fund performance contains a management
discussion of fund performance, a financial highlights section incorporating per share information as well as various financial ratios,
historical returns and a summary of investment portfolio which includes the top 25 holdings as at the end of the year. The full investment
portfolio as at December 31, 2025 is provided as part of CGI’s audited financial statements, which are included in this report.
For the 12 months ended December 31, 2025, CGI’s common shares
recorded a net asset value per share (NAV) total return of 18.1% and a
share price total return of 19.9% (share price change plus dividends).
By comparison, the total return of its benchmark, the S&P/ TSX
Composite Index, was 31.7% during the same period.
During 2025, CGI paid two quarterly regular taxable dividends and
two capital gains dividends, aggregating to $1.08 per common
share. Based on the year-end market price of the common shares,
aggregate dividends paid represented a 2.3% yield to shareholders.
CGI has been managed by Morgan Meighen & Associates Limited (the
Manager) since 1956. D. Greg Eckel, Senior Vice-President & CIO of the
Manager, is the portfolio manager responsible for the management
of CGI’s investment portfolio.
Further information about CGI, including the most recent
NAV and market price, current performance, the portfolio’s
weekly top 10 holdings, historical dividend payments, as well
as various financial and regulatory reports, can be found at
www.canadiangeneralinvestments.ca.
We appreciate your investment in CGI.
Vanessa L. Morgan
Chair
Jonathan A. Morgan
President & CEO
From left to right:
Vanessa L. Morgan, Chair;
President & CEO of the Manager
Jonathan A. Morgan, President & CEO;
Executive VP & COO of the Manager
D. Greg Eckel, Portfolio Manager;
Senior VP & CIO of the Manager
Victor B. Cheung, Assistant Portfolio
Manager; VP of the Manager
1 Year 3 Years 5 Years 10 Years
Compound Annual Returns For The
Periods Ending December 31, 2025
CGI NAV CGI Share Price S&P/TSX Composite Index
35%
30%
25%
20%
15%
10%
5%
0%
2025 Annual Report | Canadian General Investments, Limited
2
CGI is a closed-end equity fund focussed on medium- to long-
term investments in primarily Canadian companies. It strives,
through prudent security selection, timely recognition of capital
gains/losses and appropriate income-generating instruments, to
provide better than average returns to investors.
CGI was established in 1930 and has been managed since 1956
by Morgan Meighen & Associates Limited
(www.MMAinvestments.com).
The graph below is presented to illustrate the benefit of a long-
term investment in CGI’s common shares. A $10,000 investment
in CGI would have grown to over $125,000 over the 25-year
period ended December 31, 2025. This equates to a compound
annual average growth rate of 10.7%. By comparison, a $10,000
investment in the benchmark S&P/TSX Composite Index would
have grown to nearly $70,000 or a compound average annual
growth rate of 8.1%.
For the 50 years ended December 31, 2025, a $10,000 investment in CGI common shares would have grown to nearly $2.6 million, representing
a compound average annual return of 11.8%. The values for the benchmark for the same period were $1.5 million and 10.5%, respectively.
Canadian General Investments, Limited
Corporate Profile
Growth of a $10,000 Investment – 25 Years to December 31, 2025
CGI Share Price S&P/TSX Composite Index
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
2000 2005 2015 2025
2010 2020
3
2025 Annual Report | Canadian General Investments, Limited
Management Report of Fund Performance
gt
Investment Objective and Strategies
Canadian General Investments, Limited (CGI or the Company)
is a closed-end equity fund focussed on medium to long-term
investments in primarily Canadian corporations. It strives, through
prudent security selection, timely recognition of capital gains/
losses and appropriate income generating instruments, to provide
better than average returns to investors.
The Manager, Morgan Meighen & Associates Limited (MMA or the
Manager), utilizes a bottom-up investment strategy in an effort
to achieve CGI’s objective. With this type of investment strategy,
the Manager first seeks individual companies with attractive
investment potential, then proceeds to consider the larger
industry, economic and global trends affecting those companies.
This investment style allows for sector weightings that can differ
from those of the benchmark, the S&P/TSX Composite Index (S&P/
TSX).
Risk
The risks associated with an investment in the Company
are as disclosed in the Company’s Annual Information
Form which is available on the Company’s website at
www.canadiangeneralinvestments.ca or on SEDAR+ at
www.sedarplus.com.
Results of Operations
Performance
2025 was a year to remember for equity markets. By year end, strong
double-digit returns had been recorded for all the major global
indices, but it had been an uneasy journey fraught with challenges
and uncertainties. The economics of global trade had already been
dealing with the ongoing effects arising from the war in Ukraine,
increasing Middle East hostilities, sanctions, trade supply disruptions,
the degeneration of long-established partnerships and a growing
redistribution of global alliances when a new and more substantive
challenge came along in early April with the new administration of the
United States making a stunning announcement of sweeping global
tariffs impacting nearly every country in the world. Although just one
of several concerning policy changes introduced throughout the year
by the U.S., it was the most meaningful and dramatic for the markets.
Its scope was significant as it represented the biggest increase in
tariffs since the 1930s and plunged the world into a great unknown.
Initial reaction, as could be expected, was swift and destructive with
global markets dropping precipitously and in unison. Investors were
challenged, uncertainty reigned and foundational questions regarding
purpose and planning remained unanswered at source.
Confronting a potentially destabilizing global situation, swift policy
announcements from various governments around the world were
introduced and provided regional supports. This helped to steady
otherwise fragile economies, but the resulting fallout could not be
contained and markets swooned. It triggered the worst two-day stock
selloffs since the pandemic in some markets and caused most global
indices to touch what would be their low points for the year. Declines
were severe and the resultant levels indicated the onset of bear
markets, not usually a good precursor of things to come. But in what
would become a year of turnarounds of all types, stocks staged an
historic rebound and, by mid-spring, had registered some of the largest
single-day gains on record. It was an impressive short-term turn but
even more impressive was its sustainability as, in the aftermath, stocks
moved steadily higher through the rest of the year.
Management Discussion Of Fund Performance
This annual management report of fund performance contains financial highlights and should be read in conjunction with the complete
audited annual financial statements of the Company that follow this report. Securityholders may request a copy of the Company’s
interim financial report, proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure, at no cost,
by calling 416-366-2931 (Toll-free: 1-866-443-6097), by writing to the Company at 10 Toronto Street, Toronto, Ontario M5C 2B7 or by visiting
the Company’s website at www.canadiangeneralinvestments.ca. The interim report is also available on SEDAR+ at www.sedarplus.com.
This report may contain forward-looking statements about the Company and markets that reflect the Manager’s current expectations
of future events. Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions,
or include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions. Forward-looking
statements are subject to risks, uncertainties and assumptions with respect to the Company and economic factors and actual results
may differ materially for many reasons, including, but not limited to, market and general economic conditions, interest rates, foreign
exchange rates, changes in government regulations and catastrophic events. As a result, the reader is cautioned not to place undue
reliance on forward-looking statements. Further, any forward-looking information is current only as of the date of this report and there
should be no expectation that such information will be updated as a result of new information, changing circumstances or future
events, unless required by applicable law.
2025 Annual Report | Canadian General Investments, Limited
4
It was a golden year for the Canadian market. Gold took center stage
in 2025 and outperformed most of the major global asset classes
while experiencing its strongest rally and biggest annual gain in more
than four decades. Its price rose more than 60% and brought long-
ignored gold-related companies back onto investor radar screens.
As a well established and attractive market to obtain such exposure,
the interest in gold equities and their leverage to the gold price was
reflected in substantial returns for the S&P/TSX Gold subsector which
ended up more than 130% for the year.
Gold has apparently reestablished itself as an ultimate safe haven
amid global economic uncertainty, central bank buying and
geopolitical tensions. Investors are using gold as a hedge against
inflation worries, risks associated with increasingly high sovereign
debt loads and an alternative asset to provide diversification. Along
with central bank reserve adjustments, gold is being used to counter
increasing considerations of potential U.S. dollar debasement by
reducing exposure to U.S. treasuries and the currency itself.
CGI has historically maintained an exposure to gold through its
investment in Franco-Nevada Inc., the globally leading gold-focussed
royalty and streaming company purchased on its IPO in 2007. It has
been a perennial top ten holding in the portfolio with an exemplary
track record of returns and was a great choice for representation in
an area with a checkered past. But it became apparent that there
is an evolution underway which could provide more sustainable
underpinnings and make gold-related companies more compelling
in the longer timeframe. As this change fostered better alignment
with CGI’s investment goals, there were some additions made to the
group in the year. A position was established in Wheaton Precious
The sudden turns experienced in that period of duress provided
another real-life case study of the perils of a market-timing strategy. It
would have been extremely unlikely that those investors who sold into
the panic would have been able to fully participate in the unexpected
reversals and therefore would have handicapped their returns. In
contrast, the Manager maintained a longer-term focus and full
investment policy, to stay the course and thus enabled the benefit of
maximum exposure to the market rebound for its shareholders.
It was also a year of transformation during which, in a twist,
performance rankings were flipped in the global peer group. It was a
change that followed many years of leadership by a narrow collection
of performers that were mainly concentrated in U.S. markets, but this
dominance waned and U.S. markets lagged their counterparts. At the
same time there was a growing movement on the part of investors
who were unsettled by developments coming out of the U.S. to reduce
their exposure to those markets and, combined with a broadening out
in the field of investing opportunities, to make for viable alternatives
elsewhere. A reallocation process had begun which triggered a
rebalancing and resulted in changes to the various asset classes.
Traditional equity sector mixes were impacted, and this was reflected
on the global regional leadership boards. Generous gains were made
in many areas, but the Canadian market excelled and the S&P/TSX
Composite Index (S&P/TSX) registered at the top of the global peer
group in 2025. This drew some attention to our market in the short term
but, unfortunately, Canada largely remains overlooked in the global
context despite producing a very attractive performance record that
is among the top of its peer group in the longer term as well. Those
investors, domestic or foreign, who have taken advantage of the
Canadian investment opportunity have benefitted and it has proven
to be a winning strategy in terms of both absolute and relative returns.
For the third consecutive year, double-digit gains have been registered
by both the Canadian market and CGI. In 2025, the S&P/TSX posted a
substantial 31.7% total return, with CGI having a net asset value (NAV)
return, with dividends reinvested, of 18.1%. The outsized returns in the
S&P/TSX were supported by good gains across the board, driven by
particularly extraordinary gains in the Gold subsector and meaningful
returns in the Banking subsector. The two groups combined for an
unusually high combined percent contribution totalling in excess of
60% to the S&P/TSX overall return. It was a highly concentrated market
in that regard and was a situation that worked to the detriment of the
comparative relative returns of broader, more diversified portfolios like
CGI which are purposely structured to reduce excessive concentration
risk. Although this relativity issue is a disappointing development in
the shorter term, this type of benchmark risk is a phenomenon that
occasionally occurs in the Canadian market but gets balanced out
over the longer term.
The table below illustrates the weightings of the five largest sectors in
CGI’s portfolio at December 31, 2025, compared with year end 2024,
and with the S&P/TSX. The weightings for CGI represent the market
value of each sector as a percentage of the total investment portfolio.
At December 31, 2025, the portfolio was overweight Information
Technology and Industrials, underweight Financials and Materials, and
almost equal weight Energy, as compared to the sector weightings in
the S&P/TSX.
CGI S&P/TSX
SECTOR
December 31,
2025
December 31,
2024
December 31,
2025
December 31,
2024
Information Technology
20.5% 23.0% 9.7% 10.1%
Industrials
19.6% 23.4% 10.5% 12.6%
Materials
16.3% 11.2% 18.1% 11.4%
Energy
14.4% 12.3% 14.8% 17.1%
Financials
14.1% 13.4% 33.1% 33.0%
5
2025 Annual Report | Canadian General Investments, Limited
Metals Corp. in the early part of the year. Similar to Franco-Nevada,
Wheaton is a large cap streaming company with an almost pure
exposure to precious metals and so offers full leverage to underlying
commodity pricing but in a lower risk fashion compared to an
operating gold company. Its balance sheet is pristine, so it is well
positioned to grow its already meaningful portfolio of current and
future opportunities. This was followed up mid-year with the addition
of Alamos Gold Inc., a Canadian mid-tier gold producer with three
operating mines and one major development project. A high-quality,
long-life production base with low geopolitical risk, it also comes
with an impressive, fully funded organic growth profile. This was CGI’s
first purchase in many years of a gold operating company, which
adds some risk but provides greater leverage to the commodity
compared to the royalty/streaming plays. And finally, a position was
also established in G Mining Ventures Corp. G Mining has had a very
successful heritage as a mine-builder, but is now engaged in fully
integrated lifecycle mine development and operations for itself and
has already built and began operating one mine and has another
mine forecast to be in production in 2028. Its rapid near-term growth
with potential for more should quickly transform the company into
the mid-tier operator status. As should be expected, all four holdings
had good participation in the gold group’s rally and made sizeable
contributions to the portfolio’s returns. At year end CGI had a portfolio
weighting in the Gold sector of greater than 9%.
Time magazine cited 2025 as the year when the potential of
artificial intelligence (AI) roared into view with no turning back
and named “Architects of AI“ as its Person of the Year. Not only
newsworthy, its emergence also had a huge influence on spending
patterns in the economy and caused a rethink on a multitude of
future processes. There is potential for considerable change and
convoluted implications make for a challenging process to assess.
Interpretations will adjust over time, but some early unproven
assessments have been made, and it has resulted in some early
winners and losers. AI’s ability to create, solve and respond more
efficiently to work processes that currently run on legacy code and
platforms has threatened the outlook for members in the software
group. In this regard, a couple of Canada’s long-term compounders
in this area, Constellation Software Inc. and Descartes Systems
Group Inc., were heavily pressured and their stock returns ended
up near the bottom of performers for CGI. The engineering group
also took an AI-related hit late in the year on concern that AI could
eventually replace engineers. Although seemingly far-fetched in the
extreme, this caused a noticeable swoon in the stocks late in the
year. The Manager remains optimistic in the outlook for the group,
but this did affect the Stantec Inc., AtkinsRéalis Group Inc. and WSP
Global Inc. holdings and dented what otherwise had been a much
more positive contribution to overall returns. On the winning side,
Celestica Inc. has been a major beneficiary. Its positioning has been
exceptional with leading capabilities in the design and fulfillment of
specialized equipment required in the explosive data center buildout
that is currently underway. A timely purchase for the portfolio in mid-
2024, Celestica’s stock price more than tripled in 2025. The move
catapulted it over another of the AI beneficiaries, NVIDIA Corporation,
to become the portfolio’s largest holding. NVIDIA also had another
strong year for itself with a return of 30%. As should be expected, both
these names were reduced in the year with more than $43 million
in gains realized from the Celestica position and another $11 million
taken in the NVIDIA position. This was the first year for gains taken in
the Celestica position, but profits have been taken in NVIDIA every
year but one since its purchase in 2016 and now amount to more
than $200 million in total.
The nuclear industry renaissance appears to be gaining traction.
Decarbonization initiatives, energy security, new technologies,
nuclear reactor extensions, refurbishments, global electrification
requirements and new build announcements are all factors that
have contributed to bring nuclear energy back into the spotlight.
Now, AI has been added to the potential list of demand drivers as
the hyperscalers, who are at the forefront of the massive data center
buildout, have indicated that nuclear energy is not only one of the
very few options available to fulfill the electricity demand required
for powering their needs but also is a preferred choice. CGI started
building its exposure to the space by establishing a position in
Cameco Corporation in late 2023 and then added NexGen Energy
Ltd. in 2024. In 2025, the Manager expanded its presence by first
increasing the NexGen holding and then by adding a new position
in Denison Mines Corp. Denison is a pure-play uranium company
with a sizable portfolio of assets in the prolific Athabasca Basin in
Canada. With final permit approvals pending, Denison is projected
to have its Wheeler River project constructed and producing in 2028.
It has the potential to be one of the lowest cost producing mines
globally with annual production of 8 million pounds per year for the
first 4 years. The nuclear industry profile is growing, and investors are
beginning to pay more attention to the space as indicated by the
good stock performances in the group in 2025. For instance, Cameco
was up more than 70% and was one of CGI’s leaders overall while
NexGen was up around 27% and the Denison holding, just purchased
in December, is off to a good start with an unrealized gain of 16%. At
year end, the group made up more than 40% of the Energy weighting
in the portfolio.
In other trading activity, a couple of the laggards were eliminated
from the portfolio. Shares in West Fraser Timber continued to be
pressured by declining lumber pricing and an escalating tariff regime
and returns ended near the bottom of CGI performers for 2025. In
consideration of low prospects for their near-term recovery in front of
a stalled U.S. housing recovery, the position was sold during the year.
Despite its recent performance, the holding had been successful
over the long term, and it produced good gains ($18 million). Air
Canada stock also struggled this year and posted a disappointing
double-digit decline. Although the position was on the smaller size,
having been steadily sold down through the years, the impact still
weighed on results. The final remaining piece was eliminated in early
2025 but, similar to West Fraser, good gains were still realized on sales
this year ($6 million) and added to past gains for a grand total of
$19 million. On the more positive, there also were several leaders in
the portfolio from different areas that haven’t been mentioned yet.
First Quantum Minerals Ltd. made a big contribution to overall results
with a number two ranking in the portfolio and an almost doubling
in its share price. An improving copper price and growing optimism
regarding resolution for its Cobre Panama mine were a couple of the
catalysts for the move. Also in the top ten of CGI’s performers were two
of the portfolio’s perennial stalwarts, Dollarama Inc. and Shopify Inc.
Dollarama, initially bought on its IPO in 2009, has been arguably the
best performing retail stock in Canada since that time and continues
to build on its legacy. A remarkably steady and consistent performer
over the years and a former largest holding, it powered higher with
a 46% return. Although substantial gains have been taken over time,
a position has always been maintained. Shopify Inc. returns weren’t
2025 Annual Report | Canadian General Investments, Limited
6
far behind at 38%. It offers Canadian exposure to a well run, global
e-commerce company that has refocussed on its growth initiatives
and core strengths and, as a result, has delivered exceptional results
in the last couple of years. Despite the substantial gains (over $100
million) that have been taken out of the former number one holding,
Shopify is, once again, one of the ten largest holdings in the portfolio.
Dividend and interest income was $21,521,000 for the year, up 3.7%
from 2024. Management fees and interest on the borrowing facility
are the largest expenses of the Company. Management fees
increased by 13.4% to $19,365,000 due to higher average portfolio
values during the year, while interest expense decreased 33.0%, as a
result of decreasing interest rates.
Leverage
The Company has a prime brokerage services agreement with a
Canadian chartered bank. Amounts borrowed under this agreement
bear interest at the Canadian Overnight Repo Rate Average (CORRA)
plus 0.42% per annum (CORRA plus 0.90% prior to June 1, 2024 and the
one-month Canadian Dollar Offered Rate (CDOR) plus 0.60% prior to May
1, 2024). The agreement requires the Company to pledge securities as
collateral for margin borrowings and may be terminated immediately
by the prime broker upon the occurrence and continuation of an event
of default, as defined in the agreement, or by either party with 30 days’
notice.
The amount borrowed under this facility during the year was $200 million
(2024 – $175 million to $200 million). As of December 31, 2025, the $200
million outstanding under the borrowing facility represented 11.9% of CGI’s
net assets (December 31, 2024 – 13.8%). The borrowing facility acts as
leverage to common shareholders. This leverage serves to increase the
effect of overall portfolio returns, positively impacting CGI’s NAV return for
the years ended December 31, 2025 and December 31, 2024.
Taxation
As a corporate entity, CGI is subject to tax on its taxable income –
primarily realized gains on the sale of investments – at an effective rate
of approximately 20%. As a result of its investment corporation status
under Canadian tax law, CGI can recover taxes paid or payable on its
realized taxable capital gains through the payment of capital gains
dividends to shareholders. To the extent that taxes paid or payable
on taxable income and capital gains in a year are greater than taxes
recovered on the payment of capital gains dividends, there will be a
negative impact on net assets of the fund. For the year ended December
31, 2025, there was a refundable income tax expense of $5,206,000,
compared to $13,243,000 in the prior year.
As at December 31, 2025, the Company had federal refundable capital
gains taxes on hand of approximately $18,503,000 (December 31, 2024 –
$17,353,000), which are refundable on payment of capital gains dividends
of approximately $132.0 million (December 31, 2024 – $124.0 million)
and Ontario refundable capital gains taxes on hand of approximately
$8,518,000 (December 31, 2024 – $7,979,000), which are refundable on
payment of capital gains dividends of approximately $148.0 million
(December 31, 2024 – $139.0 million). Taxes paid or payable on realized
taxable capital gains may be recovered through the payment of capital
gains dividends in future years.
Recent Developments
Outlook
This past year could represent the start of a period of significant
transition during which upheavals and surprise are the constants and
tests to the normal order are made frequently. A shifting global dynamic
has already caused dislocations in many areas, but markets have so
far adapted very well and, although there are reasons for cautious
optimism, it a delicate balance between the real-world state and its
interpretation through the market scorecard. Going forward, it remains
a time of great uncertainty and investors will need to tread carefully.
The composition of Canada’s stock market has underpinned its stellar
returns. A general market leadership rotation and tailwinds for hard
assets like commodities are gaining momentum and play favourably
into many of its sectorial strengths. Its core exposures are aligned to the
emerging macro environment which is a promising development for
future prospects.
CGI provides investors with a foundationally diversified offering to the
Canadian market. It has a unique investment structure with a long-
term, steady approach but is also opportunistic and has produced a
strong track record of shareholder returns.
Related Party Transactions
The Company is managed by MMA, a company under common
control with CGI. MMA provides continuing advice and investment
management services, as well as administration, financial reporting
and other ancillary services required by a publicly listed company. For
more details concerning the services that are provided by MMA and the
management fee that is charged to the Company, see “Management
Fees”.
Third Canadian General Investment Trust Limited (Third Canadian),
a private, Ontario-based corporation under common control with
the Company, has an approximate 37% (December 31, 2024 – 37%)
ownership interest in the Company. As a result of its ownership position
in the Company, during the year ended December 31, 2025, Third
Canadian received taxable dividends of $4,120,000 and capital gains
dividends of $4,120,000 (2024 – $7,630,000 of taxable dividends).
7
2025 Annual Report | Canadian General Investments, Limited
(1) This information is provided as at the end of the year shown.
(2) Management expense ratio (MER) is based on total expenses (including leverage costs but excluding commissions and other portfolio transaction costs) for the
stated period and is expressed as an annualized percentage of daily average net asset value during the period.
(3) Excluding leverage costs (dividends on preference shares and interest and financing charges), the Company’s MERs were as follows: 2025 – 1.38%, 2024 – 1.39%,
2023 – 1.42%, 2022 – 1.38%, 2021 – 1.37%..
(4) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset
value during the period.
(5) The Company’s portfolio turnover rate indicates how actively the Manager manages the Company’s portfolio investments. A portfolio turnover of 100% is equivalent
to the Company buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, the greater
the trading costs payable by the fund in the year. There is not necessarily a relationship between the turnover rate and the performance of a fund.
2025 2024 2023 2022 2021
Total net asset value (000’s)
(1)
$1,682,754 $1,446,155 $1,160,441 $1,006,312 $1,279,896
Number of shares outstanding
(1)
20,861,141 20,861,141 20,861,141 20,861,141 20,861,141
Management expense ratio
(2)(3)
1.80% 2.10% 2.26% 1.89% 1.72%
Trading expense ratio
(4)
0.04% 0.04% 0.02% 0.01% 0.03%
Portfolio turnover rate
(5)
11.38% 13.72% 7.40% 2.10% 6.17%
Net asset value per share
(1)
$80.66 $69.32 $55.63 $48.24 $61.35
Closing market price
(1)
$47.25 $40.48 $34.73 $32.60 $44.05
Ratios and Supplemental Data
(1) This information is derived from the Company’s audited annual financial statements.
(2) Net assets and dividends are based on the actual number of shares outstanding at the relevant time. The increase/decrease from operations is based on the
weighted average number of shares outstanding over the financial period and may not match the financial statements due to rounding.
(3) Dividends were paid in cash.
The Company’s Net Assets per Share
(1)
2025 2024 2023 2022 2021
Net assets – beginning of year $69.32 $55.63 $48.24 $61.35 $50.02
Increase (decrease) from operations
Total revenue 1.04 1.01 1.06 1.00 0.74
Total expenses (excluding common share dividends)
(1.31) (1.34) (1.22) (0.98) (0.99)
Realized gains (losses) for the year
3.45 5.91 3.52 (0.12) 3.95
Unrealized gains (losses) for the year
9.49 9.74 5.01 (12.18) 8.93
Refundable income tax recovery (expense)
(0.25) (0.63) (0.02) 0.09 (0.42)
Total increase (decrease) from operations
(2)
12.42 14.69 8.35 (12.19) 12.21
Dividends paid to common shareholders
Taxable dividends
(0.54) (1.00) (0.72) (0.92) (0.44)
Capital gains dividends
(0.54) - (0.24) - (0.44)
Total dividends
(3)
(1.08) (1.00) (0.96) (0.92) (0.88)
Net assets – end of year $80.66 $69.32 $55.63 $48.24 $61.35
Financial Highlights
The following tables show selected key financial information about the Company and are intended to help you understand the Company’s financial
performance for the past five years.
2025 Annual Report | Canadian General Investments, Limited
8
Past Performance
The performance information shown assumes that all dividends paid by CGI to common shareholders were reinvested in additional
common shares of the Company. The performance information does not take into account broker commissions or other fees potentially
payable by holders of the Company’s shares that would have reduced returns or performance. How the Company has performed in the
past does not necessarily indicate how it will perform in the future.
Year-by-Year Returns
The following bar charts show the Company’s performance for each of the years shown and illustrate how the Company’s performance
has changed from year to year. The bar charts show, in percentage terms, how much an investment made on the first day of each year
would have grown or decreased by the last day of each year. The bar chart below illustrates CGI’s net asset value per share return, with
dividends reinvested at net asset value per share.
Annual Compound Returns
The following table shows the Company’s historical annual compound total returns for the periods indicated, compared with the S&P/
TSX. The Index return is also calculated on a total return basis, assuming that all distributions are reinvested.
1 Year 3 Years 5 Years 10 Years
Canadian General Investments, Limited – NAV
18.1% 20.6% 11.8% 15.0%
Canadian General Investments, Limited – Share Price
19.9% 16.2% 9.1% 13.0%
S&P/TSX Composite Index
31.7% 21.4% 16.1% 12.7%
The S&P/TSX Composite Index is a market capitalization-weighted index that provides a broad measure of performance of the Canadian equity market.
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
40%
20%
0%
-20%
-40%
The bar chart below illustrates CGI’s net asset value per share return, with dividends reinvested at net asset value per share
31.0%
38.1%
24.6%
18.2%
26.6%
18.1%
17.4%
21.5%
-10.9%
-20.0%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
40%
20%
0%
-20%
-40%
The bar chart below illustrates CGI’s share price return, with dividends reinvested at the market price
8.2% 9.5%
19.6% 19.9%
32.1%
37.0%
29.4%
26.3%
-10.8%
-24.1%
Management Fees
The Company pays a management fee that is calculated and paid monthly at 1% per annum of the market value of CGI’s investments
adjusted for cash, portfolio accounts receivable and portfolio accounts payable. The Company’s management fees were used by MMA
to pay costs for managing the portfolio and making investment decisions, as well as the provision of administrative services including
making brokerage arrangements for the purchase and sale of securities, calculating the daily net asset value of the Company, maintaining
financial and corporate records, preparing financial statements and all required regulatory filings and assisting in promotion activities.
The officers of the Company are remunerated by MMA in their capacity as directors and/or officers of MMA and receive no compensation
from CGI.
9
2025 Annual Report | Canadian General Investments, Limited
Top 25 Holdings
Issuer
Sector
% of Net
Asset Value*
% of Investment
Portfolio
Celestica Inc.
NVIDIA Corporation
Franco-Nevada Corporation
Shopify Inc.
First Quantum Minerals Ltd.
Dollarama Inc.
WSP Global Inc.
Canadian Pacific Kansas City Limited
Royal Bank of Canada
Cameco Corporation
Mastercard Incorporated
Apple Inc.
TFI International Inc.
Bank of Montreal
The Descartes Systems Group Inc.
Amazon.com, Inc.
AutoZone, Inc.
NextGen Energy Ltd.
Capstone Copper Corp.
MDA Space Ltd.
Wheaton Precious Metals Corp.
Toronto-Dominion Bank
Alamos Gold Inc.
Teck Resources Limited
FirstService Corporation
Information Technology
Information Technology
Materials
Information Technology
Materials
Consumer Discretionary
Industrials
Industrials
Financials
Energy
Financials
Information Technology
Industrials
Financials
Information Technology
Consumer Discretionary
Consumer Discretionary
Energy
Materials
Industrials
Materials
Financials
Materials
Materials
Real Estate
5.2
5.1
4.9
4.1
3.9
3.8
3.5
3.5
3.4
3.4
3.3
3.0
3.0
2.9
2.9
2.7
2.2
2.2
2.1
2.0
2.0
2.0
1.9
1.9
1.8
4.7
4.5
4.4
3.7
3.5
3.4
3.1
3.1
3.0
3.0
3.0
2.7
2.6
2.6
2.6
2.4
2.0
1.9
1.9
1.8
1.8
1.8
1.7
1.7
1.6
76.7* 68.5
Total Net Asset Value* ($000’s)
$1,682,754
Total Investment Portfolio* ($000’s)
$1,883,048
Summary Of Investment Portfolio
As at December 31, 2025
Sector Allocation
Asset Allocation
% of Net
Asset Value*
% of Investment
Portfolio
% of Net
Asset Value*
% of Investment
Portfolio
Information Technology
Industrials
Materials
Energy
Financials
Consumer Discretionary
Real Estate
Communication Services
Cash & Cash Equivalents
23.0
22.0
18.2
16.1
15.8
10.8
3.8
1.4
0.8
20.5
19.6
16.3
14.4
14.1
9.6
3.4
1.3
0.8
Canadian Equities
Foreign Equities
Cash & Cash Equivalents
90.6
20.5
0.8
80.9
18.3
0.8
* Total Net Asset Value represents Total Investment Portfolio adjusted for leverage ($200.0 million) in the form of a borrowing facility, other assets and other liabilities.
The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Company. The most recent quarterly portfolio disclosure may be obtained by visiting the
Company’s web site at www.canadiangeneralinvestments.ca, by calling 416-366-2931 (Toll-free: 1-866-443-6097), or by writing to the Company at 10 Toronto Street, Toronto, Ontario,
Canada, M5C 2B7.
2025 Annual Report | Canadian General Investments, Limited
10
The Company maintains appropriate processes to ensure
that relevant and reliable financial information is produced.
The financial statements have been prepared in accordance
with IFRS Accounting Standards, as issued by the International
Accounting Standards Board and include certain amounts
that are based on estimates and judgements. The significant
accounting policies, which Management believes are
appropriate for the Company, are described in note 3 to the
financial statements.
The Board of Directors is responsible for reviewing and approving
the financial statements and overseeing Management’s
performance of its financial reporting responsibilities. An Audit
Committee comprised of independent Directors is appointed by
the Board. The Audit Committee reviews the financial statements,
adequacy of internal controls, the audit process and financial
reporting with Management and the external Auditor. The
Audit Committee reports to the Board of Directors prior to the
approval of the audited financial statements for publication.
PricewaterhouseCoopers LLP, the Company’s external Auditor,
who is appointed by the shareholders, audited the financial
statements in accordance with Canadian generally accepted
auditing standards and International Standards on Auditing to
enable them to express to the shareholders their opinion on the
financial statements. Their report is set out on pages 11 through 13.
Management Report
The accompanying financial statements have been prepared by Management and approved
by the Board of Directors of the Company. Management is responsible for the information and
representations contained in these financial statements.
Vanessa L. Morgan
Chair
Jonathan A. Morgan
President & CEO
February 19, 2026
Financial Reports
11
2025 Annual Report | Canadian General Investments, Limited
Jonathan A. Morgan
President & CEO
Our opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Canadian General
Investments, Limited (the Company) as at December 31, 2025 and 2024, and its financial performance and its cash flows for the years
then ended in accordance with IFRS Accounting Standards, as issued by the International Accounting Standards Board (IFRS Accounting
Standards).
What we have audited
The Company’s financial statements comprise:
• the statements of financial position as at December 31, 2025 and 2024;
• the statements of comprehensive income for the years then ended;
• the statements of changes in net assets for the years then ended;
• the statements of cash flows for the years then ended; and
• the notes to the financial statements, comprising material accounting policy information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards and International Standards on Auditing.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements
in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements
for the year ended December 31, 2025. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Independent auditor’s report
To the Shareholders of Canadian General Investments, Limited
2025 Annual Report | Canadian General Investments, Limited
12
Other information
Management is responsible for the other information. The other information comprises the Management Report of Fund Performance,
which we obtained prior to the date of this auditor’s report and the information, other than the financial statements and our auditor’s
report thereon, included in the annual report, which is expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit,
or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
When we read the information, other than the financial statements and our auditor’s report thereon, included in the annual report, if we
conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting
Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Valuation of investments and investments pledged
as collateral
Refer to note 3 – Material accounting policy information and note
5 – Financial risk management to the financial statements.
The Company’s investments and investments pledged as
collateral (together, the investments) of $1,869 million as
at December 31, 2025 comprised instruments traded in an
active market. The Company measures its investments at fair
value through profit or loss.
The Company measures the fair value of an instrument using
quoted prices in an active market for that instrument.
We considered this a key audit matter due to the significance
of the investments, and the degree of audit effort required in
performing audit procedures related to the valuation of the
investments.
Our approach to addressing the matter included the following
procedures, among others:
• Tested and assessed the reasonableness of the fair
value of the investments by independently obtaining
market prices from external sources for each investment.
Key audit matter
How our audit addressed the key audit matter
13
2025 Annual Report | Canadian General Investments, Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards and International
Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards and International Standards on Auditing, we
exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Derek Hatoum.
Chartered Professional Accountants, Licensed Public Accountants
Toronto, Canada
February 19, 2026
2025 Annual Report | Canadian General Investments, Limited
14
Note
December 31,
2025
December 31,
2024
Assets
Current assets
Investments
5 1,625,245 1,360,930
Investments pledged as collateral
5,6 243,640 250,469
Cash
14,163 35,289
Interest and dividends receivable
1,603 1,878
Other assets
127 142
Income taxes recoverable
294 -
Total assets
1,885,072 1,648,708
Liabilities
Current liabilities
Accounts payable and accrued liabilities
11 2,318 2,310
Income taxes payable
- 243
Borrowing facility
6 200,000 200,000
Total liabilities
202,318 202,553
Net assets
1,682,754 1,446,155
Equity
Share capital
7 128,568 128,568
Retained earnings
1,554,186 1,317,587
Total equity
1,682,754 1,446,155
Net assets per common share
80.66 69.32
As at December 31, 2025 and December 31, 2024
(in thousands of Canadian dollars, except per share amounts)
Director Director
Approved by the Board of Directors
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position
15
2025 Annual Report | Canadian General Investments, Limited
Statements of Comprehensive Income
Note 2025 2024
Income
Net gains on investments
Dividend income
21,441 20,722
Interest
80 33
Net realized gain on sale of investments
72,551 123,872
Net change in unrealized gain on investments
197,999 203,279
Net gains on investments
292,071 347,906
Securities lending revenue 12
129 424
Total income
292,200 348,330
Expenses
Management fees 11
19,365 17,079
Interest 6
6,283 9,381
Transaction costs on purchases and sales
555 561
Investor relations
428 293
Listing and regulatory costs
355 339
Directors’ fees and expenses 11
309 311
Custodial fees
168 165
Withholding taxes 9
162 156
Audit fees
77 75
Legal fees
46 30
Security holder reporting costs
42 34
Independent review committee fees and expenses 11
35 41
Other
42 47
Total expenses
27,867 28,512
Net investment income before income taxes
264,333 319,818
Refundable income tax expense 8
5,206 13,243
Increase in net assets from operations
259,127 306,575
Increase in net assets from operations, per common share 12.42 14.70
For the years ended December 31
(in thousands of Canadian dollars, except per share amounts)
The accompanying notes are an integral part of these financial statements.
2025 Annual Report | Canadian General Investments, Limited
16
Share Capital Retained Earnings Total
At December 31, 2023
128,568 1,031,873 1,160,441
Increase in net assets from operations
- 306,575 306,575
Taxable dividends paid to common shareholders
- (20,861) (20,861)
At December 31, 2024
128,568 1,317,587 1,446,155
Increase in net assets from operations
- 259,127 259,127
Taxable dividends paid to common shareholders
- (11,264) (11,264)
Capital gains dividends paid to common shareholders
- (11,264) (11,264)
At December 31, 2025
128,568 1,554,186 1,682,754
For the years ended December 31
(in thousands of Canadian dollars)
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
17
2025 Annual Report | Canadian General Investments, Limited
Note 2025 2024
Cash flows from (used in) operating activities
Increase in net assets from operations
259,127 306,575
Adjustments for:
Net realized gain on sale of investments
(72,551) (123,872)
Net change in unrealized gain on investments
(197,999) (203,279)
Purchases of investments*
(195,550) (173,790)
Proceeds of disposition of investments*
208,614 214,493
Interest on borrowing facility
6,283 9,378
Interest and dividends receivable
275 (70)
Other assets
15 16
Income taxes recoverable 8
(537) (139)
Accounts payable and accrued liabilities
214 271
Net cash flows from operating activities
7,891 29,583
Cash flows from (used in) financing activities
Proceeds from borrowing facility
- 25,000
Interest on borrowing facility
(6,489) (9,610)
Dividends paid to common shareholders
(22,528) (20,861)
Net cash flows used in financing activities
(29,017) (5,471)
Net increase (decrease) in cash
(21,126) 24,112
Cash at the beginning of the year
35,289 11,177
Cash at the end of the year
14,163 35,289
Items classified as operating activities
Interest received
80 33
Dividends received, net of withholding taxes
21,456 20,491
Income taxes paid – net 8
(5,710) (13,385)
For the years ended December 31
(in thousands of Canadian dollars)
The accompanying notes are an integral part of these financial statements.
Statements of Cash Flows
*Excludes in-kind transactions of $33,060 for the year ended December 31, 2024.
2025 Annual Report | Canadian General Investments, Limited
18
As at December 31, 2025
Schedule of Investment Portfolio
Number
of Shares Investment Cost
Fair
Value
Communication Services (1.3%)
Interactive Media
and Services
12,000
Meta Platforms, Inc.
12,463 10,861
Wireless
Telecommunication
Services
250,000
Rogers Communications Inc., B NV
3,506 12,952
Total Communication Services
15,969 23,813
Consumer Discretionary (9.6%)
Broadline Retail
142,000 Amazon.com, Inc. 5,929 44,947
310,000 Dollarama Inc. 1,065 63,593
Specialty Retail
175,000 Artitzia Inc. 20,153 20,536
8,000 AutoZone, Inc. 4,864 37,207
32,000 Home Depot, Inc. 5,380 15,100
Total Consumer Discretionary
37,391 181,383
Energy (14.4%)
Energy Equipment &
Services
185,000 Precision Drilling Corporation 15,102 18,221
Oil, Gas & Consumable
Fuels
3,500,000 Athabasca Oil Corporation 18,161 24,605
450,000 Cameco Corporation 29,571 56,556
530,000
Canadian Natural
Resources Limited
21,032 24,640
7,000,000 Denison Mines Corp. 26,307 25,480
275,000 Enbridge Inc. 2,830 18,062
2,900,000 NexGen Energy Ltd. 31,402 36,627
950,000 Parex Resources Inc. 11,085 17,528
226,000 TC Energy Corporation 5,699 17,081
295,000 Tourmaline Oil Corp. 9,930 18,163
1,263,661 Whitecap Resources Inc. 11,827 14,532
Total Energy
182,946 271,495
Number
of Shares Investment Cost
Fair
Value
Financials (14.1%)
Banks
275,000 Bank of Montreal 10,640 49,019
245,000 Royal Bank of Canada 10,190 57,328
260,000 Toronto-Dominion Bank 5,599 33,634
Capital Markets
450,000 Brookfield Corporation 14,643 28,359
769,000
Economic Investment Trust
Limited 3,851 16,226
Consumer Finance
185,000 goeasy Ltd. 17,140 24,289
Financial Services
72,000 Mastercard Incorporated, A 5,047 56,366
Total Financials
67,110 265,221
Industrials (19.6%)
Aerospace & Defense
87,500
Bombardier Inc, B SV
19,670 20,431
40,000
HEICO Corporation
17,655 17,750
1,280,000
MDA Space Ltd.
28,503 34,099
Commercial Services &
Supplies
75,000
Boyd Group Services Inc.
15,947 16,397
100,000
Waste Connections, Inc.
11,183 24,072
Construction & Engineering
200,000
AtkinsRéalis Group Inc.
19,678 17,720
215,000
Stantec Inc.
22,167 27,847
235,000
WSP Global Inc.
10,389 58,402
Ground Transportation
90,000
Canadian National Railway
Company
10,947 12,218
575,000
Canadian Pacific Kansas City
Limited
6,352 58,104
350,000
TFI International Inc.
5,029 49,655
Marine Transportation
332,000
Algoma Central Corporation
2,555 6,275
Trading Companies &
Distributors
100,000
FTAI Aviation Ltd.
19,229 26,995
Total Industrials
189,304 369,965
19
2025 Annual Report | Canadian General Investments, Limited
Schedule of Investment Portfolio
NV: non-voting
SV: subordinate voting
*Includes investments pledged as collateral of $243,640
As at December 31, 2025
Number
of Shares Investment Cost
Fair
Value
Information Technology (20.5%)
Electronic Equipment,
Instruments & Components
217,500 Celestica Inc. 19,328 88,307
IT Services
314,000 Shopify Inc. 1,660 69,394
Semiconductors &
Semiconductor Equipment
335,000 NVIDIA Corporation 590 85,676
Software
9,000
Constellation Software Inc.
11,598 29,713
9,000
Constellation Software Inc.,
wts, 03/31/40, unlisted
- -
400,000
The Descartes Systems
Group Inc.
10,317 48,164
330,000 Open Text Corporation 4,916 14,751
Technology Hardware,
Storage & Peripherals
134,000 Apple Inc. 1,270 49,957
Total Information Technology
49,679 385,962
Materials (16.3%)
Metals & Mining
600,000 Alamos Gold Inc. 22,542 31,800
2,600,000 Capstone Copper Corp. 25,920 35,828
1,800,000 First Quantum Minerals Ltd. 11,566 66,240
290,000 Franco-Nevada Corporation 13,258 82,508
600,000 G Mining Ventures Corp. 19,078 24,894
480,000 Teck Resources Limited, B SV 15,477 31,541
210,000 Wheaton Precious Metals Corp. 24,539 33,886
Total Materials
132,380 306,697
Number
of Shares Investment Cost
Fair
Value
Real Estate (3.4%)
Real Estate Management
& Development
110,000
Colliers International Group Inc. 20,873 22,191
145,000
FirstService Corporation 20,352 30,950
2,400,000
StorageVault Canada Inc. 6,360 11,208
Total Real Estate
47,585 64,349
Transaction costs
Total investments (99.2%)*
721,248
1,868,885
Cash (0.8%)
14,163
Investment Portfolio (100.0%)
1,883,048
(1,116) -
2025 Annual Report | Canadian General Investments, Limited
20
Canadian General Investments, Limited (CGI or the Company) is
domiciled in Canada and incorporated under the laws of Ontario,
Canada. The address of its registered office is 10 Toronto Street,
Toronto, Ontario, Canada, M5C 2B7.
Canadian General Investments, Limited is a closed-end
equity fund focussed on medium to long-term investments in
primarily Canadian corporations. It strives, through prudent
security selection, timely recognition of capital gains/losses and
appropriate income generating instruments, to provide better
than average returns to investors.
The Company’s investment and administration activities are
managed by Morgan Meighen & Associates Limited (the Manager).
The Company’s common shares are publicly listed and trade on
the Toronto Stock Exchange and on the London Stock Exchange
(symbol CGI).
These financial statements were authorized for issue by the Board
of Directors on February 19, 2026.
The Company’s financial statements have been prepared in
accordance with IFRS Accounting Standards, as issued by the
International Accounting Standards Board (IFRS Accounting
Standards).
For the years ended December 31, 2025 and 2024
Notes to the Financial Statements
1General Information
2Basis of Presentation
The material accounting policies applied in the preparation of these
financial statements are set out below. These policies have been
consistently applied to all the periods presented.
3.1 Financial Assets and Financial Liabilities
Classification
The Company recognizes financial instruments at fair value upon
initial recognition, plus transaction costs in the case of financial
instruments measured at amortized cost. Investment transactions
are recorded on the trade date. The Company measures securities
at fair value through profit or loss (FVTPL). The portfolio of financial
assets is managed and performance is evaluated on a fair value
basis. The Company and the Manager are primarily focussed on
fair value information and use that information to assess the assets’
performance and to make decisions. The Company has not taken
the option to irrevocably designate any equity securities as fair value
through other comprehensive income. Consequently, all investments
are measured at FVTPL.
All other financial assets and liabilities are classified at amortized
cost or financial liabilities, as applicable, and are measured
at amortized cost and reflect the amount to be received or
paid, discounted, when appropriate, at the contract’s effective
interest rate.
Fair value measurement
Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
When available, the Company measures the fair value of an instrument
using quoted prices in an active market for that instrument. A market is
regarded as active if quoted prices are readily and regularly available
and represent actual and regularly occurring market transactions on
an arm’s length basis. Publicly traded securities are valued at the last
traded market price on the reporting date, where the last traded price
falls within the day’s bid-ask spread. In circumstances where the last
traded price is not within the bid-ask spread, the Manager determines
the point within the bid-ask spread that is most representative of fair
value based on the specific facts and circumstances. The Company’s
policy is to recognize transfers into and out of the fair value hierarchy
as of the date of the event or change in circumstances giving rise to
the transfer.
Unlisted securities that trade on an over-the-counter market and
other securities, in special circumstances where a market quotation
is not readily available or is considered inappropriate (such as a
stale price), are valued using available sources of information and
commonly used valuation techniques, using primarily observable
inputs. The Company considers observable inputs to be market data
that is readily available, regularly distributed or updated, reliable and
verifiable, and provided by independent sources.
The best evidence of the fair value of a financial instrument at
initial recognition is the transaction price, i.e. the fair value of
the consideration given or received, unless the fair value of that
instrument is evidenced by comparison with other observable current
market transactions in the same instrument (i.e. without modification
or repackaging) or based on a valuation technique whose variables
include only data from observable markets.
3Material Accounting Policy Information
21
2025 Annual Report | Canadian General Investments, Limited
3Material Accounting Policy Information (continued)
3.2 Foreign Currencies
Assets and liabilities denominated in foreign currencies are translated
into Canadian dollars at period-end exchange rates. Purchases and
sales of investments, investment income and expenses are calculated
at the exchange rates prevailing on the dates of the transactions. The
Canadian dollar is the Company’s functional and presentation currency.
3.3 Investment Income
Dividend income is recorded on the ex-dividend date. Interest
is recognized on an accrual basis. Securities lending revenue is
recognized as earned.
3.4 Securities Lending
Securities lent are not derecognized in the Company’s statement of
financial position as the Company retains substantially all the risks
and rewards of ownership.
3.5 Cash
Cash is comprised of demand deposits with reputable
financial institutions.
3.6 Increase (decrease) in net assets from operations,
per common share
The increase (decrease) in net assets from operations, per common
share is calculated by dividing increase (decrease) in net assets from
operations by the weighted-average number of common shares
outstanding during the period.
3.7 Taxation
The Company qualifies as an investment corporation under Section
130 of the Income Tax Act (Canada) (the Act) and, as such, is subject
to a reduced rate of income tax on its net investment income other
than dividends received from taxable Canadian corporations. Taxes
paid on taxable dividends paid from corporations resident in Canada
are refundable on the payment of taxable dividends to shareholders
related to these dividends.
Income taxes are paid by the Company on net capital gains realized
at the rate of approximately 20% (note 8). These income taxes are
recoverable by the Company as long as it continues to qualify as an
investment corporation and pays out sufficient dividends related to
these realized gains. Refundable income taxes paid or recovered are
recorded as an expense or recovery in the period in which such tax
becomes payable or receivable.
In addition, temporary differences between the carrying values
of assets and liabilities for accounting and income tax purposes
give rise to deferred income tax assets and liabilities. The most
significant temporary difference is that between the reported fair
value of the Company’s investment portfolio and its adjusted cost
base (ACB) for income tax purposes. To the extent that the fair value
of the Company’s portfolio exceeds its ACB, a deferred tax liability
arises which is fully offset by the future refundable taxes available
to the Company as an investment corporation. Conversely, when
the ACB exceeds the fair values of the portfolio, a deferred tax asset
is generated. A deferred tax asset is also generated to the extent
that the Company has available and unutilized capital and non-
capital tax losses. However, these net deferred tax assets have not
been recorded in the statements of financial position since, with
the exception of refundable income taxes described above, the
Company does not record income taxes since it is, in substance, not
taxable.
3.8 Investment in associates and subsidiaries
The Company has determined that it meets the definition of
“investment entity”. An investment entity is an entity that (i) obtains
funds from one or more investors for the purpose of providing them
with investment management services; (ii) commits to its investors
that its business purpose is to invest funds solely for returns from
capital appreciation, investment income, or both; and (iii) measures
and evaluates the performance of substantially all of its investments
on a fair value basis. The most significant judgement that the
Company has made in determining that it meets this definition is that
fair value is used as the primary measurement attribute to measure
and evaluate the performance of substantially all of its investments.
Subsidiaries are entities over which the Company has control through
its exposure or rights to variable returns and has the ability to affect
those returns through its power over the entities. As the Company
meets the definition of an investment entity, all subsidiaries, if any, are
measured at FVTPL. The Company’s investments may also include
associates over which the Company has significant influence and
these are measured at FVTPL. As at December 31, 2025 and December
31, 2024, the Company has no investment in associates or subsidiaries.
3.9 Future accounting changes
In April 2024, the International Accounting Standards Board
(IASB) issued IFRS 18, Presentation and Disclosure in the Financial
Statements which aims to improve the quality of financial reporting
by introducing new requirements which include new required
categories and subtotals in the Statement of comprehensive
income and enhanced guidance on grouping of information. IFRS
18 replaces IAS 1, Presentation of Financial Statements. This standard
is effective for annual periods beginning on or after January 1, 2027,
with early adoption permitted. The Manager is currently assessing
the impact of these new requirements and has not yet determined
if it will adopt the new standard earlier than required.
In May 2024, the IASB issued amendments to IFRS 7, Financial
Instruments: Disclosures, and IFRS 9, Financial Instruments. The
amendments include clarifying the date of recognition and
derecognition of some financial assets and liabilities, with a new
exception for certain financial liabilities settled through an electronic
payment system. These amendments are effective for annual
periods beginning on or after January 1, 2026, with early adoption
permitted. The Manager is currently assessing the impact of these
new requirements and will not be adopting the new standard early.
2025 Annual Report | Canadian General Investments, Limited
22
The preparation of the financial statements in conformity with IFRS
Accounting Standards requires management to make judgements,
estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognized in the period
in which the estimates are revised and in any future periods affected.
5.1 Financial Risk Factors
In the normal course of operations, the Company’s activities expose
it to a variety of financial risks: credit risk, liquidity risk and market
risk (including interest rate risk, currency risk and price risk).
Market prices and the fair value of investments in the Company’s
portfolio fluctuate on a daily basis as a result of changes in
interest rates, economic conditions, market and company
news, political conditions, natural disasters, and public health
emergencies, including an epidemic or pandemic. In general,
the Manager seeks to minimize the potential adverse effects
of these risks on the Company’s performance by employing
professional, experienced portfolio managers, by ongoing
monitoring of the Company’s positions and market events, and
by diversifying the investment portfolio within the policies and
guidelines set by the Board of Directors of the Company, in a
manner consistent with the investment objective. Pursuant to
the Manager’s bottom-up selection mandate, security selection
is the primary criteria for managing risk. In order to mitigate risk,
depending on conditions, the Manager considers other criteria
such as asset class, industry, country and currency.
Credit risk
Credit risk is the risk that one party to a financial instrument will
cause a financial loss for the other party by failing to discharge an
obligation. The Company’s main exposure to credit risk may consist
of investments in debt instruments, including short-term securities,
bonds, preferred shares, interest and dividends receivable, amounts
due from brokers, securities on loan as part of the Company’s
securities lending program, as well as securities held in a separate
control account with the Company’s custodian or prime brokerage
account, as part of its borrowing facility. The fair value of debt
instruments includes consideration of the creditworthiness of the
debt issuer. The carrying amount of cash, interest and dividends
receivable and other assets represents the maximum credit risk
exposure as at December 31, 2025 and December 31, 2024. As at
December 31, 2025 and December 31, 2024, the Company had no
investments in debt instruments.
Credit risk related to cash is considered low as it is held at
AA-rated Canadian banks (consistent with prior year). All
transactions in securities are settled/paid for on delivery using
approved brokers. The risk of default is considered minimal, as
delivery of securities sold is only made once the Company’s
custodian has received payment. Payment is made on a
purchase once the securities have been received by the
Company’s custodian. The trade will fail if either party fails to meet
its obligation.
Credit risk with respect to the Company’s securities lending program
is considered minimal given the nature of the collateral, as well as the
indemnification provided by the agent administering the program
(note 12).
Credit risk related to the Company’s borrowing facility is considered
low given the credit worthiness of the prime broker (note 6).
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in
meeting obligations associated with financial liabilities.
As the Company is a publicly traded, closed-end investment fund
with a fixed number of common shares outstanding, unlike an open-
ended mutual fund, it is not exposed to the liquidity risk associated with
daily cash redemptions of securities. However, as part of a leverage
strategy, the Company currently has $200 million (December 31, 2024
– $200 million) borrowed through a borrowing facility.
Liquidity risk is managed by investing the majority of the Company’s
assets in investments that are traded in an active market and
which can be readily disposed of, and by retaining sufficient cash
and cash equivalent positions to maintain liquidity. Restricted and
unlisted securities, if any, are identified in the schedule of investment
portfolio. There was one unlisted security as at December 31, 2025
and December 31, 2024.
Leverage decisions, whether in the form of a borrowing facility or
bond or preference share issues from treasury, are at the discretion
of the Company’s Board of Directors.
As at December 31, 2025 and December 31, 2024, all financial liabilities
of the Company fall due within twelve months.
Market risk
The Company’s investments are subject to market risk which is the
risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market prices. The following include
sensitivity analyses that show how the net assets would have been
affected by a possible change in the relevant risk at each reporting
date. In practice, the actual results may differ and the differences could
be material.
4Critical Accounting Estimates & Judgements
5Financial Risk Management
23
2025 Annual Report | Canadian General Investments, Limited
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of
a financial instrument will fluctuate because of changes in market
interest rates. The Company’s interest-bearing financial assets and
financial liabilities expose it to risks associated with the effects of
fluctuations in the prevailing levels of market interest rates on its
financial position and cash flows.
Although the Company may invest in interest-bearing financial
instruments, the substantial majority of the Company’s financial
assets are non-interest bearing or have short maturities. As a result,
the Company is not subject to significant amounts of risk on its
investments due to fluctuations in the prevailing levels of market
interest rates.
As at December 31, 2025 and December 31, 2024, the Company had
no investments in debt instruments.
The Company’s most significant financial liability is its borrowing
facility with interest rates on these borrowings being short-term. The
amount of borrowings on the facility may be reduced at any time.
For the year ended December 31, 2025, a 1% increase or decrease in
the interest rate, with all other variables held constant, would have
resulted in the interest increasing or decreasing, respectively, by
approximately $2,000,000 (December 31, 2024 – $2,000,000).
Currency risk
Currency risk arises from financial instruments that are
denominated in a currency other than the Canadian dollar.
The Company is exposed to the risk that the value of securities
denominated in other currencies will fluctuate due to changes
in exchange rates. Securities trading in foreign markets are
also exposed to currency risk, as the price in local terms in the
foreign market is converted to Canadian dollars to determine
fair value. The Company’s policy is not to enter into any hedging
arrangements.
As at December 31, 2025, the Company`s investment portfolio had
a 18.3% (December 31, 2024 – 21.5%) weighting in U.S. dollars. As
at December 31, 2025, had the Canadian dollar strengthened or
weakened by 5% in relation to all currencies represented in the
portfolio, with all other variables held constant, net assets would
have decreased or increased, respectively, by approximately
$17,243,000 or approximately 1.0% (December 31, 2024 – $17,739,000
or approximately 1.2%).
Price risk
Price risk is the risk that the fair value of financial instruments
will fluctuate as a result of changes in market prices (other than
those arising from interest rate risk or currency risk), whether these
changes are caused by factors specific to an individual investment
or its issuer, or by factors affecting all similar instruments traded
in a market or market segment. All securities present a risk of
loss of capital. The Manager moderates this risk through careful
selection of securities and other financial instruments within the
parameters of the investment strategy and by maintaining a well
diversified portfolio. The maximum risk resulting from financial
instruments is equivalent to their fair value. The Company’s equity
and debt (if any) instruments are susceptible to other price risk
arising from uncertainty about future prices of the instruments.
As at December 31, 2025, a 5% increase or decrease in market
prices in the investment portfolio, excluding cash and short-term
securities, with all other variables held constant, would have
resulted in the Company’s net assets increasing or decreasing,
respectively, by approximately $93,444,000 or approximately 5.6%
(December 31, 2024 – $80,570,000 or approximately 5.6%).
5Financial Risk Management (continued)
2025 Annual Report | Canadian General Investments, Limited
24
Concentration risk
Concentration risk arises as a result of the concentration of
exposures within the same category, whether it is geographical
location, product type, industry sector or counterparty type. The
following is a summary of the Company’s concentration by sector
in the investment portfolio:
Industry Sector
December 31,
2025
December 31,
2024
Information Technology
20.5% 23.0%
Industrials
19.6% 23.4%
Materials
16.3% 11.2%
Energy
14.4% 12.3%
Financials
14.1% 13.4%
Consumer Discretionary
9.6% 9.7%
Real Estate
3.4% 4.2%
Communication Services
1.3% 0.7%
Cash
0.8% 2.1%
100.0% 100.0%
Sensitivity analyses are provided for information purposes only. In practice, the actual trading results may differ from this sensitivity
analysis and the difference could be material.
5.2 Capital Risk Management
The Company considers capital to be composed of its equity, as
well as its borrowing facility. The Company’s primary objective
when managing its capital is to ensure that activities are carried
out in accordance with the investment objective of the Company,
as described in note 1. With respect to the borrowing facility, the
Company is required to maintain sufficient collateral in the form of
securities in an account with the Company’s prime broker, based
on margin requirements established by the prime broker. There
has been no event of default since the prime brokerage services
agreement was entered into effective May 12, 2021.
5.3 Fair Value Measurements
The Company classifies its investments within a fair value hierarchy,
based on the inputs used in their fair value measurement. The
hierarchy of inputs is summarized below:
Level 1: Unadjusted quoted prices at the measurement date in active
markets for identical assets
Level 2: Directly or indirectly observable inputs other than quoted prices
included in Level 1, such as quoted prices for identical or similar assets in
markets that are not active
Level 3: Inputs for the assets that are not based on observable market
data
Level 2 investments include positions that are not traded in active
markets and/or subject to transfer restrictions, and valuations may
be adjusted to reflect illiquidity and/or non-transferability, which are
generally based on available market information and commonly used
valuation techniques.
All other financial instruments of the Company, which may include
cash, receivable on investments sold or payable on investments
purchased, interest and dividends receivable, accounts payable
and accrued liabilities, accrued dividends on preference shares
and borrowing facility are carried at amortized cost. Amortized cost
approximates fair value given the short-term nature of the financial
instruments.
5Financial Risk Management (continued)
25
2025 Annual Report | Canadian General Investments, Limited
5Financial Risk Management (continued)
(in thousands of dollars)
Level 1 Level 2 Level 3 Total
As at December 31, 2025
Financial assets at FVTPL:
Investments
1,625,245
- -
1,625,245
Investments pledged as collateral
243,640
- -
243,640
1,868,885
- -
1,868,885
As at December 31, 2024
Financial assets at FVTPL:
Investments
1,360,930
- -
1,360,930
Investments pledged as collateral
250,469
- -
250,469
1,611,399
- -
1,611,399
During the years ended December 31, 2025 and year ended December 31, 2024, there were no investments transferred between the levels.
The Manager is responsible for performing fair value measurements included in the financial statements of the Company, including Level 3
measurements, if any. The Manager obtains pricing from a third party pricing vendor.
Subject to approval by the Board of Directors, the Company may
use various forms of leverage, including by way of a margin facility
with a prime broker or a loan facility with a bank.
The Company has a prime brokerage services agreement with
a Canadian chartered bank. Amounts borrowed under this
agreement bear interest at the Canadian Overnight Repo Rate
Average (CORRA) plus 0.42% per annum (CORRA plus 0.90% prior
to June 1, 2024, and the one-month Canadian Dollar Offered Rate
(CDOR) plus 0.60% prior to May 1, 2024). The agreement requires the
Company to pledge securities as collateral for margin borrowings
and may be terminated immediately by the prime broker upon
the occurrence and continuation of an event of default, as defined
in the agreement, or by either party with 30 days’ notice.
As at December 31, 2025, the Company had pledged securities as
collateral to the prime broker equal to $243,640,000 (December
31, 2024 – $250,469,000) on the outstanding borrowings of
$200,000,000 (December 31, 2024 – $200,000,000) plus accrued
interest of $457,000 (December 31, 2024 – $662,000), included in
accounts payable and accrued liabilities.
On June 6, 2024, securities pledged as collateral, which had been
held in a separate control account with the Company’s custodian,
were transferred to an account at the prime broker. Pursuant to
the prime brokerage services agreement, the prime broker may
pledge, lend or rehypothecate securities held in this account. As
a result, these securities are disclosed separately in the financial
statements as Investments pledged as collateral.
6Borrowing Facility
2025 Annual Report | Canadian General Investments, Limited
26
Common Shares
The Company is authorized to issue an unlimited number of
common shares. As at December 31, 2025, there are 20,861,141
(December 31, 2024 – 20,861,141) common shares issued and
outstanding with no par value.
Subsequent to December 31, 2025, the Company declared a
quarterly dividend of $0.31 per share payable on March 15, 2026
to common shareholders of record at the close of business on
February 27, 2026.
7Share Capital
As at December 31, 2025, the Company had federal refundable
capital gains taxes on hand of approximately $18,503,000 (December
31, 2024 – $17,353,000), which are refundable on payment of capital
gains dividends of approximately $132.0 million (December 31, 2024 –
$124.0 million) and Ontario refundable capital gains taxes on hand of
approximately $8,518,000 (December 31, 2024 – $7,979,000), which are
refundable on payment of capital gains dividends of approximately
$148.0 million (December 31, 2024 – $139.0 million).
As at December 31, 2025 and December 31, 2024, the Company has no
unused non-capital losses for tax purposes.
The Company is also subject to a special tax of 38-1/3% on taxable
dividends received from corporations resident in Canada. This special
tax is refundable on payment of taxable dividends to shareholders at
the rate of $0.3833 for each $1 of such dividends paid. The Company has
$5,010,000 of refundable dividend tax on hand as at December 31, 2025
(December 31, 2024 – $1,493,000).
(in thousands of dollars)
2025 2024
Provision for (recovery of) income taxes on net investment income (loss) before
income taxes
Provision for income taxes based on combined Canadian federal and
provincial income tax rate of 39.5%
104,412 126,328
Increase (decrease) in income taxes resulting from:
Dividends from taxable Canadian companies
(7,974) (7,759)
Net change in unrealized gain on investments
(78,210) (80,296)
Non-taxable portion of net realized gain on sale of investments
(14,328) (24,465)
Increase (decrease) in refundable dividend tax on hand
3,517 (498)
Utilization of non-capital loss carryforward
- (97)
Differences arising from use of different cost bases for income tax
and accounting purposes
14 30
Income taxes recoverable on capital gains dividends paid to common shareholders
(2,225) -
Refundable income tax expense
5,206 13,243
8Income Taxes
The Company’s refundable income tax provision during the year is determined as follows:
In accordance with the Act, a corporation can qualify as an
investment corporation if certain tests are satisfied. One of the
tests is that the corporation cannot have specified shareholders.
A specified shareholder is generally a shareholder, who, along
with certain persons to whom the shareholder is considered to
be related, has a greater than 25% shareholding. The Company
has had specified shareholders since June 20, 1996. The specified
shareholder rules of the Act generally allow the Company to
maintain its investment corporation status as long as it does
not have any specified shareholders other than those specified
shareholders existing on June 20, 1996. In addition, the specified
shareholders as at June 20, 1996 cannot, after that date,
contribute capital or acquire additional shares of the Company
other than through certain specified transactions.
27
2025 Annual Report | Canadian General Investments, Limited
The Company incurs withholding taxes imposed by certain countries on investment income. Such income or gains are recorded
gross of withholding taxes in the statements of comprehensive income. Withholding taxes are shown as a separate item in the
statements of comprehensive income. During the year ended December 31, 2025, the average withholding tax rate paid by the
Company was 15.0% (December 31, 2024 – 15.0%).
9Withholding Taxes
All of the Company’s financial assets were carried at amortized cost, with the exception of Investments which is carried at FVTPL. All the
Company’s financial liabilities were carried at amortized cost. All gains and/or losses recorded on the statement of comprehensive
income relate to investments measured at fair value through profit or loss.
10Financial Instruments by Category
Third Canadian General Investment Trust Limited (Third
Canadian) owns 36.6% of the common shares of the Company
and is therefore considered a related party. Jonathan A. Morgan
and Vanessa L. Morgan, both directors and executive officers of
the Company, beneficially own directly or indirectly or exercise
control or direction over an aggregate of 100% of the common
shares of Third Canadian. Including the holding by Third Canadian,
Mr. Morgan and Ms. Morgan together own directly or indirectly or
exercise control or direction over an aggregate of 52.5% of the
outstanding common shares of the Company, making them the
ultimate controlling party.
Transactions With Related Entities
Management fees
The Company’s activities are managed by the Manager pursuant
to a management agreement dated July 18, 2018. Mr. Morgan and
Ms. Morgan together own directly or indirectly 100%, and are both
directors and executive officers, of the Manager. Management
fees are paid monthly to the Manager for services received in
connection with the management of the Company’s financial
accounts and investment portfolio, among other services. These
fees are calculated monthly at 1% per annum of the fair value of
the Company’s investments adjusted for cash, portfolio accounts
receivable and portfolio accounts payable. Values for fee
calculation purposes are determined on the basis of the financial
statements of the Company as at the last day of the applicable
month.
During the year ended December 31, 2025, $19,267,000 (2024 –
$16,925,000) was paid to the Manager with $1,775,000 accrued
and included in accounts payable and accrued liabilities as at
December 31, 2025 (December 31, 2024 – $1,552,000).
Dividends
As a result of its ownership position in the Company, during the year
ended December 31, 2025, Third Canadian received taxable dividends
of $4,120,000 and capital gains dividends of $4,120,000 (2024 –
$7,630,000 of taxable dividends).
Key management personnel compensation
No compensation was paid or is payable by the Company to any
executive of the Manager in his or her capacity as a director or officer
of the Company.
During the year ended December 31, 2025, the independent directors
of the Company, who are not executives of the Manager, received
directors’ fees aggregating $277,000 (2024 – $282,000) from the
Company. No other compensation was paid or is payable to the
directors of the Company for the year ended December 31, 2025,
except for compensation paid by the Company in respect of
independent directors acting as members of the Independent Review
Committee for the Company, aggregating $34,000 (2024 – $39,000).
11Related Party Information
2025 Annual Report | Canadian General Investments, Limited
28
The Company participates in a securities lending program with
its custodian, CIBC Mellon Trust Company. Collateral is held by the
custodian as agent for the Company and generally comprises
Canadian or provincial government-guaranteed securities or
obligations of other governments with appropriate credit ratings,
and other short-term securities, of at least 105% of the fair value of
securities on loan. In the event that any of the loaned securities are
not returned to the Company and the value of the collateral held is
less than the fair value of the securities not returned, the custodian
shall indemnify the Company for any such shortfall.
At December 31, 2025, the Company had loaned securities with a
fair value of $83,494,000 (December 31, 2024 – $113,023,000) and
the custodian held collateral of $88,158,000 (December 31, 2024
– $117,901,000). This collateral is not reflected in the statements of
financial position and consisted of the following:
December 31, 2025 December 31, 2024
Securities lending collateral
Corporate debt securities
0.0% 0.1%
Federal government debt securities
29.7% 4.9%
Provincial government debt securities
26.2% 7.3%
U.S. government debt securities
44.1% 87.7%
100.0% 100.0%
A reconciliation of the gross earnings from securities lending to the net earnings from securities lending is as follows:
(in thousands of dollars)
December 31, 2025 December 31, 2024
Gross securities lending earnings
219 100.0% 819 100.0%
Fees
(55) (25.2%) (178) (21.7%)
Withholding taxes
(35) (16.0%) (217) (26.5%)
Net securities lending earnings
129 58.8% 424 51.8%
12Securities Lending
CORPORATE INFORMATION
BOARD OF DIRECTORS
Marcia Lewis Brown
Board Director
A. Michelle Lally
Partner, Osler, Hoskin & Harcourt LLP
Jonathan A. Morgan
Executive Vice-President and Chief
Operating Officer,
Morgan Meighen & Associates Limited
Vanessa L. Morgan
President & Chief Executive Officer,
Morgan Meighen & Associates Limited
Sanjay Nakra
Board Director
Clive W. Robinson
Board Director
Michael C. Walke
Chief Executive Officer,
Canadian Centre for Audit Quality
AUDIT COMMITTEE
Marcia Lewis Brown
A. Michelle Lally
Sanjay Nakra
Michael C. Walke (Chair)
CORPORATE GOVERNANCE
COMMITTEE
Marcia Lewis Brown (Chair)
Jonathan A. Morgan
Sanjay Nakra
INDEPENDENT DIRECTORS
COMMITTEE
Marcia Lewis Brown
A. Michelle Lally (Chair)
Sanjay Nakra
Michael C. Walke
OFFICERS
Vanessa L. Morgan, CFA
Chair
Jonathan A. Morgan, CIM
President & CEO
Frank C. Fuernkranz, CPA, CA, CFA
CFO
Christopher J. Esson, CPA, CA, CFA
Treasurer
Laura M. Jess, CIM
Secretary
OFFICE OF THE COMPANY
10 Toronto Street
Toronto, Ontario, Canada M5C 2B7
Telephone: (416) 366-2931
Toll Free: 1-866-443-6097
Fax: (416) 366-2729
e-mail:
info@canadiangeneralinvestments.ca
website:
www.canadiangeneralinvestments.ca
MANAGER
Morgan Meighen & Associates Limited
Toronto
AUDITOR
PricewaterhouseCoopers LLP
Toronto
INDEPENDENT REVIEW COMMITTEE
A. Michelle Lally
Marcia Lewis Brown (Chair)
Michael C. Walke
Sanjay Nakra
CANADIAN REGISTRAR
AND TRANSFER AGENT
Computershare Trust Company of Canada
320 Bay Street, 14th Floor, Toronto,
Ontario, M5H 4A6, Canada.
Telephone:
Canada & U.S.: 1-800-564-6253
Overseas: 1-514-982-7555
Fax:
Canada & U.S.: 1-888-453-0330
Overseas: 1-416-263-9394
website: www.computershare.com/investor
To change your address, eliminate multiple
mailings or for other shareholder account
inquiries, please contact Computershare at
the above address. We are pleased to offer
you the convenience of Direct Registration
System (DRS), a system that allows you to hold
securities in ‘book entry’ form without the need
for a physical certificate. To participate, simply
send your share certificate to Computershare
along with a letter requesting the deposit of the
shares into DRS.
U.K. TRANSFER AGENT
Computershare Investor Services PLC
Bridgwater Road
Bristol, BS99 6ZY United Kingdom
Telephone: +44 (0) 370 702 0003
website: www.computershare.com/investor
STOCK EXCHANGE LISTINGS
The Toronto Stock Exchange
Trading Symbol:
Common Shares CGI
The London Stock Exchange
Trading Symbol:
Common Shares CGI
PUBLICATION
Net asset value per share (NAV) and/or market
price and market return are published daily/
weekly in various media in Canada and the U.K.
The Company posts ongoing top 10 portfolio
investments (priced at market), together with
current NAV and market return information on
its website. CGI also posts its top 25 holdings
on its website on a quarterly basis. Similar
information is available directly from the
Company upon request.
DIVIDEND REINVESTMENT AND SHARE
PURCHASE PLAN
The Plan, administered by the Company’s
Canadian Transfer Agent, offers an efficient
method of acquiring additional shares. As well
as with reinvested dividends, shareholders
may purchase additional shares for cash
(minimum $100 – maximum $5,000) every
quarter. Shares are purchased on the open
market, with participants paying the average
cost while the Company pays all administrative
charges, including commissions. The Plan
may be used for self-directed RRSPs. Also, a
number of Canadian brokers offer dividend
reinvestment plans to CGI shareholders. Note:
U.S. shareholders are eligible for the dividend
reinvestment segment of the plan only.
ANNUAL MEETING OF
SHAREHOLDERS
The Annual General Meeting of shareholders
of Canadian General Investments, Limited
will be held Thursday, the 23rd day of
April, 2026 at 9:00 a.m. (Toronto time) at
The OBA Conference Centre, 20 Toronto
Street, 2nd Floor, Salon 1, Toronto, Ontario,
Canada, M5C 2B8.
DIVERSITY POLICY
Information and disclosure with respect to
the Company’s policy on Board Diversity can
be found within the Company’s Management
Information Circular.
Managed by:
CANADIAN GENERAL INVESTMENTS, LIMITED
10 Toronto Street, Toronto, Ontario, Canada M5C 2B7
Telephone: (416) 366-2931 Toll Free: 1-866-443-6097 Fax: (416) 366-2729
e-mail: info@canadiangeneralinvestments.ca
website: www.canadiangeneralinvestments.ca