The Aporia
On October 5, 2026, Canadian General Investments, Limited (CGI) reported its unaudited net asset value per share as $86.20 for the period ending September 30, 2026. CGI's year-to-date and 12-month NAV returns were 8.0% and 8.6%, respectively, when dividends are reinvested. This performance contrasts with the benchmark S&P/TSX Composite Index’s higher returns of 13.0% and 20.0% for the same periods.
CGI employs a leveraging strategy through bank borrowing to enhance shareholder returns. As of September 30, 2026, CGI's leverage stood at 12.5% of its net assets, up from 11.9% at the end of 2025 and September 30, 2025. This increase in leveraging suggests a more aggressive approach to potentially boost returns but also increases financial risk.