I keep looking at this one for the SIPP.
The discount is attractively large at around 30%.
It appears well run and recent performance is good.
It's an interesting mix of mineral extraction, industrial and banking.
Canada diversifies risk away from usual investment hotspots.
The 3% yield is respectable.
But I hesitate because
The spread wipes out the first year's divi. And some.
Canada is vulnerable to any trade war that Mr Trump unleashes. |
STUNNING PERFORMANCE.
UP 33% OVER TWELVE MONTHS.
WELL DONE TO THE CANGEN TEAM - AND KEEP IT UP PLEASE FOR 2018!!
READ THIS RNS RELEASED YESTERDAY 5th DECEMBER:
Canadian General Investments: Investment Update - Unaudited
TORONTO, CANADA - Canadian General Investments, Limited (CGI) reports on an unaudited basis that its net asset value per share (NAV) at November 30, 2017 was $32.37, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 18.5% and 19.0%, respectively. These compare with the 7.8% and 9.6% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.
The closing price for CGI's common shares at November 30, 2017 was $23.80, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 26.5% and 33.6%, respectively.
ALL IMO. DYOR.
QP |
Trust law in Canada prevents them from buying in their own shares. |
Tilts - It seems easy enough to get an exemption when requested - as LMS did recently through not participating in the last Tender. IMO they would be granted an exemption as plainly in shareholders' best interests. |
SKYSHIP,
There is no DCM because they can't buy back their own shares.
We trade in Canada via WINS who charge us a couple of cents to transact. |
Why are you ramping CGI on the SMT thread!
Did you trade in Toronto or on LSE? Spread on LSE is ridiculous, and gave the broker a bollicking in front of the managers when I met the company recently. |
QP - 0ne big proble here - the family management group control CGI, so it has always been a bit of a value trap as the managers are in effect being paid to manage the family assets; and they have a different agenda to outside shareholders. Hence very parsimonious with the dividend; AND NO DISCOUNT CONTROL MECHANISM.
There are times when the discount becomes excessive and tempting. A turn can then be made provided the currency doesn't move against you.
Impossible to deal in any meaningful way in the LSE-listed CGI. You have to do so in Canada; and pay excess fees to do so.
All in all.....value at times....but not quite the plain sailing it appears. |
Have taken good size here.
My posts on the Scottish Mortgage Investment Trust bb refer.
ALL IMO.
DYOR.
QP |
Reckon the discount will reduce naturally as the markets keep rising and as people search for value and yield. Discount as of today is 27% and yield is approx 3.5%. Safe and boring. |
I cant see a DCM ever being put in place. |
I used to hold for two reasons - the NAV discount and the currency diversification. The attitude of management makes me wonder just when if ever we will see a Discount Management System; and of course over the past year the C$ has been a bit of a basket case. C$ now looks oversold... |
There is actually a decent long-term track record, and with the distribution policy, I still think they are an attractive proposition.
I am more concerned on currency, than on the wide discount. |
Motoring along nicely here and still at a 28% discount to NAV. |
They have also got a pretty good performance track record.
Currency has hit the sterling price over the last year, but it's a core holding for my portfolios. |
Why is this at such a big discount? 4% yield and 30% discount to NAV. Its well diversified and invests in a country with one of the strongest credit ratings. Its hard to believe markets are close to record highs. |
28 March 2014
Toronto, Ontario, Canada - Canadian General Investments, Limited, a closed-end investment company, announces the following Canadian dollar values as at the close of business March 28, 2014.
Net asset value (unaudited) per common
share: $ 26.31
Closing market price per common share: $ 18.00
Discount to net asset value per common
share: 31.6% |
Just bought a few of these. NAV is £14.40. So a 30% discount to NAV. Yield 4.1%. This dog always seems to be on a large discount though. |
Agreed, would appear to be a slight negative for UK holders. |
Not sure if I'm happy with this "switch" from capital dividend to income dividend.
In the ISA I get hit with the Witholding Tax on the income, but the Capital Divi comes gross. |
15% withholding tax on dividend which, according to Sippdeal, is not refundable. |
My email to Jonathan Morgan, Director of MMAinvestments:
Jonathan
On December 4, 2013 you issued this statement:
"TORONTO, CANADA - Canadian General Investments, Limited (CGI) reports on an unaudited basis that its net asset value per share (NAV) at November 30, 2013 was $25.36, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 17.3% and 21.2%, respectively. These compare with the 10.8% and 12.9% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods."
After that, how is it possible that you should issue today's statement of a NO CHANGE annual dividend and a Special Capital Dividend actually reduced from 52c to 50c?
I am at a loss to understand such a parsimonious consideration of outside shareholder interests; however I would like to hear your take on the matter. |
£Sterling at a 4yr high v. the Loony: |
CGI a strong market in Toronto last night - closed @ C$18.52-62 - that's a middle price of c1067p. |
Got a few more Nick at 10.39p FWIW. I'm definitely becoming boring in old age! D |
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