CGI Outperforms Benchmark with 42.3% NAV Return, Adjusts Leverage

Event summary

  • CGI's NAV per share reached $86.82 as of April 30, 2026, with YTD and 12-month NAV returns of 8.0% and 42.3%, respectively, outperforming the S&P/TSX Composite Index.
  • Leverage decreased to 12.4% of net assets as of April 30, 2026, down from 15.5% a year prior but up from 11.9% at the end of 2025.
  • Share price returns with dividends reinvested stood at 7.0% YTD and 46.3% over 12 months.
  • Top sector allocations included Industrials (21.6%), Information Technology (18.4%), and Energy (18.1%).
  • Top 10 holdings comprised 36.5% of the portfolio, with Celestica Inc. and NVIDIA Corporation each representing 6.0% and 4.5%, respectively.

The big picture

CGI's strong NAV and share price returns reflect a strategic portfolio allocation that has outperformed the S&P/TSX Composite Index. The company's leveraging strategy, while adjusted, remains a key factor in enhancing returns for common shareholders. The concentration in top holdings and sector allocations suggests a focus on high-growth areas like technology and industrials, aligning with broader market trends toward digital transformation and infrastructure development.

What we're watching

Leverage Strategy
Whether CGI can sustain its leverage adjustments while maintaining outperformance against the benchmark.
Sector Allocation
How shifts in sector weightings, particularly in Industrials and Information Technology, will impact future returns.
Top Holdings
The performance of key holdings like Celestica Inc. and NVIDIA Corporation and their contribution to overall portfolio growth.