Caledonia Investments Share Discussion Threads

[qs99] 09/10/2015 08:16

Looking good again this morning....maybe also a seller has cleared and it is reverting to a proper rating?

[biggest bill] 07/10/2015 15:19

The new factsheet for September is out and shows that the unquoted investments which were revalued during September are continuing to perform well.

[tiltonboy] 07/10/2015 14:59

Stunning performance!

[qs99] 07/10/2015 14:53

OK I'm biased but BB I agree with you and NAV today is nearly £28 so isn't doing too badly IMO! DYOR etc,...

[biggest bill] 02/10/2015 10:07

There's a good article on Caledonia in today's Telegraph money section. You can read it online with

[qs99] 28/9/2015 20:26

Agreed, cracking deal Imo....great returns...

[topvest] 28/9/2015 19:52

Yes, a very nice and sensible disposal. A super high quality investment trust this.

[skyship] 28/9/2015 12:30

Seems to add c1.5% to the NAV.

[biggest bill] 28/9/2015 11:31

This disposal again shows how conservatively Caledonia value their unquoted investments. The 20% discount is absurd compared to other global investment trusts.

[tiltonboy] 28/9/2015 09:14

Excellent premium to book on today's disposal. After the recent pull-back, CLDN are looking ridiculously cheap again.

[loftus16] 22/6/2015 07:56

Good acquisition and nicely priced.

[qs99] 05/6/2015 10:05

£29.47 NAV yesterday.....moving along nicely....£30 in sight...plus the yield...

[qs99] 02/6/2015 19:33

moving along nicely....IMO won't be long before NAV is over £30....yield keeps chugging along as well....onwards and upwards...

[coolen] 28/5/2015 22:01

Agreed TopVest.
They can hardly argue that "multiples of profit" are too high without being tempted to encash their own positions.

[topvest] 28/5/2015 20:18

Hope they exit their very profitable Chinese investment over coming months. It's their biggest investment now and needs trimming back significantly in a Chinese bull market.

[biggest bill] 27/5/2015 09:19

The final results make for an interesting read. I especially liked the following paragraph.

"The Unquoted team pursued several potential transactions that evolved from our deal pipeline during the year, but we were unable to secure any of the businesses at prices with which we were comfortable. The private equity market has plentiful availability of debt at present and is prepared to pay multiples of profit that leave little headroom for the unexpected to happen. We will maintain our discipline and continue to find opportunities where the fit with Caledonia and our values outweighs pure pricing considerations".

It's good to see that Caledonia is refusing to overpay for deals; this is the sort of approach that leads to superior long term returns. This also explains why the net cash position is rising steadily.

The discount to net assets looks far too high for a company which is positioned so conservatively. This is why Caledonia is now the biggest single investment in my portfolio.

[biggest bill] 11/5/2015 10:58

Net cash is now up to £136m. Perhaps Caledonia is taking a cautious view of the short term outlook for share markets.

[biggest bill] 21/4/2015 16:06

Over the last few weeks, Caledonia have been cutting their shareholdings in a number of their investments. Either they are raising cash levels or they are rebalancing their portfolio. I notice that they have been increasing their exposure to Asia recently; it looks as if Caledonia has decided to become a more international investment trust.

[biggest bill] 13/4/2015 09:54

Given that Caledonia's level of unquoted investments is always less than half of their market cap and the company is ungeared, the current discount is even harder to understand. In fact, the latest factsheet for March shows that they are currently holding £129 million in cash. I see that Caledonia have been building their cash levels for a few months.

[biggest bill] 13/4/2015 09:16

Arja, the current discount is now 19.9%. The unquoted investments are valued very conservatively so the real discount is almost certainly higher. I really don't understand why the discount is at this level but I am taking advantage of it by increasing my holding. This looks like this is one of those anomalous situations where the price of a company is out of line with its fundamentals. Eventually, I expect the discount to narrow to a more rational level which I expect to be about 5%.

[arja] 12/4/2015 04:34

biggest - chart looks quite good and recent breakout . But is the 17% diswcount because of the unquoted investments which are hard to value ??

[tiltonboy] 10/4/2015 11:25

Stunning NAV performance.

[biggest bill] 02/4/2015 10:31

Caledonia's discount is now nudging 20%. The next net asset value calculation will be released in a few days which will include the biannual revaluation of their unquoted investments. Given how conservatively Caledonia value thair unquoted companies, the discount is utterly ridiculous. When you compare Caledonia with other global investment trusts whose average discount is 6%, the current discount is even more absurd.

[argoal] 16/2/2015 10:22

A new share price high today. Very nice.

[topvest] 25/11/2014 20:40

Very impressive gain on the China Fund where one single investment is worth £75m. Interim's very strong.

Coolen - can you please explain the relationship with Hansa Trust?..I wasn't aware of any link despite holding both. Many thanks.