London · Delayed Price · Currency is GBP · Price in GBX Caledonia Investments Earnings Call Transcripts
Fiscal Year 2026
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NAV total return reached 5.4% with all investment pools contributing, but TSR was -7.1% due to a widened discount to NAV. Private capital and funds pools outperformed, and the sale of Stonehage Fleming will deliver significant proceeds. Dividend growth continued for the 59th year.
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The fund maintains a disciplined, long-term investment approach, focusing on high-quality businesses in North America and Asia, with strong risk management and alignment of interests. Portfolios are diversified, maturing, and positioned for improved cash flows as exit markets recover.
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NAV total return reached 4.4% and shareholder return 8.5% for the half-year, with strong public and private capital performance. The sale of Stonehage Fleming is set to deliver a significant uplift, and liquidity remains robust despite FX headwinds.
Fiscal Year 2025
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A long-term, quality-focused investment approach drives strong absolute returns, with concentrated portfolios, deep research, and a proprietary quality matrix guiding selection. The team leverages permanent capital for patient investing, active risk management, and decisive action during market volatility, resulting in robust performance and income growth.
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Delivered a 3.3% NAV total return and 10.2% TSR, with all investment pools contributing positively despite macroeconomic headwinds. Increased the dividend by 4.5%, executed GBP 63 million in share buybacks, and maintained strong liquidity of GBP 476 million.
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Long-term, low-leverage investment strategy delivers strong returns and diversification through a focused, high-conviction approach in U.K. mid-market businesses. Value creation is driven by disciplined selection, active portfolio management, and strong alignment with management teams, resulting in outperformance versus industry benchmarks.
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NAV total return rose 0.5% for the half, with strong public company performance offset by FX losses and a Cooke Optics write-down. Dividend increased 4% and share buybacks continued, while new investments and a robust balance sheet support long-term growth.