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Caledonia (private) Investments PTY LTD
Caledonia (Private) Investments Pty Ltd is a privately-owned Australian hedge fund based in Sydney, founded in 1992. It was originally part of a family office that expanded in 1998 to accept third-party capital. The firm manages over $2.5 billion in discretionary assets, serves institutional clients and high net worth individuals, and is known for its concentrated equity portfolios and activist approach in select investments. Its leadership includes Mark Nelson (Chairman), James Vicars and Michael Messara (Co-Chief Investment Officers), with approximately 27 employees.
Investment Strategy
Caledonia pursues a concentrated, long-term fundamental equity strategy with a global outlook. The firm seeks to identify high-quality public companies with durable competitive advantages, strong management teams, and significant growth potential. Its investment philosophy is to build focused, high-conviction portfolios rather than diversify broadly, often taking sizable and sometimes activist stakes. Caledonia also has an opportunistic approach to select private capital investments, maintaining a flexible mandate to generate superior risk-adjusted returns over the long term.
Latest 13F Filing Activity
Caledonia (private) Investments PTY LTD filed their most recent 13F report on Jun 30, 2025 disclosing 14 equity positions with a total 13F market value of $6B. The fund increased holdings in Cameco Corp., Flutter Entmt PLC, MR Cooper Group Inc. among other positions. Caledonia (private) Investments PTY LTD reduced exposure to Genius Sports Limited, Zillow Group Inc., Warner Music Group Corp. among others.
Top Holdings
Equity Positions (14)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
F FLUT | FLUTTER ENTMT PLC | 34.56% | $2.17B | 7,606,737 | $186.31 | $285.76 | +$204.6M |
Z Z | ZILLOW GROUP INC | 32.32% | $2.03B | 29,017,640 | $34.45 | $70.05 | -$95.0M |
Z ZG | ZILLOW GROUP INC | 13.44% | $845.6M | 12,346,225 | $32.94 | $68.49 | -$18.3M |
C CCJ | CAMECO CORP | 6.61% | $415.7M | 5,599,898 | $47.48 | $74.23 | +$229.2M |
R RPRX | ROYALTY PHARMA PLC | 3.69% | $232.2M | 6,444,729 | $32.14 | $36.03 | +$73.0M |
Industry Allocation
Investment Team (4)
| Name | Role | Location | |
|---|---|---|---|
K Keith Lillis | Head of Trading | Rye, NY , United States | |
 | Investment Analyst | New York, NY , United States | |
A Adrian Lamari | Australian Trading and Execution | Sydney, NSW, United States | |
J Jack G. | Investment Analyst at Caledonia | New York, NY , United States |
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