Insight into the Third Quarter Moves of a Prominent Canadian Investment Fund
CI Select Canadian Equity Fund (Trades, Portfolio), managed by CI Investments Inc. and advised by Signature Global Advisors, has revealed its investment decisions for the third quarter of 2023. The fund, which focuses on Canadian equities and aims to maintain a maximum of 49% in foreign securities, follows a comprehensive investment strategy. This strategy includes a thorough analysis of a company's capital structure and a focus on securities that offer compelling risk-reward profiles. The fund's approach is underpinned by a global economic outlook, industry selection, and continuous monitoring of investments.
Summary of New Buys
CI Select Canadian Equity Fund (Trades, Portfolio) expanded its portfolio with 5 new stocks. Noteworthy additions include:
- Restaurant Brands International Inc (TSX:QSR, Financial), purchasing 192,961 shares, which now comprise 0.67% of the portfolio, valued at C$17.45 million.
- Stantec Inc (TSX:STN, Financial), acquiring 154,830 shares, making up 0.53% of the portfolio, with a total value of C$13.65 million.
- MasTec Inc (MTZ, Financial), adding 120,443 shares, accounting for 0.45% of the portfolio, valued at $11.77 million.
Key Position Increases
The fund also raised its stakes in 4 stocks, with significant increases in:
- The Toronto-Dominion Bank (TSX:TD, Financial), adding 109,158 shares for a total of 824,667 shares, marking a 15.26% increase in share count and a 0.34% portfolio impact, valued at C$67.48 million.
- Enbridge Inc (TSX:ENB, Financial), purchasing an additional 101,470 shares for a total of 1,584,240 shares, a 6.84% increase in share count, valued at C$71.37 million.
Summary of Sold Out Positions
The fund exited 9 holdings in the third quarter of 2023, including:
- Arista Networks Inc (ANET, Financial), selling all 62,623 shares, impacting the portfolio by -0.52%.
- Quanta Services Inc (PWR, Financial), liquidating all 60,693 shares, with a -0.5% portfolio impact.
Key Position Reductions
CI Select Canadian Equity Fund (Trades, Portfolio) reduced its position in 95 stocks. The most significant reductions were:
- Fairfax Financial Holdings Ltd (TSX:FFH, Financial), cutting 29,736 shares, leading to a -26.08% decrease in shares and a -0.98% portfolio impact. The stock's average trading price was C$1,014.14 during the quarter, with a 25.36% return over the past 3 months and 11.23% year-to-date.
- Teck Resources Ltd (TSX:TECK.B, Financial), reducing by 397,079 shares, a -39.31% share count reduction and a -0.72% portfolio impact. The stock traded at an average price of C$56.53 during the quarter, with a -0.97% return over the past 3 months and -6.11% year-to-date.
Portfolio Overview
As of the third quarter of 2023, the CI Select Canadian Equity Fund (Trades, Portfolio)'s portfolio consists of 105 stocks. The top holdings include 4.26% in Manulife Financial Corp (TSX:MFC, Financial), 4.19% in CI Global Financial Sector ETF (TSX:FSF.TO, Financial), 3.95% in Canadian Natural Resources Ltd (TSX:CNQ, Financial), 3.6% in Fairfax Financial Holdings Ltd (TSX:FFH), and 3.19% in Cenovus Energy Inc (TSX:CVE, Financial). The fund's investments are well-diversified across all 11 industries, with a focus on Financial Services, Energy, Industrials, and Consumer Cyclical sectors.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
