Caledonia’s net assets value total return over the year ended 31 March 2015 was 14.2%. They aim to generate returns of RPI+3% to RPI+6% per annum over a ten year period The dividend was increased by 3.1% to 50.6p marking the 48th year of consecutive dividend increases.
The portfolio, before management expenses and other net assets were taken into account, returned 16.8% for the year under review. The bulk of this return came from the Unquoted and Funds pools, the latter returning an exceptional 45.2%, driven by Capital Today China (‘CTC’) and its investment in JD.com, which during the year listed on NASDAQ. The performance of just about all of the underlying funds within the Funds pool was strong, although CTC was by far the biggest contributor. The Unquoted pool returned 19.2% over the year, with pleasing performances from Park Holidays and Latshaw Group. The Quoted pool produced a more modest return of 3.5%, following two consecutive years of over 20%, and was particularly affected by reductions in value of two of its larger holdings, Bristow Group and Weir, whose share prices were impacted by the falling oil price. The Income & Growth pool made a significant contribution to Caledonia’s income account, yielding 4.3% net, as well as being on target for its capital return.
CLDN : Caledonia posts good results on back of unquoteds and funds