56. Uncovering Trusts – Canadian General Investments (CGI): Unlocking long-term value in North American equities

In this episode, Liam O'Byrne, a member of Edison's investment company content team, discusses Canadian General Investments (CGI). Established in 1930, CGI is one of North America's oldest closed-end funds and has been managed by Morgan Meighen & Associates since 1956. Liam introduces the fund and its managers' long-term, bottom-up investment approach, with a mandate primarily focused on Canadian equities but with flexibility to invest up to 25% in US-listed companies. Led by portfolio manager Greg Eckel, the fund currently holds around 54 positions based on its 2026 AGM presentation. Liam outlines key portfolio holdings including Celestica, a major beneficiary of AI-related data centre investment, NVIDIA, Franco-Nevada and a growing uranium position via Cameco, NexGen Energy and Denison Mines. Turning to performance, Liam covers CGI's exceptional long-term track record, with annual share price total returns of 10.7% over 25 years and 11.8% over 50 years, both ahead of the S&P/TSX Composite Index. \*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\** About ‘Uncovering Trusts’ *'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.* *About Edison:* *Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients.* *Edison covers around 50 investment trusts, read about them here:* https://www.edisongroup.com/equities/investment-companies/