Caledonia Investments
Company Notes
Significant disposal at uplift as discount lingers
Caledonia Investments is a self-managed investment trust with net assets of £2.9bn. The Cayzer family own c.46% of the fund’s share capital. Its portfolio is invested across three pools of capital:
Quoted Equity (30% 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 (35%): Investments in UK centric businesses with a mid-market focus; the top five holdings currently represent 90% of the pool’s value.
Funds (34%): Investments in Private Equity funds operating in North America and Asia; it is currently invested in 75 funds managed by 44 managers (as at 30 September).
The fund targets a return of CPIH +3%-6% over the medium and longer term, and also aims to outperform the FTSE All Share over a rolling ten year period. Over the last ten years, Caledonia Investments has delivered a NAV total return of +175%, notably outperforming the FTSE All Share Index of +65%. Over the ten years to 31 October, the fund’s annualised NAV total return of +11.0% has outperformed its target of CPIH + 3%-6% (+5.8% p.a. to +8.8% p.a.).
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