Sometimes the best activity is no activity

Canadian General Investments (CGI) is North America’s second-oldest closed-end fund and has an enviable long-term track record. This has been achieved by careful stock selection and prudent asset management, and continues under Greg Eckel, who has been managing the portfolio since 2009. Volatile markets have caused performance headwinds this year, but the manager is sticking with his long-term focus, acknowledging that there are times when the best outcome for a portfolio is to leave well alone and wait for the dust to settle. Despite this approach, Eckel is continuing to make minor changes to the portfolio when opportunities arise, such as adding to CGI’s non-consensus allocation to uranium stocks, which have made a meaningful contribut...