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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Caledonia delivered 5.4% NAVTR with all three pools contributing positively, extending its 10-year track record of 9.2% p.a. returns. The agreed sale of Stonehage Fleming at 3.2x cost highlights the patient capital approach."
Caledonia delivered a NAVTR of 5.4% for the year ended 31 March 2026, extending its track record of long-term real returns with 9.2% annualized over 10 years, outperforming inflation by 5.8% p.a. All three investment pools contributed positively: Public Companies returned 1.2% despite March volatility from the Iranian conflict; Private Capital delivered 13.1% driven by the agreed sale of Stonehage Fleming and strong AIR-serv performance; and Funds returned 4.9% (7.1% in local currency) supported by quality realizations. The company increased its dividend by 4.4% to 7.68p per share, marking 59 consecutive years of growth. However, total shareholder return was -7.1% as the discount widened to 43.4%, partly due to geopolitical tensions. The board allocated £34.6m to share buybacks and implemented initiatives including a 10:1 share split and enhanced investor communications. With net cash of £90m, undrawn facilities of £325m, and expected proceeds of c.£290m from Stonehage Fleming, Caledonia is well-positioned to pursue opportunities while navigating ongoing market uncertainty through its disciplined, quality-focused investment approach.
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