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Caledonia Investments (CLDN) investor relations material
Caledonia Investments Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Investment Philosophy and Strategy
Focus on long-term, high-quality investments targeting inflation plus 3–6% returns over the medium to long term.
Permanent capital structure enables patient, unconstrained investing and deep company relationships.
Diversification through three main strategies: public companies, private capital, and funds, with allocations of 30–40%, 25–35%, and 25–35% respectively.
Team incentives are aligned with shareholders, measured by NAV per share growth and rewarded in shares.
No benchmarking or fundraising; absolute returns are prioritized over relative performance.
Portfolio Construction and Risk Management
Portfolios are concentrated, typically 15–20 holdings, focusing on best ideas and deep understanding.
Risk managed through quality assessment, position sizing (max ~10% per holding), and active top-slicing.
Investment process includes detailed fundamental analysis, ESG assessment, and owner’s earnings modeling.
Quality Matrix benchmarks investments on pricing power, business moat, owner mentality, and capital allocation.
Portfolio turnover is low, with only one or two changes per year, emphasizing quality improvement.
Team Structure and Culture
Six-person, highly experienced team with over 100 years of combined experience, 44 at Caledonia.
Flat structure with equal voting on investment decisions; team rewarded on portfolio, not individual ideas.
Culture emphasizes constructive challenge, long-term thinking, and continuous learning.
Extensive direct engagement with company management, including site visits and off-cycle meetings.
AI is used as a research tool, but in-person interactions remain critical for qualitative insights.
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