Money Makers

UPDATE (Oct 2026): CGI returned -20.0% in 2022, +17.4% in 2023, +26.6% in 2024, +18.1% in 2025, and +8.6% over the first six months of 2026. Over the five years to December 2025, its annualised NAV return was 11.8% versus 16.1% for the S&P/TSX Composite Index, but over ten years, it was 15.0% versus 12.7%. It has continued to turn over its portfolio at a very low rate, averaging around 10% over the past five years. However, it has not repurchased any of its shares, so it continues to trade at a very wide discount, averaging around 40% over the last one, three, and five years.

Canadian Gen...