Caledonia (CLDN) is a flexible investment trust, offering investors a portfolio of listed and unlisted global equities. CLDN is a self-managed strategy run by a 17 strong team, headed up by its CEO Will Wyatt and has the objectives of growing both capital and income over the long run while doing so in a risk-conscious manner. CLDN’s portfolio is broken down into three distinct asset classes: quoted equity, private capital, and funds. Quoted equity focuses on high quality listed equities and has a global remit to investing. The allocation is split into two portfolios: one focusing on growth and the other income. Private capital is a portfolio of nine unlisted companies, largely based in the UK, with the team taking majority stakes in the companies with the view to act as effective managers rather than mere shareholders. The fund category contains several private equity funds, investing in either the US or Asia, though the team have a very distinct approach to the two regions. We describe CLDN’s process and holdings in more detail in the Portfolio section. CLDN has very clear objectives, to outperform FTSE All-share over a 10-year period, while also following a strategic (i.e. shorter-term) objectives of providing returns of at least RPI +3% to 6% in the medium to long term. CLDN’s track record of performance clearly demonstrates success in this regard, as we cover in our Performance section. CLDN has also a strong track record of continuous dividend growth, the second-longest of any investment trust. Despite its successes, CLDN continues to trade at a discount, currently 23.5%, wider than its peers and its historical average.