Key Points – Caledonia Investments reported a 5.4% net asset value total return for the year, but shareholder return was -7.1% as the share price discount to NAV widened sharply amid market volatility and foreign exchange pressure. – The company increased its annual dividend by…
4% to £0.0768 per share, marking 59 consecutive years of progressive dividend growth, and also announced board changes with Will Wyatt set to become chair. – Performance was mixed across the portfolio: public companies returned 1.2%, private capital returned 13.1% boosted by the planned sale of Stonehage Fleming, and the funds portfolio gained 7.1% in local currency, with Asia showing improved IPO activity. Caledonia Investments (LON:CLDN) reported a 5.4% net asset value total return for the year ended March 31, 2026, as positive contributions from all three of its investment pools were offset in part by market volatility, foreign exchange movements and a widening share price discount to NAV
Chief Executive Officer Mat Masters said the year “once again demonstrated the strength of Caledonia’s distinctive model and long-term investment approach,” citing a diversified portfolio, disciplined capital deployment and a strong balance sheet. The company’s NAV rose to £3.0 billion, according to Chief Financial Officer Rob Memmott, with £2.8 billion invested across listed companies, private companies and funds. Despite the NAV gain, Caledonia’s total shareholder return was negative 7.1% for the year.
Masters said the company’s shares traded at an average discount to NAV of 34% during the year, widening to 43.4% by year-end after weaker markets in March. Memmott said the discount had recovered to 37% during April but continued to “fundamentally undervalue” the portfolio, track record and prospects. Dividend Raised as Board Changes Announced Caledonia proposed a final dividend of £0.04 per share, bringing the total annual dividend to £0.0768 per share, up 4.4% from the prior year.