Caledonia Investments Share Discussion Threads

[chc15] 29/2/2024 10:20

What's the view out here, still looks good value, but can't get going..

[qs99] 20/12/2023 10:04

Peak interest rates IMO, small caps IMO will be back in vogue, more PE deals, all should IMO bode v. well for CLDN and have bought more...yield is great and discount to NAV looks unwarranted IMO....DYOR

[chc15] 16/11/2023 13:50

Good call I suppose, if this goes back near 32, I'll buy more.

[steve3sandal] 15/11/2023 20:00

I thought £36.51 was somewhere to top slice about a third of my holding today. We’ve been here before. I’ll certainly buy them back for fiver less.

[cousinit] 15/11/2023 19:27

This seems to explain a lot

hxxps://quoteddata.com/2023/11/encouraging-signs-cost-presentation-problem/?amp=1

Banks have to hold more capital due to AIF classification of ITs.No wonder we see wide spreads and thin markets.

Also I suspect with trusts like CLDN being in the 250 this is exacerbated by the index being used as a basket proxy for UK domestic outlook. Whips around with poor sentiment/index shorting and then covering on any positive news. Not sure if CLDN would be fully replicated in a basket given the lower free float or if other more liquid trusts generally used as a proxy.

[sageman1] 15/11/2023 16:55

Something odd going on today with volume …results out next Tuesday

[mike the mechanic] 15/11/2023 14:10

Small caps back in favour?
I'm hoping that an improvement in small caps together with a narrowing of the discount will give us a good ride here

[qs99] 15/11/2023 13:47

Something other than trading buys, surely? I'm a fan and have topped up, but just looks "odd"? DYOR

[flyer61] 15/11/2023 13:07

Yes the chart looks a little crazy. Hard to believe a month ago that we were buying sub £32.

Wondering if one of the PE stakes has come up trumps or they are selling another operating Company at a knock out price.

[chc15] 15/11/2023 12:45

No idea, happy with my purchase at 32, holding v long term.

[steve3sandal] 13/11/2023 16:46

Apols re my 601 of course Funds are PE funds thanks Riverman. I put it down to a senior moment.
Yes the share price does bounce around for what always look like unexplained reasons. Whether that is just the spread or is informing us of news to come I don’t know. However I’ve placed some Limit buys with £31 in front given an apparent trading range. May not happen but it’s an approach I’m taking in a few places for bad news days.
DYOR especially when an old duffer spouts. Humbly steps away….

[chc15] 13/11/2023 16:03

Nice increase today, no idea why, but happy. Hoping RIT can have a similar bounce soon too.

[essentialinvestor] 06/11/2023 13:11

arja. a bit harsh perhaps - CLDN have
a proven track record of exits.
Now past performance, etc.

The holding I might be a little cautious on is the small pub chain - very difficult sector atm.

[riverman77] 05/11/2023 20:04

I wouldn't say irrelevant - their valuations always appear conservative with realisations of private assets nearly above or at least in line with book value.

[arja] 05/11/2023 18:48

I guess the NAV is fairly irrelevant for CLDN with so many unquoted investments and why is has a massive discount to NAV quoted :)

[riverman77] 17/10/2023 16:48

Agree that it's very cheap, although PE makes up a lot more than 20% even after the 7IM sale. The fund allocation is mainly held in PE funds, so if you add that to the individual private companies it's probably around 60% in private assets.

[chc15] 17/10/2023 16:41

Yeh good note, I bought more before the close.

[steve3sandal] 17/10/2023 11:57

Taking the sale of 7M as effectively cash the PE portfolio here is just c20% of NAV.
Assuming it’s worth zero for those people who don’t understand that much of the business of the world is privately owned knocks £10 off NAV. £32 v £42 NAV is 25% off liquid quoted equities. In any other shop than the stock market people would be delighted to buy high quality goods with 25% off. We know that it’s much higher but there are reasons other than PE for a discount here. It’s a case of patience I think. It’ll turn and we don’t know why or when but swapping £32 for £52 of income earning assets is unlikely to lead to the poor house.
Minded by Buffett who’s never happier when something he wants becomes cheaper I’m a happy holder and hoping to find something down the back of the settee. GLA.

[chc15] 17/10/2023 10:03

Bought yesterday the first time at 32. Agree the discount is crazy, although private equity portfolio is hard to value and out of favour. Will pick up more at this level and below.

[flyer61] 16/10/2023 13:07

You can never be fully invested here. It is my go to for a growth concoction!

[steve3sandal1] 16/10/2023 12:21

Ridiculous share price I don't think there is much need to add anything to ridiculous. More, absolutely. Unfortunately I am unable to fill my boots just now but if I wasn't fully invested I'd join buyers here.

[flyer61] 16/10/2023 10:00

Nibling now as it is below £32.

[qs99] 06/10/2023 07:56

Indeed is ridiculous. DYOR.

[jaf111] 06/10/2023 07:44

NAV now up to over £52 so discount now approaching 40%……
Am struggling for a new adjective to replace the word ridiculous…..but this valuation is ridiculous 😂

[jellypbean] 16/9/2023 21:49

Whether or not it was a mistake not to have sold at 300M last year, vs today, rather depends on where they might ha put the cash in the interim, had they sold. They could have put it in 'risk free' long duration index linked gilts, and then where would we be?