News
A Focus on Manulife Financial Corp.
Overview of the fund’s latest portfolio adjustments and market strategy
CI Select Canadian Equity Fund (Trades, Portfolio), managed by CI Investments Inc. and advised by Signature Global Advisors, has been a significant player on the investment landscape since 1998. Specializing in Canadian equities and convertible bonds, the fund adheres to a rigorous investment process that includes comprehensive global analysis and continuous monitoring of investments. This approach ensures that the fund’s investments are well aligned with evolving economic and market conditions.
CI Select Canadian Equity Fund Strategic Moves in Q1 2024: Focus on Manulife Financial Corp.
New additions to the portfolio
In the first quarter of 2024, CI Select Canadian Equity Fund (Negotiations, Portfolio) expanded its portfolio by acquiring stakes in three new companies:
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The most significant addition was The Goldman Sachs Group Inc (NYSE:GS), with 25,585 shares, representing 0.52% of the portfolio and a total value of US$ 14.48 million.
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DoubleVerify Holdings Inc (NYSE:DV) was another notable addition, with 254,734 shares representing approximately 0.44% of the portfolio, valued at $12.13 million.
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Healthpeak Properties Inc (NYSE:DOC) was also included, with 57,687 shares, representing 0.05% of the portfolio and valued at US$1.47 million.
Key position increases
The fund also increased its holdings in five stocks, with significant increases in:
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Agnico Eagle Mines Ltd (TSX:AEM), which had an increase of 237,223 shares, bringing the total to 504,095 shares. This adjustment represents an increase of 88.89% in the number of shares, impacting the portfolio by 0.69%, with a total value of C$ 40.72 million.
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Bank of Montreal (TSX: BMO) also saw a substantial increase, with an additional 98,561 shares, bringing the total to 679,559. This adjustment represents a 16.96% increase in share count, with a total value of C$89.87 million.
Positions completely sold out
During the first quarter of 2024, CI Select Canadian Equity Fund (Trades, Portfolio) exited its positions in nine stocks, including:
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Emera Inc (TSX:EMA), where the fund sold all 403,333 shares, resulting in an impact of -0.74% on the portfolio.
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Humana Inc (NYSE:HUM), with all 27,955 shares liquidated, causing an impact of -0.71% on the portfolio.
Significant reductions in holdings
The fund reduced its positions in 91 stocks, with the most notable reductions being:
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Manulife Financial Corp (TSX:MFC), which recorded a reduction of 1,247,529 shares, resulting in a decrease of -28.02% in shares and an impact of -1.19% on the portfolio. Shares traded at an average price of C$28.53 during the quarter and returned 9.76% over the past three months and 26.87% year-to-date.
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Fairfax Financial Holdings Ltd (TSX:FFH) was reduced by 18,901 shares, resulting in a -22.43% reduction in shares and a -0.81% impact on the portfolio. The stock traded at an average price of C$1,287.86 during the quarter and has returned 5.58% over the past three months and 28.83% year-to-date.
The story continues
Portfolio overview
From the first quarter of 2024, CI Select Canadian Equity Fund (Trades, Portfolio) included 99 actions. Top holdings were 4.56% in the CI Global Financial Sector ETF (TSX:FSF.TO), 4.12% in Canadian Natural Resources Ltd (TSX:CNQ), 3.9% in Manulife Financial Corp (TSX:MFC), 3.43% in Fairfax Financial Holdings Ltd (TSX:FFH) and 3.23% at the Bank of Montreal (TSX:BMO). Holdings are primarily concentrated in 11 industries, reflecting a diversified and strategic allocation.
CI Select Canadian Equity Fund Strategic Moves in Q1 2024: Focus on Manulife Financial Corp.
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