| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Caledonia Investments delivered a 5.4% NAV total return for FY26 despite volatile global economic conditions, with all three investment pools contributing to growth. The £3.0bn investment company maintained its progressive dividend policy with 59 consecutive years of increases, declaring a final dividend of 4.00p per share. Key highlights included the agreed sale of Stonehage Fleming for expected proceeds of £290m, representing a 3.2x multiple on cost and 30% NAV uplift. The Public Companies portfolio saw net realizations of £0.9m with new positions in Charles Schwab, Cintas and Paychex, while Oracle was partially realized following AI-related share price appreciation. Private Capital performance was driven by Stonehage Fleming and continued strong results from AIR-serv. The company maintains significant liquidity of £415m providing flexibility for selective capital deployment. With a robust balance sheet and diversified global portfolio, Caledonia remains well-positioned to deliver long-term shareholder value through its disciplined investment approach targeting inflation +3% to +6% returns.
Caledonia operates as a self-managed investment company targeting long-term compounding real returns of inflation +3% to +6% through a diversified portfolio spanning public companies, private capital, and funds, backed by permanent capital and an experienced in-house investment team.
The company is well-positioned for long-term shareholder value creation with a robust balance sheet providing flexibility to pursue opportunities. Priority remains delivering long-term NAV growth and shareholder returns through their diversified portfolio approach.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 19 2026 | 2026 Q1 | CINF, ORCL, PAYX, SCHW | Diversified, dividends, global, long-term, Multi-Asset, Private Capital, Quality | - | Caledonia delivered 5.4% NAV returns with strong private capital performance led by Stonehage Fleming sale generating 3.2x returns. Maintained 59-year progressive dividend streak while building £415m liquidity for selective deployment. Diversified £3.0bn portfolio across public companies, private capital and funds targeting inflation +3-6% returns through disciplined long-term approach. |
| Jan 27 2026 | 2025 Q4 | CLDN.L | Asia, diversification, Mid-market, North America, private equity, value creation | - | Caledonia Investments operates a diversified £3.0bn investment strategy targeting inflation-plus returns through North American lower mid-market private equity and Asian growth opportunities. The firm emphasizes operational value creation in fragmented markets, delivering strong long-term performance with 58 consecutive dividend increases while maintaining exposure to structural growth themes across both regions. |
| Nov 25 2025 | 2025 Q3 | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | AI, diversification, global, Private Capital, Public Companies, technology | - | Caledonia delivered 4.4% NAV return driven by strong Public Companies and Private Capital performance. AI-driven technology gains and Stonehage Fleming sale at 3.2x cost highlight patient capital approach. Permanent balance sheet enabled opportunistic deployment during market volatility. Despite macroeconomic uncertainty and sector discount pressures, diversified global portfolio and £430m liquidity position the firm well for long-term value creation. |
| Mar 31 2024 | 2024 Q4 | 7181.T, HOLX | AI, energy, healthcare, Japan, private equity, Take-privates | - | BXPE delivered 3.9% Q3 returns through record $1.3B deployment across high-conviction themes including AI, energy transition, and large take-privates. Strong operating performance drove broad-based portfolio appreciation with 80% of investments gaining value. Strategic investments in OpenAI, Anthropic, and major take-privates of TechnoPro and Hologic position the fund for continued growth as market conditions improve. |
| Mar 31 2023 | 2023 Q4 | 004020.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C011.HK, CDI.PA, ENT.L, GXI.DE, MC.PA, NWSA, REA.AX, VIV.PA | discount, Governance, Holdings, Korea, NAV, value | NWSA | AVI Global Trust focuses on companies trading at deep discounts to net asset value. Building Korean exposure to 9.5% of NAV, capitalizing on governance reforms with 68% of KOSPI below book value. News Corp remains core holding despite recent weakness, with REA stake providing compelling value unlock potential following Murdoch family succession resolution. |
| Mar 31 2022 | 2022 Q4 | - | Balance Sheet Strength, Capital Allocation, Inflation Resilience, Market Dislocation, private markets | - | |
| Mar 31 2021 | 2021 Q4 | - | Capital Allocation, Diversified portfolio, Long-Term Compounding, Net Asset Value Growth, Private Capital | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
DividendsCaledonia maintained its progressive dividend policy with 59 consecutive years of dividend increases. Final dividend of 4.00p per share brings total dividend to 7.68p per share, representing a 4.4% increase. The company emphasizes maintaining this progressive dividend approach going forward. |
Progressive Consecutive Growth Policy Yield |
Private CapitalStrong performance driven by agreed sale of Stonehage Fleming for expected proceeds of £290m, representing 3.2x multiple on cost and 30% uplift to NAV. AIR-serv continued strong performance with operational efficiencies and geographic expansion. Portfolio focused on 8 predominantly UK companies with buy-to-own approach. |
Buyout Value Creation UK Mid-market Partnership | |
AIOracle position benefited from AI-related announcements that drove sharp share price appreciation, leading to £65m realization. The company capitalized on AI momentum in technology holdings but took profits rather than maintaining full exposure. |
Technology Announcements Momentum Realization | |
| 2025 Q4 |
Small CapsThe fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Portfolio consists of ~60% businesses with market caps below $500M, with top five positions accounting for ~60% of the portfolio. |
Microcap Small Cap Concentration |
ValueManager emphasizes finding great ideas at reasonable prices and waiting for attractive valuations. Sold Bel Fuse after three years but would buy again at more reasonable prices. Kitwave acquisition significantly undervalued the business in their opinion. |
Valuation Price Undervalued | |
| 2025 Q3 |
AIStrong performance from Oracle, Microsoft and Alibaba Group driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of shares. AI developments are creating opportunities across technology holdings. |
Cloud Technology Software Growth |
Private CapitalPrivate Capital pool delivered 7.7% return driven by agreed sale of Stonehage Fleming and operational performance from AIR-serv. Strategy focuses on cash generative businesses with strong growth potential in UK mid-market. Portfolio valued using earnings multiples in range of 10 to 14.5 times EBITDA. |
Mid Market UK Growth Value Creation | |
DiversificationPortfolio diversified across three pools: Public Companies (35%), Private Capital (30%), and Funds (29%). Geographic diversification with 46.5% North America, 34.9% UK & Channel Islands, 10.5% Asia, 8.1% Europe. Strategy provides well-balanced global portfolio managing risk through diversification. |
Global Risk Management Asset Allocation Balance | |
| 2024 Q4 |
AIBlackstone continues to focus on the picks and shovels of AI through infrastructure investments such as chips and data centers, while the market's maturation has opened the door for measured exposure to the application layer. BXPE invested in OpenAI and Anthropic — two category-defining AI research labs with complementary strategies in consumer and enterprise use cases. |
Data Centers OpenAI Anthropic Infrastructure Applications |
Energy TransitionAfter two decades of stagnation, US electricity demand is projected to rise by 40% over the next 10 years. One key reason is data centers, where over 80% of hyperscalers and operators cite power availability as their top growth constraint. Electrification and reshoring of manufacturing are also fueling this secular trend. |
Electricity Demand Data Centers Electrification Power Grid | |
DigitizationDigitization — investments tied to the global shift online — was a top contributor, accounting for 21% of Q3 performance. This theme represents the ongoing digital transformation across various industries and business models. |
Digital Transformation Online Technology Software Digital | |
| 2023 Q4 |
South KoreaBuilding exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. |
Corporate Governance Value Reform Discount Undervalued |
ValueFocus on companies trading at discount to estimated underlying net asset value. News Corp trading at significant discount with REA stake accounting for 75% of market cap. Amorepacific Holdings trading on widest ever discount of 52%. |
Discount NAV Undervalued Asset Value Mispriced |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 31, 2025 | Fund Letters | Caledonia Investment | NWSA | News Corp | Communication Services | Publishing | Bull | NASDAQ | Asset Spin-off, Australia, discount to NAV, Family Trust, holding company, information services, media, Publishing, turnaround, value unlock | Login |
| TICKER | COMMENTARY |
|---|---|
| ORCL | Oracle: following a series of AI related announcements the share price rose sharply - realised £65m. A long-term investment that has generated an annualised return of 19% p.a. |
| SCHW | New positions initiated in Charles Schwab, Cintas and Paychex |
| CINF | New positions initiated in Charles Schwab, Cintas and Paychex |
| PAYX | New positions initiated in Charles Schwab, Cintas and Paychex |
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