Our purpose is to build an ever-increasing store of wealth for our shareholders, from one generation to the next. We do this by growing both capital value and income over the long term. We selectively invest in companies with a long-term view and, once invested, we are committed to maintaining effective relationships with them.
As long-term investors we aim to identify companies that can generate sustainable growth. We look for high standards of governance; moreover, we recognise that management must address environmental and social factors to increase prospects of long-term survival and success. That’s why we have incorporated environmental, social and governance (“ESG”) issues into our investment decision-making, alongside other key criteria. We expect our investment managers to consider these issues fully in proposing new additions to our portfolio holdings.
We aim to operate in compliance with the UK Stewardship Code (the “Code”) with regards to our investments. Published by the Financial Reporting Council, the Code enhances the quality of engagement between asset managers and companies in which they invest. However, due to our relatively small scale in terms of overall assets and individual positions in public companies, we do not report on our stewardship and voting activities.
We also continue to meet regularly with our shareholders and listen to any concerns that they may have.
We invest in global businesses that have a good track record of delivering returns. We look for underlying predictability and pricing power, based on a recognised brand, intellectual property and strong market position.
We do not invest in capital intensive businesses (energy, commodities or mining) or any companies involved in the extraction and production of coal, oil or natural gas. We also tend to avoid industries that may be exposed to burdensome regulation or litigation.
We make considered use of our voting rights. Given our involved investment style, we would expect to vote in line with management recommendations. However, we are prepared to abstain or vote against recommendations where we consider they are not in the interests of our shareholders.
We invest in established UK businesses, across a range of sectors, that have robust operating margins, strong management teams and good growth opportunities.
Where these businesses operate in regulated sectors, we ensure full compliance and a positive working relationship with the relevant regulatory authority.
We introduce a high standard of corporate governance into these businesses, generally with an independent, experienced non-executive chairman and formal audit and remuneration committees supporting the board. Investment directors from the Private Capital team take board seats and use these to maintain close relationships with management. We also hold frequent meetings with management and review internal documents, such as management accounts and reports.
We invest into a broad range of private equity funds across a range of sectors,
primarily in North America and Asia.
We invest in relationships and want to know the people behind the decision-making.
We spend a long time becoming familiar with a fund and then aim to stick with them
for many years. We often sit on their advisory board and become significantly involved
in the way the fund develops.
Our expectation of our managers is that they will consider all factors, including ESG
issues, when seeking to maximise returns, while taking account of the associated risks.
Designed to deliver strong returns over the medium to long term.
Invest with us
Choose the best way for you to buy our shares.
Browse the largest holdings in our portfolio.
News & media
Read the latest updates from around Caledonia and the industry.
Results & reports
Browse and download from our library of results announcements, annual reports and presentations.
Download our monthly factsheets for performance reviews and news.