Caledonia (Private) Investments Pty Ltd
Long book
$3.44B
Q1 2026
Positions
16
Top-10 weight
99%
concentration
Last quarter
-9.4%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsCaledonia (Private) Investments Pty Ltd is a concentrated fundamental stock-picker, specialised in services_media (65% of the long book), running a $3.44B US long book across 16 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: ZILLOW GROUP INC - C, FLUTTER ENTERTAINMENT PLC-DI, ZILLOW GROUP INC - A, CAMECO CORP, ROYALTY PHARMA PLC- CL A.
Over the last 9 quarters its long book ran on average 3.4pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-3.6%
Q2 2024
+29.4%
Q3 2024
+13.7%
Q4 2024
-5.4%
Q1 2025
+7.8%
Q2 2025
+8.9%
Q3 2025
-6.3%
Q4 2025
-25.2%
Q1 2026
-9.4%
Sector allocation
Services media 47%
Other 27%
Materials 11%
Healthcare 10%
Technology 3%
Financials 1%
Communications 1%
Industrials 0%
Long book by quarter
What does Caledonia (Private) own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| Z ZILLOW GROUP INC - C | Services media | 25.9M | $1.07B | 31.2% | -0.7% |
| PPB FLUTTER ENTERTAINMENT PLC-DI | — | 8.5M | $869.6M | 25.3% | +18.6% |
| ZG ZILLOW GROUP INC - A | Services media | 11.4M | $470.6M | 13.7% | -0.1% |
| CCJ CAMECO CORP | Materials | 3.4M | $368.7M | 10.7% | -37.5% |
| RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 7.2M | $343.9M | 10.0% | -2.8% |
| LYV LIVE NATION ENTERTAINMENT IN | Services media | 576.6K | $87.9M | 2.6% | New |
| COUR COURSERA INC | Technology | 11.5M | $66.7M | 1.9% | -4.9% |
| 7WH UDEMY INC | — | 13.7M | $63.1M | 1.8% | +1.5% |
| APPF APPFOLIO INC - A | Technology | 328.3K | $51.8M | 1.5% | -1.3% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 209.8K | $17.8M | 0.5% | Held |
| RKT ROCKET COS INC-CLASS A | Financials | 1.0M | $14.7M | 0.4% | +56.9% |
| CME CME GROUP INC | Financials | 18.7K | $5.5M | 0.2% | Held |
| JHX JAMES HARDIE IND PLC | Industrials | 157.3K | $3.0M | 0.1% | Held |
| GENI GENIUS SPORTS LTD | Services media | 476.9K | $2.1M | 0.1% | Held |
| XOM EXXON MOBIL CORP | Energy | 2.2K | $373K | 0.0% | New |
| WFC WELLS FARGO & CO | Financials | 3.2K | $255K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 16 | $3.44B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 16 | $5.22B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 16 | $6.15B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 15 | $6.29B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 16 | $6.14B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 13 | $7.49B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $6.88B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 11 | $5.53B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 11 | $3.92B | canonical | SEC ↗ |
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