Caledonia Investments | Winterflood Research

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Impressive performance record and attractive discount

Caledonia Investments is a self-managed investment trust with net assets of £2.7bn. The Cayzer family own 48% of the fund’s share capital. Its portfolio is invested across three key pools of capital:

- Quoted Equity (28% of net assets as at 31 October): Investments in global listed, sector-leading businesses; it is split between a Capital portfolio (73% of pool as at 30 September) and an Income portfolio (27%).

- Private Capital (29%): Majority and minority investments in established, predominantly UK, private businesses; the top five holdings currently represent 93% of the pool’s value.

- Funds (33%): Investments in Private Equity funds operating in North America and Asia; it is currently invested in over 50 funds.

The fund targets a return of RPI + 3%-6% over the medium and longer term, and also aims to outperform the FTSE All Share over ten years. Over the last ten years, Caledonia Investments has delivered a NAV total return of +219%, notably outperforming the FTSE All Share Index (+93%). Over the ten years to 31 October, the fund’s annualised NAV total return of +12.3% has outperformed its target of RPI + 3%-6% (+6.8% p.a. to +9.8% p.a.).

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