Achi news desk-
Caledonia Investments reached the £3 billion mark for its net asset valuation today, in a boost for the money manager founded by the shipping magnate Cayzer family.
The FTSE 250 wealth manager revealed the milestone had been passed in an update given to the City ahead of its full results for the financial year to the end of March, due to be published in May.
NAVs are a closely tracked benchmark for investment companies. Caledonia rose over 7% to reach £3 billion.
The Cayzer family owns just under 50% of Caledonia, which started as their shipping business and was for a time the world’s largest cargo line. It is now a self-managed investment trust, known for backing mid-market companies in the UK. It also owns North American listed equities and private equity funds in Asia.
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He said: “all three investment pools contributed to growth, delivering a return of 8.7% in the year, despite foreign currency headwinds” of around £39 million.
Caledonia is renowned throughout the City for its commitment to increasing dividends, something it has done for nearly six decades. The interim payment for the year, announced in January, rose 4% to 18.93pc a share.
Among the companies whose holdings Caledonia boosted during the year were chemicals company Philip Morris, Croda International and Diageo, maker of Guinness and premium brand spirits. He also took a new position at business intelligence provider Relx.
Mat Masters, chief executive of Caledonia, said:
“We remain focused on using a long-term mindset to invest in high quality companies with strong market positions, and funds with a track record of success. This has led to long-term outperformance and enabled us to achieve 57 years of growing dividends.”
Shares in the company added 60p to 3319p, an increase of 1.8%.
Caledonia sold Seven Investment Management to the Ontario Teachers’ Pension Plan for £450 million in 2023. The net proceeds, it said today, were £256 million, generating a “lifetime return” of 2.3 times its original investment.
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