|By Marketwired .||
|February 13, 2013 04:04 PM EST||
TORONTO, CANADA -- (Marketwire) -- 02/13/13 -- Canadian General Investment, Limited's (TSX:CGI)(TSX:CGI.PR.B)(TSX:CGI.PR.C)(LSE:CGI) net asset value at December 31, 2012 was $456,150,000, representing a 7.0% increase from the $426,413,000 at the end of 2011. CGI's net asset value per share (NAV) at December 31, 2012 was $21.87, up from $20.44 at year end 2011. The NAV return, with dividends reinvested, for the year ended December 31, 2012 was 10.8%, and the market value total return to shareholders was 3.4% compared with a 7.2% total return for the benchmark S&P/TSX Composite Index (S&P/TSX).
A degree of optimism spurred the S&P/TSX to a good start for the year and drove the Index to its 2012 daily peak in late February. This initial rally soon subsided and was replaced with an increasing amount of pessimism, causing markets to descend steadily in the following couple of months. This trend took its performance return numbers firmly into negative territory and established a bottom in May, followed by a choppy recovery by year end. Despite these ups and downs, the Index traded in a narrow range, which was indicative of the cautious mood permeating markets throughout the year. There were few, if any, dramatic catalysts that caused dynamic and permanent shifts in the market outlook during the year. Most of the global, macro issues of recent years are still outstanding and, as a result, investment decisions based entirely on fundamentals remained difficult. In 2012, as it turned out, investors were rewarded for their patience and commitment to stay the course. For example, the net price gain in the entire final quarter of the year of the S&P/TSX was decided on the final trading day of the year. A couple of CGI's portfolio disciplines were of benefit in this type of market - low relative turnover rates and full investment positioning.
Canadian markets were held back by returns in the resource sector in 2012. Uncertainty about global demand resulted in generally weakened pricing for most commodities and negatively influenced most related equities. The Energy and Materials sectors were the two worst performing groups in the Index with -3.6% and -6.9% price returns in the year, respectively, and combined with their mid-40s percentage weighting, had considerable influence on overall results. These groups also negatively impacted CGI's results as well in spite of actions taken to reduce the Energy weighting in the early part of the year and to make dispositions in Materials.
However, the bottom-up selection process produced some differentials with a few holdings in these areas producing large returns and helping to offset a portion of the general decline. Franco-Nevada Corporation, one of the Company's biggest holdings, was the largest dollar-value gainer for the year and its 40% return made a significant contribution to the portfolio's overall net gains. In the Energy group, Pacific Rubiales Energy Corp, the largest Energy holding, posted gains greater than 20% for the year, a clear outperformer amongst its peers. Long-term holdings TransCanada Corporation and Enbridge Inc. continue to grow in size and provided stability, income and capital appreciation once again. They also were positive differentiators for the Company in this area.
Many other individual holdings assisted in the Company's beating the benchmark. Catamaran Corporation (formerly named SXC Health Solutions Corp.) had another spectacular year. Since CGI's initial purchase in early 2009, exceptional growth in the company's operations has been reflected in its stock price appreciation, resulting in its current status as second largest position in the portfolio. A one-year return in excess of 60% would be difficult to repeat in 2013, but its outlook remains extremely positive. Transportation stocks Canadian Pacific Railway Limited and TransForce Inc. each provided gains greater than 45%, unique retailer Dollarama Inc. returned 32%, technology behemoth Apple Inc. 31%, premier quality REIT Brookfield Canada Office Properties 20% plus and recent up-and-coming financial Element Financial Corp. at 48%. Expectations are high that these companies will be able to add to their records in the future. Conversely, Poseidon Concepts Corp., BMTC Group Inc., and Labrador Iron Ore Royalty Corp., with returns of -88%, -22%, and -7%, respectively, all contributed negatively to the 2012 performance, after being noted good performers in past years. Tempur-Pedic International Inc., added to the portfolio in early 2012, also negatively impacted CGI's overall performance with its return of -70%.
In addition to the payment of four regular quarterly dividends of $0.06 per common share, CGI paid a year-end special capital gains distribution of $0.52 per common share on December 28, 2012. Based on the year-end common share price of $15.75, total dividend payments during 2012 represented a yield of 4.8%.
CGI is a closed-end equity fund, focused on medium to long-term investments in primarily Canadian corporations. Its objective is to provide better than average returns to investors through prudent security selection, timely recognition of capital gains/losses and appropriate income generating instruments.
FINANCIAL HIGHLIGHTS (in thousands of dollars, except per share amounts) For the Year Ended December 31, December 31, 2012 2011 ------------------------------- Net investment income (loss) 192 (1,899) Net gain/(loss) on investments 44,907 (58,631) ------------------------------- Increase/(decrease) in net assets resulting from operations 45,099 (60,530) Increase/(decrease) in net assets resulting from operations per share 2.16 (2.90) As at December 31, December 31, 2012 2011 ------------------------------- Selected data(1) Net asset value 456,150 426,413 Net asset value per share 21.87 20.44 Selected data according to GAAP(1) Net assets 454,782 424,875 Net assets per share 21.80 20.37 (1) The Company calculates the net asset value and net asset value per share on the basis of the valuation principles set out in its annual information form. These valuation principles differ from the requirements of Canadian generally accepted accounting principles (GAAP), with the main difference relating to securities that are listed on a public stock exchange. While the Company values such securities based on the latest sale price, GAAP requires the use of the closing bid price. Accordingly, bid prices are used in determining net assets and net assets per share for purposes of the interim and annual financial statements.
In the United Kingdom, copies of the Company's financial reports are available from the National Storage Mechanism (http://www.hemscott.com/nsm.do). PDF versions are also available at www.mmainvestments.com and at www.sedar.com.
"In the IoT space we are helping customers, mostly enterprises and industry verticals where time-to-value is critical, and we help them with the ability to do faster insights and actions using our platform so they can transform their business operations," explained Venkat Eswara, VP of Marketing at Vitria, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 6, 2015 04:01 PM EDT Reads: 140
SYS-CON Events announced today that WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desktop, Cloud Storage, Disaster Recovery, Integrated Applications and Security.
Jul. 6, 2015 02:45 PM EDT Reads: 846
SYS-CON Events announced today that Intelligent Systems Services will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manu...
Jul. 6, 2015 02:15 PM EDT Reads: 993
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 6, 2015 02:15 PM EDT Reads: 1,830
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Jul. 6, 2015 02:00 PM EDT Reads: 1,245
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
Jul. 6, 2015 01:45 PM EDT Reads: 2,114
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
Jul. 6, 2015 01:15 PM EDT Reads: 1,803
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer’s modular architecture, full-featured API, and sophisticated automation pro...
Jul. 6, 2015 01:15 PM EDT Reads: 2,192
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
Jul. 6, 2015 01:00 PM EDT Reads: 792
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Jul. 6, 2015 01:00 PM EDT Reads: 1,707
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Jul. 6, 2015 12:15 PM EDT Reads: 2,077
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 6, 2015 11:45 AM EDT Reads: 651
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
Jul. 6, 2015 11:45 AM EDT Reads: 2,573
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Jul. 6, 2015 11:30 AM EDT Reads: 1,705
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits, DevOps is corr...
Jul. 6, 2015 11:15 AM EDT Reads: 1,736
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
Jul. 6, 2015 11:00 AM EDT Reads: 2,530
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...
Jul. 6, 2015 10:00 AM EDT Reads: 1,818
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
Jul. 6, 2015 09:45 AM EDT Reads: 1,789
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
Jul. 6, 2015 09:45 AM EDT Reads: 1,456
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
Jul. 6, 2015 09:15 AM EDT Reads: 2,129